In the field of medicine, artificial intelligence (AI) can
be used for research studies and applications that support decision-based
medical tasks using data-intensive computer-based solutions. For every drug
that is launched in the market, the pharmaceutical industry spends on an
average $2.7 billion, which amortizes the losses incurred from the aborted
pipelines. Almost 90% of all drug programs that reach clinical trial stages are
aborted. Thus, many large pharma and academic research institutions are
focusing on use of Singapore AI to increase efficiencies and design better drugs.
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The major factors that drive the growth of the Singapore AI in
medicine market include shortage of skilled healthcare professionals, the
growth in importance of precision medicine, and increase in the processing
power of AI systems that is estimated to help improve the efficiency of drug
discovery and management of clinical trials. However, limited acceptance from
healthcare professionals and limitations of AI decision-making limit the market
growth. Conversely, the untapped market potential in developing regions such as
India and China is anticipated to provide numerous opportunities for the market
growth during the forecast period.
Among the technology segments, the natural language
processing segment accounted for the highest share in 2017 and is expected to
dominate the market from 2017 to 2023. The deep learning segment is projected
to grow at the highest CAGR during the forecast period, owing to increase in
use of signal reduction, data mining, and image recognition, which are integral
components of most Singapore AI protocols.
Among the product type, the software segment occupied the
highest share in 2017, owing to continuous software innovation that caters to
the requirement in the healthcare sector. The hardware segment is projected to
witness the highest growth rate during the forecast period.
Based on region, North America occupied the largest share in
2017 owing to availability of capital investments for use of AI in drug
discovery and increase in adoption of AI technology by the pharmaceutical and
biotechnology companies. However, Asia-Pacific is expected to grow at the
highest CAGR of 55.0% during the study period, due to growth in healthcare
expenditure, rise in the R&D activities for advancement in Singapore AI technology,
lack of healthcare professionals, and increase in need to reduce the healthcare
costs.
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