Focus on Medical AI in China: Four insights you need to know about this industry
Medical AI will rebalance the dilemma between supply and demand in the healthcare industry.
In 2002, more than 7% of China's population was over 65 years old. This marks the beginning of China's aging society. Since 2017, The dependency ratio of the elderly population has been increasing.
Social problems brought by aging have become increasingly obvious, including the increase in the demand for medical and health care. In terms of medical resource supply (such as the number of health technicians per 10,000 people), there is a gap between China and developed countries, a gap between urban and rural areas, as well as a gap between different regions. The problem of uneven allocation of medical resources in China is obvious.
Technology is the key to solve the serious problem of medical resource supply because it helps to increase the efficiency of medical treatment and reduce operation costs. We should make great efforts to develop Medical AI because it will alleviate the pressure of increasing staff shortages. National Health Service (NHS) staff shortages in the UK is 100,000. A similar lack of staff and capacity in hospitals can be seen across Europe.
The application of Medical AI is well-founded
The development of technology makes the application of AI possible. Today, computing capability , algorithms model, and data resources are increasingly developing, and AI has begun to be implemented in various industries.
In the medical field, hospital informatization has laid the foundation for Medical AI. The logic of AI (the process of data acquisition, data processing, and giving feedback) can be applied to working modules in the medical industry (the process of before, during and after diagnosis)， including voice recording medical records, medical image intelligent recognition, auxiliary diagnosis/cancer diagnosis, medical robots, and Intelligent analysis of personal health big data.
The application of Medical AI in health management
According to the figure, Chinese residents’ awarenesses and concerns of health have improved significantly. Smart devices are being widely used. Those improvements help to promote the application of Medical AI in health management.
Capital paying attention to Medical AI market
In recent years, Medical AI has become a focus of attention to Capital. In 2018, the total investment in Medical AI reached 117.6 billion yuan, second only to the automobile and manufacturing industries.
Traditional health-care and tech giants are also very concerned about Medical AI. Johnson & Johnson and Siemens have focused on a number of medical AI fields, such as robotics, imaging, and auxiliary diagnosis. In 2018, Google, Alibaba, Tencent also invested in the medical AI field.
The World’s Leading AI in Medicine Summit is held every September in Switzerland. Gathering brilliant insights from biotech, clinicians, pharmaceutical, investment, and tech companies to boost the development of Medical AI.
Compared with other fields, Medical AI started slightly later but broke out quickly. Thousands of startups, scholars and scientists aim to focus on the research of medical AI and the whole industry will improve by those efforts.
As a country in rapid development, China is in urgent need to develop medical resources and healthcare services. It is believed that Medical AI together with the whole field of AI will boost the future of the medical industry and many other industries in China.
The World Artificial Intelligence Conference (WAIC) is a world-influential AI event co-sponsored by the State Development and Reform Commission, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, the State Network Information Office, the Chinese Academy of Sciences, the Chinese Academy of Engineering and the Shanghai Municipal People's Government.
During the second WAIC held on August 29, 2019, DeepBlue Technology (Shanghai) Co., Ltd.- as the undertaker of the forum- will hold a sub-forum of "AI blazing Belt and Road" as well as the "DeepBlue Cup" A.I. competition. CENTI, as a supporting partner of the competition would cooperate with DeepBlue Technology and help to collect AI projects from Europe and China.
The first "DeepBlue Cup" A.I. Competition will collect and screen more than 1,000 AI innovation enterprises from 16 countries and regions. Among them, 100 start-ups will be selected for the roadshow in the Shanghai finals whereas the final winners will be determined. The competition is based in Shanghai and radiates across the country, hoping to connect the world's top artificial intelligence technology and innovation and entrepreneurship talents.
For more information about The World Artificial Intelligence Conference (WAIC), please check: http://worldaic.com.cn/portal/en/index.html
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China Business Research Institute, China Healthcare Industry Association, analysis