Asia Pacific Digital Health Market size was valued at USD 19.5 billion in 2020 and is anticipated to register at a CAGR of 21.2% from 2021 to 2027. Increasing cases of COVID-19 infection across the Asia Pacific region coupled with the availability of various telemedicine platforms will propel the market demand.
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Rapidly moving healthcare IT infrastructure in industrialized nations will augment the market growth. Favorable government initiatives to support the adoption of digital health and growing venture capital investments in the region will boost the market demand. Moreover, the rising demand for remote patient monitoring services in the region will significantly stimulate the market revenue.
Asia Pacific Market, By Technology
The telehealth segment captured more than 25.7% market share in 2020, attributed to rising demand for remote monitoring services and growing awareness regarding telehealth. The pandemic has encouraged the adoption and growth of remote-video technology in the region.
In developing nations telehealth is the key enabler for the healthcare sector. Countries changed their reimbursement policies, government support and funding to such platforms, and rapid development of the telecommunication sector.
Asia Pacific Market, By Components
The hardware segment will witness substantial growth of 24.7% to cross USD 28.7 billion by 2027, led by the high adoption of digital health among the people. The companies are focusing on developing innovative wearable and remote patient monitoring devices. For instance, in April 2021, Medvivo announced the launch of COVID Oximeter @home & Virtual Wards for remote monitoring of patients infected with COVID-10.
Asia Pacific Market, By Country
Japan digital health market revenue is poised to observe 20.4% growth rate to exceed a valuation of USD 24.7 billion by 2027, due to the growing adoption of online medical care, app-based treatment, and rising government initiatives.
Japan announced its Honebuto Plan, through which people can obtain medical care online. Japan now has well-established laws and regulations for digital health such as the pharmacist's act for remote medicine prescription, the medical practitioners act for telediagnosis, gene testing, etc., and act on utilization of telecommunications technology in document preservation for electronic medical record.
Competitive Industry Landscape
Key market players are Allscripts Healthcare Solutions, Inc., AdvancedMD Inc, eClinicalWorks, Cisco Systems, McKesson Corporation, iHealth Lab Inc, Koninklijke Philips N.V., Cerner Corporation, AT & T, and among others.
Industry participants undertake various strategies such as new product launches, mergers, acquisitions, collaborations, geographic expansions to strengthen their market position. For instance, MyDoc partnered with Allianz Care and Alliance Global Corporate & Specialty, Singapore branch to launch new video consultation service. This launch was for international health insurance customers in Singapore.