Asia Pacific Digital Health Market size was valued at USD 10.8 billion in 2018 and is expected to witness 34.2% CAGR up to 2025.
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Increasing geriatric population who are highly susceptible to suffer from chronic illnesses will act as high impact rendering factor for growth of Asia Pacific digital health market over the forecast timeframe. Elderly people are at high risk of suffering from various respiratory conditions including chronic obstructive pulmonary disorder, pulmonary hypertension and asthma. Availing healthcare services via digital media offers more convenience to elderly patients, thereby resulting in augmented demand for digital health in the foreseeable future.
Increasing healthcare expenditure coupled with numerous initiatives undertaken by public as well as private institutions to increase adoption of digital health platforms in Asia Pacific will positively impact industry growth. For instance, development of numerous mHealth applications by the Indian government such as Vaccine Tracker, Swasth Bharat and Kilkari mobile app provide audio training and awareness about digital health, thus fostering industry growth. However, stringent device regulations along with reduced awareness may hamper industry growth to certain extent over the forecast timeframe.
Digital health systems market will witness a CAGR of 24.2% during the forecast period. Increasing adoption of electronic health record (EHR) systems and e-prescription services for efficiently managing healthcare resources will boost market growth. These technology helps to lower the medical documentation timelines and help invest greater effort in diagnostic procedures. Adoption of EHR and e-prescription systems also enables healthcare providers to save cost on patient data management. Various government initiatives to increase adoption rates of digital health solutions will spur market growth.
Japan digital health market recorded USD 3.8 billion revenue size in 2018. Rising aging population base, increasing coronary heart diseases among middle-aged men in Japan drives the digital health market in Japan. Increased prevalence of hypertension, high risk of stroke in men and increase in application of mobile health and telehealth accelerates the demand for digital health market in Japan. Various players are adopting strategic initiatives to explore Japan digital health market. For instance, Otsuka Pharmaceutical and IBM has finalized an agreement to establish Otsuka Digital Health Co., Ltd. (Otsuka Digital Health), to operate as a joint venture for Otsuka’s pharmaceutical business, and start a digital health solution for psychiatry patients in Japan.
Few notable industry players operating in Asia Pacific digital health market include Philips Healthcare, Cisco Systems, Cerner Corporation, AT & T, among others. Companies are adopting strategies such as novel product development and launch to consolidate their market position as well as broaden product offerings. For instance, in January 2014, LifeWatch entered into strategic partnership with China Telecom for the sale of medical smartphones in China. This partnership was aimed at expanding company’s geographical outreach.
Governments of developing countries in Asia are seeking affordable, patient-centric and universal healthcare solutions. Trends such as emergence of artificial intelligence, accelerating digitalization of healthcare infrastructures and big data applications will significantly impact existing healthcare delivery models. Healthcare digitalisation in Asia’s emerging markets will help to cope with the rapid increase of lifestyle diseases and corresponding high healthcare cost. However, Asia Pacific digital health industry will face serious concerns of data privacy and safety along with lack of regulatory framework in developing countries.