Asia Pacific Healthcare IT Market size crossed USD 58 billion in 2021 and is projected to observe around 16.5% growth rate between 2022 and 2028.
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Healthcare IT is a fast-growing domain providing cost-effective patient care and enhanced quality of life through its services. The growing need to offer efficient patient care in the remote areas of Asia Pacific has led to an increased number of investments in the field by the major companies.
Regional governments in APAC are offering funding for the modernization and advancement of the healthcare industry. The government of Japan, for example, has taken measures for the establishment of Integrated Community Care System, to bridge the gap between the service providers and the patients. Such efforts will bolster the regional landscape for the adoption of innovative medical technologies.
Asia Pacific Market, By Solution
The telehealth segment will reach USD 20 billion revenue in the Asia Pacific healthcare IT market by 2028. Factors such as rising demand for cost-effective care, advancements in telecommunications, and increasing geriatric population across the region are driving the technology adoption in Asia Pacific. The provisions of telehealth, such as tele homecare and teleconference, have enabled patients suffering with chronic diseases to avail treatment from the comfort of their homes. It has allowed healthcare providers to remotely monitor patients who live in rural locations. Furthermore, tele homecare improves patient care by utilizing cutting-edge telecommunications technology.
Asia Pacific Healthcare IT Market, By End-use
The healthcare providers segment size will increase exponentially during the forecast period, thanks to the utilization of advanced IT services by providers to maintain patient records. Several government awareness projects to incorporate technology into medical services and generate cost-effective offerings are being introduced at a moderate pace. Furthermore, several companies have continually invested in the market with the advancement of economies to strengthen the region's healthcare IT services. This has significantly improved the output and workflow of healthcare providers.
Asia Pacific Market, By Country
China healthcare IT market will record a CAGR of 18% till 2028. Several factors, such as investments in 5G technology infrastructure and application of wireless technologies in healthcare facilities have aided the market growth.
According to a recent article, Guangdong Provincial People's Hospital and Huawei Technologies in China worked on the development of a wireless healthcare hospital that incorporates 5G technology, the internet of things (IoT), and artificial intelligence (AI). The alliance aims to provide users with more accessible, efficient, and better healthcare IT services. The rising frequency of chronic illnesses, an aging population, and a greater emphasis on quality treatment have increased the number of healthcare IT users.
Competitive Industry Landscape
Major players involved in the Asia Pacific healthcare IT market are McKesson Corporation, Epic Systems Corporation, Cerner Corporation, Siemens Healthineers AG, Allscripts Healthcare Solutions, Inc., IBM Corporation, and Philips Healthcare. To increase their revenues and attract new customers, companies are opting for various marketing strategies, including mergers and acquisitions, new product launch, partnerships, and collaborations, among others.