Asia Pacific Healthcare Information Technology Market share was valued at USD 35,940.1 million in 2019 and is expected to witness 18.1% CAGR from 2020 to 2026.
Healthcare information technology is a fast growing domain providing enhanced quality of life and cost-effective patient care through its services. The healthcare IT domain is projected to witness significant growth in the future due to the advantages such as management of large volumes of patient data and continuous data tracking. Growing awareness among the population regarding the healthcare IT services and increased accessibility to internet services will result in increasing adoption and demand for healthcare IT services. In addition, industry players involved in launch of novel products and services pertaining to healthcare IT have also impacted the market growth positively.
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Increasing expenditure on healthcare IT in the Asia Pacific region will primarily drive the market growth. According to a published article, in 2019, the healthcare IT expenditure was around USD 12.2 billion across the region. Growing need to provide efficient patient care in the remote areas has led to an increased number of investments by the major industry players. In addition, the healthcare IT professionals in the region are currently investing in start-ups including The Hello Health Group. The Hello Health Group has over 35 million users on consumer health platform and provides necessary information on diseases control and prevention. Moreover, governments in the Asia Pacific region are engaged in providing strong and immediate funding to boost the development of new hospitals that are integrated with software tools to provide efficient patient care. Hence, the above-mentioned factors are expected to spur the healthcare IT market growth in the coming years.
Government policies pertaining to advanced healthcare IT facilities will drive the healthcare IT market growth across the region. Governments in Asia Pacific region are engaged in launching a number of initiatives pertaining to integration of blockchain technology in healthcare. The launch of such initiatives will increase the demand and adoption for healthcare IT services. These developments in the region have the potential to expand the healthcare IT domain with increase in the number of healthcare IT consumers. In addition, government in Japan has taken measures for the establishment of Integrated Community Care System, to bridge the gap between the service providers and the patients. Hence, the above-mentioned factors will foster the market growth in the coming years.
Asia Pacific Market, By Solution
By solution, the market is segmented as picture archiving and communication systems, fraud management, computerized physician order entry, vendor neutral archives, radiology information system, electronic health record, mHealth, supply chain management, healthcare analytics, telehealth, customer relationship management, revenue cycle management and others. Telehealth segment held significant market share and is projected to expand at a CAGR of 20.6% over the estimation timeframe. The significant growth of the segment is due to several factors such as growing advancements in telecommunications, rising demand for cost-effective care and increasing geriatric population across the region. The provisions by telehealth such as teleconference and telehomecare have enabled patients suffering with chronic diseases to avail treatment from home effectively. In addition, telehealth has enabled healthcare professionals to remotely monitor patients residing in rural areas. Moreover, telehomecare provides improved patient care through latest technologies in telecommunications. Ongoing pandemic has further led to an increase in number of telehealth users. Hence, the above-mentioned factors will foster the segmental growth in the coming years.
Asia Pacific Market, By End-use
On the basis of end-use, the market is bifurcated as healthcare payers and healthcare providers. Healthcare providers segment held the largest market share and was valued at USD 24,068 million in 2019. The large growth of the segment is owing to the provisions by the healthcare information technology domain such as remote patient monitoring and healthcare analytics. Additionally, a large number of healthcare providers are utilizing the healthcare IT services to maintain patient records to minimize medical errors and offer proper treatment. Furthermore, the utilization of healthcare information technology services has improved the work-life balance and workflow of healthcare providers. Hence, the above-mentioned factors will foster the segment growth in the coming years.
Asia Pacific Market, By Country
China healthcare information technology market was valued at around USD 9,401 million in 2019 and will witness lucrative growth in the forthcoming years. The higher growth of the market is due to several factors such as investments made in the 5G technology infrastructure in the region and application of wireless technologies in healthcare facilities. According to a recently published report, Guangdong Provincial People’s Hospital and Huawei Technologies in China collaborated for developing a wireless healthcare hospital with integration of 5G technology, internet of things (IoT) and artificial intelligence (AI). The collaboration was aimed at providing accessible, efficient and improved healthcare IT services to the users. Additionally, rise in prevalence of chronic diseases, growing aging population along with increased focus on quality treatment has augmented the number of healthcare IT consumers. Moreover, the utilization of healthcare IT services is uplifted due to higher number of COVID-19 patients in the country. Hence, availability of cost-effective healthcare IT solutions and products along with growing number of IT professionals are some of the factors driving the healthcare IT market growth in China.
Competitive Market Share
Some of the major industry players involved in Asia Pacific healthcare information technology market include Epic Systems Corporation, McKesson Corporation, Cerner Corporation, Allscripts Healthcare Solutions, Inc., Siemens Healthineers AG, Philips Healthcare, and IBM Corporation among others. These major market players are implementing several strategic collaborations, mergers and acquisitions to strengthen their industry position, increase customer base and enhance geographical presence in the region. For instance, in July 2020, Allscripts Healthcare Solutions, Inc., announced to extend their collaboration with Microsoft Corporation for transformation of cloud-based healthcare IT solutions. The strategic move will assist the company in strengthening their industrial presence and enhancing their product portfolio.
Asia Pacific Healthcare Information Technology Market Background
Asia Pacific region has been continuously challenged by prevalence of chronic diseases since the 19th century. The higher prevalence of the chronic diseases and growing geriatric population in the region has led to an increased demand for prevention, early diagnosis and treatments. Additionally, in developing and underdeveloped economies, a larger proportion of population resides in rural areas and face challenges in accessing necessary healthcare services. Gradually, cost-effective healthcare IT services were initiated in the region and were accessible with commencement of latest technologies. Since these developments, several awareness programs by the governments to integrate technology with healthcare services and to develop cost-effective services are being launched at a moderate pace. Moreover, some of the established market players have consistently invested in the market with progression of economies to improve the healthcare IT services in the region. Therefore, presently, Asia Pacific has been leading on several fronts pertaining to healthcare IT services.