Asia Pacific Healthcare Analytics Market size valued at USD 2,230 million in 2021 and is set to observe around 18.6% growth rate from 2022 to 2028.
Healthcare analytics refers to analysis of data using qualitative and quantitative techniques to be able to search for patterns and trends in the data. Healthcare analytics is used to upgrade many areas of clinical care such as disease prevention, patient management and adherence to clinical protocols.
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The emergence of personalized or precision medicine in Asia Pacific region is expected to boost the market growth. The increasing collection of genomic data and their analysis for the development of personalized medicine will fuel the market demand. Moreover, increasing focus of precision medicines on patient risk assessment will complement the shift towards population health. Additionally, it will help the doctors to predict which treatment will work best for specific patient.
Owing to the increasing portfolio of healthcare services, the cost of healthcare increases. Thus, there is a need for improving operational efficiencies and reducing expenses that will drive the healthcare analytics market growth. Moreover, rising amount of complex data owing to the transition from written to electronic health records (EHR) and its ability to enhance physician practice will augment the market revenue. Furthermore, rising interest of investors in analytical tools of healthcare coupled with technological advancements will foster the market growth.
The Asia Pacific healthcare analytics market from descriptive analytics segment will exhibit a CAGR of 17.5% during the forecast period. Descriptive analytics is used to convert raw data into interpretable data-driven insights that help professional to understand reasons behind past failure or success. Thus, it is the first step in converting big data into actionable insights.
Moreover, majority of healthcare organizations which have electronic health record (EHR) systems installed also have some form of descriptive analytics in place. Also, descriptive analytics offer various benefits such as detecting errors or irregularities in insurance claims and assessing the member or patient population to gauge their performance.
In 2021, the financial management segment accounted for 32.4% Asia Pacific healthcare analytics market share. Financial management includes use of healthcare analytics for claim settlement, contract compliance, reimbursement compliance, revenue cycle management, fraud prevention, and risk assessment. Moreover, rising problem levels pertaining to claims denial and reimbursement will propel the industry growth.
The hospital segment revenue crossed USD 1666.7 million in 2021, as increasing operational complexities due to increasing influx of patients and multifunction nature of hospitals is leading to increasing adoption of healthcare IT solutions. Also, widespread implementation of EHR systems in these facilities will further fuel adoption rates. Furthermore, use of EHR and analytics software is most likely to increase in developing economies with improving healthcare sectors.
China healthcare analytics market will witness 19.4% to surpass USD 1,294.9 million revenue by 2028, owing to the increasing need of healthcare analytics solution among healthcare organizations to manage huge amount of patient’s data set. Moreover, high healthcare expenditure plays an important role in the adoption of the China market. Furthermore, the growth of personalized medicines favoring better healthcare outcomes along with reduction in unnecessary medical costs will further fuel the sales of healthcare analytical software and tools or devices in the country.
Prominent industry players include are Allscripts Healthcare Solution, Inc, McKesson Corporation, and IBM Corporation among others.
Players undertake various strategies such as new product launch, mergers, acquisitions, collaborations, geographic expansions to strengthen their market position. For instance, in March 2021, Health Catalyst launched its new Healthcare.AI to deliver augmented Intelligence at scale to healthcare industry. The new Healthcare.AI will address healthcare business opportunities and challenges across revenue, cost, and quality. This strategy is expected to add value to its service portfolio as well as increase revenue from its sales.