APAC Healthcare Analytic Market size is expected to reach USD 7.1 billion by 2028, according to a latest forecast report by Graphical Research.
The surge in adoption rate of big data analytics and data mining techniques to analyze individuals at high risk and devise strategies will drive the market growth. Moreover, financing institutions and government organizations are utilizing predictive analytics in various applications such as reduce payment frauds and risk assessment.
Technological advancement in the medical devices including healthcare analytics tools to prevent and treat patients from various chronic diseases will trigger the market revenue. Moreover, increasing focus on gathering and analyzing of medical information from different sources to get better service will further spur the market demand. Also, advances in data standardization coupled with growing recognition that electronic health records will no longer be enough for providing cost effective and quality care will boost technological advancements in healthcare analytics.
The predictive analytics segment will witness 19.8% CAGR during the forecast timeframe. Predictive analytics uses descriptive data for forecasting what might happen in the future. It requires access to real time data for making prompt clinical and financial decisions. The predictive analytics are used to identify warning signs of diseases before conditions become severe, Therefore, owing to such aforementioned factor, the predictive analytics reduce the healthcare cost and increase customer satisfaction. For instance, in 2019, according to a study by the Society of Actuaries, predictive analytics resulted in a 42% increase in customer satisfaction and 39% reduced cost.
The population health management segment will exhibit a CAGR of 18.8% till 2028. Population health management helps to identify the populations and their needs for care. Providers can use the data for tracking and improving clinical outcomes along with lowering costs. In addition, ability of these solutions to provide real time insights to administrators and clinicians enabling them to identify and address care gaps within patient populations.
Browse detailed statistical insights from the report, “Asia Pacific Healthcare Analytics Market Forecast 2028 By Product (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics), By Application (Operations Management, Financial Management, Population Health Management, Clinical Management) By End-use (Hospitals, Clinics), Research Report, Country Outlook (China, India, Japan, Australia, South Korea, Malaysia, Indonesia, Thailand, Singapore, Philippines), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The clinics end-use segment held over USD 328.8 million revenue in 2021 due to increasing use of healthcare analytics in clinics, especially in developed regions. However, in developing countries such as India and China, clinics are considered as less effective and more cost intensive by the patients. Therefore, number of clinics in these nations is far less than that of in developed countries. Thus, demand for healthcare analytics tools is far less in developing economies, thereby slow momentum can be seen in developing countries.
The Japan healthcare analytic industry will exceed USD 2,646.1 million revenue by 2028. Promising improvements in healthcare infrastructure and increasing utilization of healthcare analytics tools in hospitals setting to identify diseases will boost the industry growth. Additionally, the rising need to curtail healthcare associated costs will foster the market value. Furthermore, growing interest of investors in technologies that manage electronic health information and provide big data analytics tools will favor the market expansion. For instance, according to the HPI Digital Health Center report, the total domestic investment by Japan venture capitals in 2018 accounted nearly USD 1.4 billion, a 20.4% increase compared to 2017 in digital health solutions including healthcare analytics tool.
The APAC healthcare analytic market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2017 to 2028, for the following segments:
Asia Pacific Market, By Product
- Descriptive analytics
- Predictive analytics
- Prescriptive analytics
Asia Pacific Market, By Application
- Operations management
- Financial management
- Population health management
- Clinical management
Asia Pacific Market, By End-use
The above information has been provided for the following countries:
- Asia Pacific
- South Korea