The size of the APAC healthcare IT consulting market is forecasted to be growing at a promising CAGR from 2021 to 2026.
Growing high volume of patient data, increase in technological knowledge, and demand for fast and efficient healthcare processes and systems are expected to promote the information technology consulting market in the domain of healthcare in the APAC region.
Growing digitization in the healthcare sector, the demand for value-based care, and the increasing cost of delivering healthcare associated with an increasing number of healthcare facilities and digitization in the healthcare industry are likely to accelerate the growth of the healthcare IT consulting market during the forecast period. Countries in the APAC region have experienced rapid expansion in medical tourism, with an expected healthy growth rate of 18.5% between 2019 and 2027. Medical treatments in Asian regions are up to 91% cheaper than private healthcare in regions across the globe. For example, according to Healthcare Travel Council, a coronary artery bypass surgery that would cost $ 92,500 in the United States costs less than $ 10,500 in India.
On the other hand, strong integration with healthcare IT to overcome the concerns about big data management and its security will generate several opportunities, leading to the growth of the healthcare IT consulting market during the upcoming period.
With the help of innovative computer systems and methods, the market is expected to experience lucrative growth in the future. Furthermore, there are more and more opportunities for healthcare IT consulting due to favorable government policies and increased government support for the APAC healthcare IT consulting market.
The limitations of well-developed IT infrastructure in developing countries, especially in Asian regions, are likely to hamper the growth of the healthcare information technology market during the forecast period mentioned above. Additionally, Interoperability and security issues will challenge the APAC healthcare IT consulting market.
Impact of COVID-19 on the APAC Healthcare IT Consulting Market:
With the COVID-19 outbreak and the lockdown across nations, there is an ongoing recession in the APAC healthcare market. Communities aside, COVID-19 has been equally disastrous for the world's major economies, especially the health sector. Most companies continue to adapt their strategy to the rapidly changing situation. COVID-19 is expected to have significant long-term impacts on the health sector in the APAC region. Countries and major companies should undertake critical changes in health care until the crisis fades into the background.
Outsourcing healthcare IT consulting services, such as IT procurement, analysis panel, and clinical service maintenance, has driven the market growth. Hospitals today benefit from healthcare IT consulting services such as enterprise resource planning (ERP) and revenue cycle management, among others.
This research report on the APAC Healthcare IT Consulting Market has been segmented and sub-segmented into the following categories:
Geographically, the Asian region dominates the APAC healthcare information technology market due to increasing per capita income, large patient population, especially in China and India, Increased investments in the healthcare sector by major market players, and increasing awareness of advanced technologies during the forecast period of 2020 to 2027.
During 2019, the healthcare segment grew 29% in China alone, and in recent years, China has emerged as the dominant regional healthcare IT consulting market alongside the more mature Australian market. The two nations now contribute nearly half of regional healthcare revenue, or about $ 13.6 billion of the estimated $ 25.6 billion, respectively 25 and 24 percent. Southeast Asia, which includes Myanmar, Thailand, Malaysia, Laos, Cambodia, Vietnam, Indonesia, Brunei, Singapore, and the Philippines, totals around $ 4.5 billion for a total share of 17%.
Other moving markets in the region include India, which, fueled by a burgeoning middle class and world-class expertise in healthcare information technology, has reached a value of around USD 3.6 billion. This is because of 12.9% and South Asia in general, and these data depict the tremendous growth opportunities in the APAC region in upcoming years.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the APAC healthcare IT consulting market profiled in this report are Epic Systems Corporation, General Electric, Koninklijke Philips N.V., Cerner Corporation, Cisco, Cognizant, Genpact, Allscripts Healthcare, LLC, Atos SE, HCL Technologies Limited, Hexaware Technologies, Infor, IBM Corporation, Deloitte Touche Tohmatsu Limited, Accenture, Infosys Limited, Larsen & Toubro Limited, Microsoft, Mckesson Corporation, Ntt Data, Inc., Oracle, Sap SE, Tata Consultancy Services Limited and Wipro Limited.