The Healthcare IT Market's size in the Asia Pacific is anticipated to grow with a CAGR of 7.2% during the forecast period.
Some of the key drivers of the Asia Pacific healthcare IT market are paperless technology, increased government programs in healthcare IT sectors, cloud services adoption, and chronic disease prevalence. Besides, sustainable growth of the economy over the past two decades, key government policies in effect, increased IT capabilities & outsourcing, increased incidences of chronic diseases, the advent of big data in healthcare, and improvements in the results of medical processes are the main factors that drive growth in markets.
A significant barrier to the market is the lack of IT expertise among healthcare professionals in this area. Although they are better qualified than their U.S. counterparts, their skills can be further developed. IT specialists are currently struggling to cope with sophisticated business analytics technologies, and medical professionals cannot take advantage of these approaches to their benefit. It inhibits the growth of the market and concerns the accuracy of healthcare analytics for businesses. Very few private companies in this region have carried out health care analytics.
Over the past few years, with the exponential increase in the IT healthcare industry, there has been a significant growth in healthcare analytics that can predict future patterns, monitor quality, and make decisions using historical data. Increased investment by government and non-governmental institutions in Research & Development is contributing to the growing market demand. It would help improve performance, reliability, and service delivery, resulting in improved quality of patient care and clinical outcomes that laterally minimize health care costs and hospital readmission.
This research report on the APAC Healthcare IT Market has been segmented & sub-segmented the Europe Healthcare IT Market into the following categories:
It is anticipated that emerging economies like China, India, and ASEAN are expected to offer high-growth opportunities across all sections. As a result, the Asia-Pacific healthcare market is estimated to grow significantly during the forecast period by Frost & Sullivan. Variables include large patient populations, particularly in China and India, increasing per capita income, boosting investments by key market players in the healthcare sector, and raising awareness of modern technologies to drive APAC market growth. Healthcare problems remain the same in the APAC region, though; access and affordability of new technologies require complex and innovative solutions from all stakeholders in the market.
Besides the rising number of medical systems such as hospitals, clinics, nursing homes, and other outpatient care settings, the increasing prevalence of chronic disorders in this area will drive the APAC region's Healthcare IT Market.
The state and federal governments in Australia are also supporting HIT initiatives across the state and the region. Health Smart, a four-year development project in the state of Victoria and Health Connect, the federal government's national electronic health records system, is indicative of such programs in the past. It will help in the growth of the market in this region.
The Chinese healthcare IT market has a robust CAGR during the period, which is owed to forecast infectious diseases, growing concentration quality care, and increasing demand for quality treatment methods. In addition, improved healthcare quality, lessening the length of stay at the hospitals, less cost of health and medicine, favorable government policies, and growing IT skills and outsourcing spurs the market growth in the healthcare IT market in the APAC region.
The Japanese healthcare IT market is expected to grow with a CAGR of 11% over the analysis period due to the increasing aging population in this country. The growth is contributed to infrastructure development in the healthcare domain and growing analytics in healthcare by pharmaceutical companies.
The Healthcare IT market in India is one of the leading countries in the Asia Pacific. Frequent digitalization and increasing elder people population is one primary factor boosting the growth in this region.
KEY MARKET PLAYERS:
Companies such as Cerner Corporation, Oracle Corporation, Mckesson Corporation, Philips Healthcare, Novarad Corporation, GE Healthcare, Carestream Health, eClinicalworks, EPIC Systems Corporation, Siemens Healthcare (Siemens AG), Athenahealth Inc., and Allscripts Healthcare Solutions, Inc. are playing a vital role in the APAC Healthcare IT Market.