The digital health market size in APAC is estimated to grow at a CAGR of 21.2% from 2022 to 2027. The market size is anticipated to be worth USD 69.16 billion by 2027 from USD 26.45 billion in 2022.
The patient population suffering from chronic diseases is significantly growing in the Asia-Pacific region, promoting the need for healthcare services through digital technologies, which is one of the major factors driving the digital health market in the Asia-Pacific region. Digital health manages chronic diseases in many people using various applications. Nearly one in 10 people have been suffering from at least one chronic disease in recent years. In addition, growing usage of smartphones, increasing usage of remote patient monitoring devices, and rising penetration of internet connectivity across the Asia-pacific region are further fuelling the digital health market growth in this region. The demand for remote patient monitoring devices is growing considerably in the Asia-Pacific region owing to people becoming more aware of the availability of a regular health check-ups through online mode.
The growing adoption of digital healthcare from the hospital sector is anticipated to promote market growth. The usage of digital health in hospitals has seen a spike in the recent past owing to the increasing patient flow. EHR is one of the technological revolutions in the healthcare industry, and the adoption of EHR is growing significantly in hospitals across the Asia-Pacific region. Patient-related data is stored in the electronic health records, which helps the better treatment of the patient by checking the previous patient reports on the software. These records also contain data about the hospital's infrastructure and available staff. Therefore, the hospital can decide on checking the data in EHR, which helps the hospital's growth.
Technological advancements and a growing number of digital health products entering the market are further escalating the digital health market growth in APAC. For instance, governments are increasing investments significantly to bring advanced healthcare services such as telehealth and telemedicine that helps patient-to-healthcare provider interaction online. In addition, increasing R&D efforts by the key market participants are anticipated to showcase a favourable impact on the APAC digital health market.
However, high costs associated with digital health services are one of the major factors hampering market growth. In addition, the Lack of skilled professionals to operate and manage the software and handle the data between healthcare services and patients impedes market growth. Data security and privacy is other major issue in the digital health market in the APAC region. Fraud and third-party people misuse the data stored in the application while sending it to the healthcare provider, showcasing a negative impact on the market growth.
This research report on the APAC digital health market has been segmented and sub-segmented into the following categories:
The Asia Pacific captured a substantial share of the global market in 2021 and is expected to register the fastest CAGR during the forecast period. Owing to the growing usage of digital health technologies and the increasing preference of people to take healthcare from the comfort of home, the digital health market in the Asia-Pacific is anticipated to grow. In addition, the advantages associated with digital health compared to hospital visits, most patients who need treatment prefer to take the treatment through telehealth applications, which help reduce the treatment and maintenance costs for their pockets, are further promoting the market growth in this region.
The Indian digital health market is expected to showcase significant growth during the forecast period owing to the growing awareness of benefits associated with digital health, increasing adoption of technological solutions, and rising market participants. In addition, the Indian government is applying digital health developments through the Ayushman Bharat Digital Mission for the people, providing various health development options.
The China digital health market is anticipated to hold a considerable share of the APAC market during the forecast period. Online medical users in China have grown significantly between 2020 to 2021 due to the COVID-19 pandemic. China is one of the countries that experienced a severe impact of COVID-19. Nearly 300 million people in China suffer from high blood pressure, diabetes, and heart-related problems, which increase the use of wearable devices and the application of health management systems. Hence, the growing patient population is anticipated to promote the usage of digital health in China.
Furthermore, growing demand for ePharmacy as a part of digital health is fuelling the market’s growth rate in this country. With increasing repeated lockdowns in China due to different types of viruses, most people prefer to take medicine online by sending prescriptions to the ePharmacy site. These online medical pharmacies are also most beneficial to older people and diseased people in their critical situations.
The Japanese digital health market is expected to be lucrative in the APAC market and is expected to contribute to the APAC region considerably during the forecast period. In recent years, Japanese people have been using advanced technology such as artificial intelligence, robotics, and the Internet of Things to increase the digital technology demand. In addition, increasing reimbursement for digital health products, which are allowed under the national health insurance system compared to the standard product, and increasing awareness about digital health among people drives the market forward.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in the APAC digital health market profiled in this report are Apple Inc., AirStrip Technologies, Google Inc., Orange, Allscripts Healthcare, LLC, Mckesson Corporation, Athenahealth Inc., At&T Inc., Biotelemetry, Inc., Cerner Corporation, Cisco Systems, Inc., Koninklijke Philips Nv, Eclinicalworks, Ihealth Lab, Inc. and General Electric Company.
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