The size of the Asia Pacific Healthcare analytics market was worth USD 2.15 Billion in 2023 and is estimated to be a USD 5.30 Billion market by 2028 with a CAGR of 19.85% during the forecast period. Regionally, Asia Pacific accounts for only about 7.5% of the global healthcare analytics market in 2023 but is predicted to witness the highest growth rate in the forecast period.
Healthcare analytics is an evidence-based approach for an extensive collection of data from multiple sources and its statistical analysis depicting the current trends and patterns in healthcare for improvised interventions.6With the exponential rise in the IT healthcare sector over the past several years, there has been a dramatic growth in healthcare analytics which can predict future trends, measure performance and evaluate decisions using the chronological data. This will, in turn, help improve efficiency, accuracy, and service delivery, resulting in a better quality of patient care and clinical outcomes, laterally reducing healthcare costs and hospital readmission.
However, few factors are hindering the growth of markets like Security issues, technological and cultural barriers, the confidentiality of the information, and a dearth of skilled workforce. In addition, hurdles associated with creating an analytics network due to fragmented international political and economic relations may also act against the growth of the market.
Amongst the end-users, the healthcare providers segment is expected to grow at a higher rate during the estimated period. This is because federal regulations mandate, for example, the employment of EHRs and ICD-10 code sets, increased focus on quality care, and swing towards value-based medicine. As a result, the cost is reduced, helping the market's growth in this segment.
This research report on the APAC Healthcare Analytics Market has been segmented and sub-segmented into the following categories:
By End Users:
Regionally, the Asia Pacific Healthcare analytics market is growing continuously since last year. Furthermore, APAC healthcare is expected to grow in the coming years due to new IT technologies in the healthcare sector.
The Indian Healthcare analytics market was occupied around 10% of the Indian digital healthcare market in 2021. There are 4500 deaths in developed and undeveloped cities every year due to poor medication treatment. Healthcare analytics will help to reduce the mortality rate by using more analytics tools for diagnosis and treatment. Rapid digitalization and cybercrime are the major challenges for the growth of the healthcare analytics industry in India.
In Japanese healthcare analytics market is anticipated to grow at a CAGR of 11% during the forecast period due to the rising aging population in this country. In addition, the development of infrastructure in the healthcare sector and the growing focus on new healthcare analytics by pharmaceutical companies are fuelling the market demand in this country.
The South Korean healthcare analytics market is estimated to display a healthy growth rate in the near future. Recently launched a new smartphone app to monitor citizens’ safety, and AI software develops lungs analysis by X-ray images.
The Chinese healthcare analytics market is expected to be another lucrative regional market in the APAC market. A robust CAGR is estimated to showcase by China during the forecast period. The Chinese healthcare analytics market is significantly increasing because the Bluedot Company uses artificial intelligence to track and predict infectious diseases and pneumonia aetiology. The increasing spread of infectious diseases and the growing demand for quality treatment procedures are escalating the market's growth rate.
KEY MARKET PLAYERS:
Some of the key participants of the APAC Healthcare Analytics Market profiled in this report are SAS Institute, Inc., Optum, Inc., IBM Corporation, Truven Health Analytics Inc., Cerner Corporation, Verisk Analytics, Inc., McKesson Corporation, Allscripts Health Solutions, Oracle Corporation, MedeAnalytics, Inovalon, Inc. and Health Catalyst.
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