Asia Pacific Healthcare IT Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
The “Asia Pacific Healthcare IT Market” report offers qualitative and quantitative insights and a detailed analysis of market size & growth rate for all possible segments in the market. The Global Asia Pacific Healthcare IT Industry presents a market overview, product details, classification, and market concentration. The report also provides an in-depth survey of key players in the market which is based on various competitive intelligence parameters like company profiles, product picture and specification, capacity, production, price, cost, revenue, and contact information. The Asia Pacific Healthcare IT Market report provides an in-depth study of SWOT analysis i.e. Strength, Weakness, Opportunities, and Threat to the organization. Market Insights Report analysed the impact of COVID-19 (Corona Virus) on the product industry chain based on the upstream and downstream markets, on various regions and major countries and on the future development of the industry are pointed out.
The Asia Pacific healthcare IT market is expected to register a CAGR of 8.5% during the forecast period 2021 to 2026.
The growing demand for remote patient monitoring solutions, owing to the aging population and long-term chronic disease conditions, is the primary factor impacting the growth of the market. There is constant pressure on hospital administrators to lower costs while continuing to improve the level of patient care. In this environment, hospitals are turning to modern technologies and analytics, to operate more efficiently, support patient care, and improve their experience. ?This is further driving the growth of the healthcare IT market in the Asia Pacific.
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Key Players of Asia Pacific Healthcare IT Market are: Philips Optum (UHG)?, Allscripts?, GE Healthcare?, IBM Corporation, Tata Consultancy Services?, McKesson Corporation? , and Hewlett-Packard?
– In April 2020, GE Healthcare is extended its longtime collaboration with Microsoft to launch a cloud-based COVID-19 patient monitoring software for health systems. Initially intended to be a new feature for its Edison platform is now redesigned to focus on a COVID-19 application that could be distributed quickly to hospitals that need it using Microsofts Azure Cloud. The software is now designed to provide a central hub from which hospital staff can monitor patients in intensive care units including those on medical ventilation.
– In March 2020, Philips launched the HealthSuite System of Engagement with new AI capabilities to accelerate the digitalization of healthcare. HealthSuite System of Engagement is a comprehensive set of capabilities leveraging intelligence in dynamic workflows, securely harnessing the power of data across the health continuum. New HealthSuite AI capabilities include cloud-based managed AI workflow and DICOM interoperability in a secure environment.
Key Market Trends
Patient Based Systems (Remote Healthcare, Wearables etc.) is Expected to Hold the Largest Market Share
– Wireless technology creates highly connected healthcare environments that can help hospitals address these challenges. It is also playing a critical role in reshaping the future of healthcare for both patients and healthcare professionals. In the connected hospitals, connecting medical devices to EHR (Electronic Health Records) systems reduced the time it takes to enter the vitals, from 7-10 minutes to less than 1 minute per patient. ?
– The adoption of remote healthcare and wearable devices in this sector has been gaining traction over recent times, which, in turn, has been one of the significant factors influencing the healthcare IT market. The major trends in the wearable connected devices include increasing demand for pain management wearable devices, increasing use of wearables, for cardiovascular disease management, and others.
– Healthcare wearables must adhere to the HIPAA standards, so it is crucial to use appropriate levels of data encryption. Wireless hospital wearables need to have end-to-end security so that the data is secure during the transmission process.?
– For instance, on account of advances in healthcare technology, the growth of arable devices with multiple biosensors monitoring several parameters witnessed a significant increase. These advances also enable collecting, transferring, and storing real-time data in the cloud, aiding healthcare professionals (HCPs) to predict and adjust the precise and accurate drug dosage levels.?
IoT is Expected to Hold the Largest Market Share
– There is an increased number of services and applications associated with IoT across different end-user industry disciplines. IoT has evolved from RFID and Wireless Sensor Network technologies to more advanced technology, with the integration of cloud computing, Internet services, cyber-physical systems, and interconnections between hardware and software devices. Machine learning and AI capabilities are taking their skills to the next level, especially in the current healthcare industry.?
– In the Asia-Pacific region, especially in China, the healthcare IT industry is gaining significant growth over the years and is primarily driven by high investment in the 5G infrastructure in the region. Major advances in wireless technology, miniaturization, and computing power are driving innovations in Medtech, leading to the development of an increasing number of connected medical devices that can generate, collect, analyze, and transmit data.
– The data, along with the devices themselves, are creating the Internet of Medical Things (IoMT), a connected infrastructure of medical devices, software applications, and health systems and services. The IoMT is rapidly transforming medical technology’s role and relationship within the healthcare sector.
– 2019 was one of the crucial periods for the Asia-Pacific region to pursue fundamental reforms. Hospitals are increasingly collaboratively working with ICT companies for digital transformation. For instance, in March 2019, Guangdong Provincial People’s Hospital in China and Huawei Technologies signed a partnership agreement for building a wireless healthcare hospital by integrating 5G, IoT, big data, artificial intelligence, and other technologies to provide more accessible healthcare services and precision medicine as well as building better patient-doctor relationships. Developments such as these will further boost the growth of the market.
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Asia Pacific Healthcare IT Market report studies the market in-depth and provides an all-inclusive analysis of the key growth factors, Asia Pacific Healthcare IT market share, latest trends, key players, and their projections for the future. Also, Asia Pacific Healthcare IT Market report provides growth rate, market demand, and supply, the market potential for each geographical region. The analysis provides an exhaustive investigation of the market along with the future projections to assess the investment feasibility. Furthermore, the report includes both quantitative and qualitative analyses of the Asia Pacific Healthcare IT Market throughout the forecast period. This report analyses the impact of the COVID-19 on the Asia Pacific Healthcare IT market share in the short and long term.
At the beginning of 2021, COVID-19 disease began to spread around the world, millions of people worldwide were infected with COVID-19 disease, and major countries around the world have implemented foot prohibitions and work stoppage orders. Except for the medical supplies and life support products industries, most industries have been greatly impacted, and Asia Pacific Healthcare IT industries have also been greatly affected. With the slowdown in world economic growth, the Asia Pacific Healthcare IT industry has also suffered a certain impact, but still maintained a relatively optimistic growth, the past four years, Asia Pacific Healthcare IT market size to maintain the average annual growth rate of 15 from 2015 to 2021, in the next few years, Asia Pacific Healthcare IT market size will be further expanded, we expect that by 2027.
The Study Objectives of Asia Pacific Healthcare IT Market Report Are:
- Focuses on the key Asia Pacific Healthcare IT manufacturers, to study the sales, value, market share, and development plans in the future.
- Focuses on the global key manufacturers, to define, describe and analyze the market competition landscape, SWOT analysis.
- To define, describe and forecast the market by type, application, and region.
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To identify significant market trends and factors driving or inhibiting the market growth.
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The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, and recent developments in both historic and present contexts. The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
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