Asia Pacific Healthcare Analytics Market - Growth, Trends, COVID-19 Impact, Forecast(2022 - 2027)

Asia Pacific Healthcare Analytics Market - Growth, Trends, COVID-19 Impact, Forecast(2022 - 2027)

The Asia Pacific Healthcare Analytics Market is expected to register a CAGR growth of 19.7% during the forecast period of 2021-2026. The market worth is USD 2.15 billion in 2021 and is expected to reach USD 5.2 billion by 2026.

Key Highlights

• There has been an exponential growth in the healthcare analytics market due to the rise in the IT healthcare sector. Healthcare analytics can predict future trends, measure performance and evaluate decisions using chronological data. This will help improve patient care by advancing accuracy, efficiency, and service delivery.
• Adopting big data analytics in healthcare results in cost-effective medication, insurance planning concerning population health, and better diagnostic approaches. Because of this, there is an increase in the number of customers leading to better investments in the sector.
• Security issues, technological and cultural barriers, and fragmented international political relations are hindering the market's growth. The confidential nature of the information transmitted in the sector also slows down the market's growth.
• COVID-19 outbreak has increased big data analytics for public healthcare surveillance and disease tracking. This has created a positive outlook for the market in the region.

Key Market TrendsExpanding IT sector and demand for improved medical services to drive the market

• The widespread growth in health consciousness among consumers and an increase in chronic diseases have led to the adoption of cloud analytics to improve the efficiency of clinical operations and manage extensive medical data. Favorable governmental healthcare policies are also driving the market.
• For example, Japan provides its citizens and residents of more than one year with universal insurance schemes and better healthcare at affordable prices. This has increased the adoption of healthcare analytics in the country.
• In India, the government promotes telemedicine to enable distance healing to cope with COVID-19 restrictions.
• Moreover, with the advent of information technology in Indian medical care, there is no intermediary to allow primary and secondary level hospitals jointly access to super-specialty hospitals. The new organizational model not only removes the middle class but also provides an atmosphere that helps primary-level hospitals co-exist with super-specialty hospitals. This is a mutually beneficial situation for both partners.
• Confidence in health IT is increasing among healthcare consumers and providers. This has increased the consumption of applications and software that provide safe and reliable healthcare solutions without compromising sensitive data.

China and India to hold major shares in the market

• China and India drive the Asia Pacific market by adopting IT solutions for healthcare and better IT skills. The market for healthcare fraud analytics and detection in China is also growing with increased internet usage and technology in the healthcare sector. India is expected to register rapid growth in the market during the forecast period, whereas China holds a majority share in the Asia Pacific healthcare analytics market.
• Owing to the spread of COVID-19 in India, the healthcare sector has rapidly evolved to accommodate the growing medical needs of consumers. There are government initiatives to digitalize the citizens' medical data to provide a transparent and efficient organization of the healthcare care sector. This is aiding the growth of the healthcare analytics market in the country.
• An increase in the growth of infectious diseases is boosting the demand for healthcare analytics in China. The healthcare fraud analytics and detection market are also growing in China due to increased cases of medical insurance fraud. Development of infrastructure in the healthcare sector and focus on new healthcare analytics by pharmaceutical companies are fuelling the market's growth.

Competitive Landscape

Significant players like IBM Corporation, SAS, Oracle Corporation, and Siemens Healthineers are bringing new trends into the healthcare analytics market. For example, the acquisition of Varian Medical System, Inc. by Siemens Healthineers provides the company segment with a promising outlook for the forecast period. In the recent past, SAS helped Nantes University Hospital Center use data visualization as part of a larger project to integrate financial affairs, human resources, and medical information and produce an in-house analysis of the costs per hospitalization.

• April 2020- Oracle Corporation developed COVID_19 Therapeutic Learning System to develop and deploy a series of cloud applications that will gather the data necessary to enable health professionals to understand what drugs are effective in treating or preventing the COVID-19 virus.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

SAS Institute Inc.
Optum, Inc.
Cerner Corporation
Health Catalyst
McKesson Corporation
Wipro Limited
Inovalon
IQIVA Inc.

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