HEALTHCARE | Staff Reporter, Singapore

Asia-Pacific healthcare IT market to hit double-digit growth in the next six years

Japan and India account for more than half of market share.

Asia-Pacific’s healthcare IT (HCIT) solutions and services market is set to expand at a compounded annual growth rate (CAGR) of 15.3%, according to a report by Allied Market Research.

Growth in the region will be driven by increasing awareness about the benefits of healthcare IT solutions, as well as improvements in healthcare infrastructure and increases in healthcare expenses across emerging markets such as India and China.

The report also projects that the global healthcare IT market will reach US$297b by 2022, more than double the 2015 level of US$125b, on the back of increasing demand for quality healthcare solutions, supportive government initiatives, growing acceptance of mHealth and telehealth practices, and increasing adoption of smartphones for healthcare provision.

North America was the leading regional HCIT market in 2015 and is forecast to capture over two-thirds market share by 2022, driven by the high adoption of HCIT solutions and services and well-established healthcare systems in the region. Key global HCIT players such as the United Healthcare Group, McKesson Corporation, Allscripts Healthcare Solutions, Inc., Athenahealth, Inc., and Epic Systems Corporation are all based in the region.

The healthcare provider solutions segment is expected to grow 16.2% and dominate the overall HCIT market revenue, due to increasing demand for healthcare provider solutions and electronic health records (EHRs) for hospitals, nursing homes, and pharmacies.

The clinical solutions segment, meanwhile, is also poised to grow at a CAGR of 19.3% owing to the implementation of various HCIT-related government initiatives and rising demand for HCIT solutions in healthcare organisations for cost reduction in clinical aspects, such as radiation dose management, electronic medical records, vendor neutral archive (VNA), and medical image processing and analysis systems.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.