The Asia Pacific healthcare IT market is expected to register a CAGR of 8.5% during the forecast period 2020 to 2025. 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.
- There has been an increased usage of the technology in the healthcare sector to improve the workflow of nursing staff, and hospitals are equipping nurse ID badges with an RFID tag that works with the hospital’s Wi-Fi network. These tags track the movement of the nurses throughout their shift. The data is captured and analyzed, providing insights to the hospital to make improvements in the processes.?
- Moreover, governments are taking initiatives to set up new and advanced healthcare facilities in developing countries to cater to the requirements of the growing population. The rise in the number of healthcare facilities will increase the demand for advanced medical equipment which is expected to drive the Asia Pacific healthcare IT market. Additionally, technological advancements in healthcare equipment, growing incidences of chronic diseases, and the rising demand for portable as well as home-based devices are also driving the growth of the healthcare IT market in the region.
- A pandemic like Covid-19 will only fuel the manufacturing of advanced medical devices and equipment to tackle such crises in the future. The increased production of healthcare devices will drive the Healthcare IT market. For instance, GE Healthcare has recently announced to increase its manufacturing capacity for medical equipment including, CTs, ultrasound devices, mobile X-ray systems, patient monitors, and ventilators, to cater to the ongoing global challenge of treatments of COVID-19 patients.
- However, the high cost of the medical supply devices and strict government regulations and guidelines are restraining the market’s growth.
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.
The Asia Pacific healthcare IT market, which is highly competitive, consists of a number of major players. Companies such as Philips Optum (UHG)?, Allscripts?, GE Healthcare?, IBM Corporation, Tata Consultancy Services?, McKesson Corporation? , and Hewlett-Packard? among others, hold a substantial market share in the medical power supply market.
- 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 Microsoft’s 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.
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