Market Snapshot
| Study Period: | 2019-2026 |
| Base Year: | 2021 |
| CAGR: | 19.7 % |
|
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Market Overview
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.
- 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.
Scope of the report
Healthcare Analytics is also known as clinical data analytics, the branch of analysis that provides insights into patient records, hospital management, and diagnosis. Healthcare analytics permits the examination of patterns across multiple healthcare data to determine the improvement of medical care while limiting expenditure. The report covers the Asia Pacific healthcare analytics market by applications such as clinical, financial, predictive modeling, operational and administrative and research, a delivery mode such as premise, web-hosted, and cloud-based, components, and end users like healthcare, payers, providers.
| By Deployment | |
| On-Premise | |
| Cloud |
| By Application | |
| Clinical Data Analytics | |
| Financial Data Analytics | |
| Operational/Administrative Data Analytics |
| By End-User | |
| Healthcare Provider | |
| Pharmaceutical Industry | |
| Biotechnology Industry | |
| Academic Organization |
| By Country | |
| China | |
| Japan | |
| India | |
| South Korea | |
| Australia | |
| Indonesia | |
| Rest of Asia Pacific |
Key Market Trends
Expanding 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.
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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.
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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.
Recent Developments
- May 2021- IBM Corporation is bringing in Quantum Computing in Healthcare, which will bestow substantial advantages that classical computing cannot provide. This will transform diagnostic assistance by enabling early and efficient diagnosis in patients and keeping people healthy based on personalized treatments and healthcare regimes. This will also optimize insurance premiums and pricing.
- April 2021- Microsoft Corp and Nuance Communications Inc announced that they had reached a final agreement that Microsoft will acquire Nuance for USD 56 per share, implying a 23% premium on the closing price of Nuance on April 9, 2021, and a transaction valued at USD 19.7 billion including net debt of nuances. Nuance is a cloud and AI software company representing decades of accumulated healthcare and enterprise AI experience. Mark Benjamin will continue to be CEO of Nuance and will report to Scott Guthrie, Executive Vice President of Cloud & AI at Microsoft.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Technological Advancements and Favorable Governemnt Initiatives
4.2.2 Emergence of Big Data in the Healthcare Industry
4.3 Market Restraints
4.3.1 Cost and Complexity of Software
4.3.2 Data Integrity and Privacy Concerns
4.3.3 Lack of Proper Skilled Labors
4.4 Value Chain / Supply Chain Analysis
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Deployment
5.1.1 On-Premise
5.1.2 Cloud
5.2 By Application
5.2.1 Clinical Data Analytics
5.2.2 Financial Data Analytics
5.2.3 Operational/Administrative Data Analytics
5.3 By End-User
5.3.1 Healthcare Provider
5.3.2 Pharmaceutical Industry
5.3.3 Biotechnology Industry
5.3.4 Academic Organization
5.4 By Country
5.4.1 China
5.4.2 Japan
5.4.3 India
5.4.4 South Korea
5.4.5 Australia
5.4.6 Indonesia
5.4.7 Rest of Asia Pacific
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 SAS Institute Inc.
6.1.2 Optum, Inc.
6.1.3 Cerner Corporation
6.1.4 Health Catalyst
6.1.5 McKesson Corporation
6.1.6 Wipro Limited
6.1.7 Inovalon
6.1.8 IQIVA Inc.
*List Not Exhaustive7. INVESTMENT ANALYSIS
8. FUTURE OF THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The APAC Healthcare Analytics Market market is studied from 2019 - 2026.
What is the growth rate of APAC Healthcare Analytics Market?
The APAC Healthcare Analytics Market is growing at a CAGR of 19.7% over the next 5 years.
Who are the key players in APAC Healthcare Analytics Market?
Optum Inc, SAS Institute Inc, IBM Corporation, Oracle Corporation, Health Catalyst are the major companies operating in APAC Healthcare Analytics Market.
