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The APAC Healthcare Analytics Market size is projected to increase by USD 20.84 billion, at a CAGR of 27.94% between 2023 and 2028. The growth rate of the market depends on several factors, including growing integration of big data with healthcare analytics, rising volumes of data in healthcare and growing government initiatives to increase adoption of electronic health records. Healthcare analytics efficiently uses statistical, quantitative, predictive, comparative, cognitive, and other newly applied analytical models to data and related business insights. Healthcare analytics software can assist in disclosing and comprehending historical data patterns, forecasting future results, and delivering actionable insights to help healthcare companies make better clinical, financial, and operational decisions. Analytics aids healthcare organizations in lowering operating costs and improving the quality of care.
The market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about 15 market companies, including Accenture Plc, Capgemini Service SAS, Cognizant Technology Solutions Corp., HCL Technologies Ltd., Health Catalyst Inc., Infosys Ltd., Inovalon, IQVIA Holdings Inc., McKesson Corp., Merative L.P., Microsoft Corp., Optum Inc., Oracle Corp., SAP SE, SAS Institute Inc., Veradigm LLC, and Wipro Ltd. Additionally, Accenture Plc provides a healthcare analytics solution called the Accenture Health Insights Platform, designed to empower state Medicaid, public health, and other agencies by leveraging data to swiftly generate insights and expedite decision-making processes.
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The growing integration of big data with healthcare analytics is notably driving market development. Big Data refers to the use of specific analytical tools to consolidate and analyze a significant amount of information created by the digitalization of business processes. Big Data has transformed the way of managing, analyzing, and leveraging data in every industry, and healthcare is one such sector that produces a significant amount of data. Documentation is crucial in the healthcare industry owing to its implication on end-users, including hospitals, clinics, physicians, and patients. Factors such as up-to-date electronic health records of patients for better medical treatment, compulsory documentation owing to stringent policies of governments, and the increasing use of wearable devices to track patient's conditions are expanding the volume of health data.
Moreover, running predictive analytics on such data can provide healthcare organizations with valuable insights to improve their existing business models and proliferate their profitability. Apart from reducing costs of treatment processes, Big Data analytics on population health data also helps predict epidemics and improve the quality of life in general. As a result, the adoption of this technology is expected to increase and, in turn, will boost the healthcare analytics market in APAC growth. Such factors are expected to drive the market growth during the forecast period.
Increasing use of Internet-enabled mobile devices in healthcare is an emerging trend shaping market growth. The use of mobile devices in the healthcare system has gained prominence in the past decade, setting up a new communication channel between healthcare service providers and patients. The use of Internet-enabled handheld devices is facilitating coordination between various stakeholders of the healthcare industry. These devices can be used to send notifications, data files, and meeting alerts, which keep the stakeholders updated at all times. Patients can connect with physicians/nurses through these devices and instantaneously resolve any ambiguity regarding the dosage or any other queries.
In addition, some applications can automate the transcription of audio. These applications can be used to record patient history with minimal errors. As a result, there is reduced paperwork, and the information on patient history can enhance physicians' efficiencies. Reduced paperwork can not only free up physicians' time, but they also have patients' data at their disposal. Overall, the use of mobile devices in healthcare improves physicians' performance and ensures better patient care. Hence, the increasing usage of mobile devices in healthcare will lead to the growth of the market during the forecast period.
Increasing data security and privacy concerns is a significant challenge hindering market growth. The healthcare industry prefers cloud-based solutions to on-premises solutions owing to cost-effectiveness and ease of accessibility. Organizations focus on acquiring affordable cloud solutions that have multiple features. The cloud is an integral part of the IT infrastructure in government healthcare agencies. The federal, state, and local government agencies use cloud solutions for storing sensitive data. These solutions aid data management through centralized data storage and high-speed networks, which increase productivity and enhance data sharing and collaboration.
Moreover, the conversion of paper-based medical records into an electronic format can create data security issues. These issues will hamper the adoption of life science and healthcare software in hospitals, diagnostic centers, and healthcare research centers in the future. Unauthorized persons can hack the systems and tamper with the stored patient data. In addition, there is a growing risk of computer viruses that can deteriorate the software. Thus, the increasing data security and privacy concerns can hamper the market growth during the forecast period.
The market share growth by the services segment will be significant during the forecast period. The services segment includes various services such as consulting, implementation, training, and support provided by healthcare analytics vendors. The accessibility and delivery of healthcare services are evolving. Healthcare providers are increasingly dependent on IT services and solutions to provide a superior experience to the end-customer, as well as meet the stringent regulatory compliance requirements such as the Food and Drug Administration regulations and the Health Insurance Portability and Accountability Act legislation.
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The services segment was the largest and was valued at USD 1.31 billion in 2018. Further, with the overall advancement in the healthcare sector, the patient's medical data is available in many unstructured forms, such as documents, text, images, and audio-video files. In the dynamic environment, modernization has led to an increase in the complexity of the generated content over the Internet and diverse use-cases of its accessibility, security, and archiving requirements, which pose a challenge to the healthcare analytics market in APAC. Analytics ensures operational efficiency, leading to cost savings for healthcare providers, as physical storage and transportation of patient data are cumbersome and expensive. The high deployment of analytics solutions in the healthcare sector is expected to drive the demand for consulting, maintenance, and other services, which in turn will fuel the growth of the services segment, thereby driving the growth of the market during the forecast period.
The on-premises segment held the largest market share in the healthcare analytics market in APAC in 2023 and is expected to grow significantly during the forecast period owing to higher security than the cloud-based deployment model. This on-premises model involves installing and deploying healthcare analytics solutions within a healthcare organisation's infrastructure. The healthcare facility is responsible for managing and maintaining the software and hardware required for the analytics solution. The growing incidences of data theft and cyber attacks are forcing healthcare organizations to adopt on-premises analytics solutions owing to their better security solutions. Thus, the growing healthcare spending on analytics solutions is expected to fuel the growth of the on-premises deployment segment, which in turn will fuel the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Capgemini Service SAS - The company offers healthcare analytics solutions for managing unified patient journeys and tracking patient health outcomes.
Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report forecasts market growth by revenue and provides an analysis of the latest market trends and growth opportunities from 2018 to 2028.
APAC Healthcare Analytics Market Scope |
|
Report Coverage |
Details |
Page number |
156 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 27.94% |
Market Growth 2024-2028 |
USD 20.84 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
24.1 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accenture Plc, Capgemini Service SAS, Cognizant Technology Solutions Corp., HCL Technologies Ltd., Health Catalyst Inc., Infosys Ltd., Inovalon, IQVIA Holdings Inc., McKesson Corp., Merative L.P., Microsoft Corp., Optum Inc., Oracle Corp., SAP SE, SAS Institute Inc., Veradigm LLC, and Wipro Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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