Asia Pacific Healthcare IT Market Size, Share, Industry, Forecast and outlook (2024-2031)

Asia-Pacific Healthcare IT Market is segmented By Type (Virtual Healthcare Platforms, Electronic Health Records (EHRs), Picture archiving and communication systems (PACS), Vendor-neutral archives (VNAs), Laboratory Information Systems (LIS), Radiology Information System (RIS), Clinical Decision Support Systems (CDSS), Others), By Modality (Hardware, Software, Service), By End-User (Healthcare Providers, Patients, Payers), and By Region (China, India, Japan, Australia, Rest of Asia Pacific) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Asia-Pacific Healthcare IT Market Size

The Asia-Pacific Healthcare IT market reached US$ 50,155.79 million in 2023 and is expected to reach US$ 193,702.26 million by 2031, growing at a CAGR of 18.4% during the forecast period 2024-2031. 

Healthcare IT (Information Technology) is a sector that integrates hardware, and software to collect, process, integrate, and analyze all the data related to healthcare. The commonly utilized healthcare IT tools are electronic health records (EHRs), virtual healthcare platforms, finance management software, administrative software, etc. Integration of IT with healthcare has revolutionized modern medicine. In the Asia-Pacific region, which is currently the epicenter for healthcare investments, the market for healthcare IT is anticipated to gain tremendous growth in the forecast period.

Asia-Pacific Healthcare IT Market Summary

To Know More: Download Sample

Asia-Pacific Healthcare IT Market Drivers

Rising investments in the healthcare sector

Asia-Pacific has been growing as a major hub for the healthcare industry, many market leaders which were earlier focussed in the Western countries have started investing in the region, to advance the region’s healthcare sector. As a result, automation has gained huge importance in recent times. 

For instance, in February 2023, SwipeRx, a Southeast Asia’s technology platform for pharmacies, announced that it had received $10 million in fresh funds from Sanofi’s Global Health Unit and Cercano Management. Earlier in May 2022, the company has received $27 million in funding. SwipeRx plans to utilize this funding for digital B2B commerce in the pharmacy industry.

Moreover, the implementation of AI in the healthcare industry is rising due to the increased budget allocation by firms and government agencies. This is anticipated to bring the advanced technologies in the Asian Healthcare IT market.

For instance, Augnito India Pvt. Ltd. an emerging Gen AI company focusing on the implementation of AI voice solutions has reported a year-on-year growth of 300% in its revenue in 2023. This is due to the rising adoption of AI voice solutions in Asian countries, especially India. The company owns a Gen AI solution called “Ambient technology app” which uses its proprietary multi-lingual Medical Speech Recognition and GenAI technology, helping healthcare providers to interact with patients without the burden of manual data capture and input.

In February 2024, China Medical University Hospital (CMUH) in Taiwan announced the implementation of Google Cloud's generative AI technology “MedLM” a medically-tuned large language model. CMUH has developed a comprehensive "AI-assisted Physician" system that aims to assist healthcare professionals in disease diagnosis, treatment planning, patient education, medical research, etc. CMUH is one of the first university hospitals in Asia to test MedLM. The collaboration between CMUH and Google Cloud will introduce assistive tools designed to support medical professionals in precision cancer treatment.

Asia-Pacific Healthcare IT Market Restraints

Factors such as data privacy and security concerns may restrain the market for healthcare IT in the region. Many citizens in Asian countries like China, South Korea, and Japan may refrain from disclosing their health information publicly. This may restrain the technologies that require patient medical information. Moreover, healthcare professionals may refrain from adopting to new technologies due to unfamiliarity, which may restrain the adoption of advanced technologies in the region.

Asia-Pacific Healthcare IT Market Segment Analysis

The Asia-Pacific healthcare IT market is segmented based on type, modality, end-users, and country.

The electronic health records (EHRs) in the type segment accounted for approximately 25.30% of the Asia-Pacific healthcare IT market share.

Electronic health records are the electronic versions of patient's medical records that are easily accessible at any point in time, from anywhere in the world. EHR software are among the first technologies launched in the digital healthcare world. They are easy to implement and cost-effective solutions for many healthcare facilities. Moreover, with the rising awareness of one’s health, the majority of the patients are tracking their health condition on a timely basis. EHRs have evolved, and as of now majority of the healthcare facilities deployed some kind of EHR in their practices. The adoption of EHR is far higher in Asian Countries than any other digital health platform.

For instance, in February 2021, according to a survey published in the Journal of Internet Medical Research, the total number of hospitals that have adopted EHRs in China exceeded 16,000 surpassing U.S. where the number of hospitals with HER was only 4814. The adoption is greatly increasing in China with nearly 1500 hospitals adopting EHR in their practice every year. According to DataM estimates, the total number of hospitals with EHR in China will reach nearly 20,000 in 2023. This accounts for nearly 52% of total hospitals in China. 

Moreover, the majority of the players operating in the region such as Epic, Athenahelath, Philips, and several prompt local players are offering EHR software and services to healthcare facilities.

Asia-Pacific Healthcare IT Market Geographical Share

China is expected to dominate the market with a 36.3% share in the Asia-Pacific healthcare IT Market

China is expected to dominate the Asia-Pacific healthcare IT market due to high investment in the healthcare industry. Also, the country is well known for its research activities on Artificial Intelligence (AI) and its implementation in the healthcare sector. 

For instance, according to the OECD Health Report 2023, China ranks 2nd after the U.S. in the world with the highest global AI index in the healthcare sector. This puts the country at the forefront of healthcare IT innovation. 

Moreover, the region has the highest number of healthcare facilities, as compared to any other nation in the Asia-Pacific region. This gives scope for the market leaders to continuously expand their innovation in Chinese healthcare facilities.

For instance, according to CEIC Data in 2023, the total number of hospitals in China are 39,000 risen by 9860 from 29,140 in 2016, growing at a CAGR of 4.25%. 

Fig: Number of hospitals in China (2016-2023); Source: CEIC Data

Asia-Pacific Healthcare IT Market Key Players

The major players in the healthcare IT market include Epic Systems Corporation., Oracle, Veradigm LLC, GE HealthCare., IBM, TATA Consultancy Services Limited, Optum Inc., Koninklijke Philips N.V., Omega Healthcare Management Services, and The Cigna Group among others. 

Why Purchase the Report?

• To visualize the Asia-Pacific healthcare IT market segmentation based on type, modality, end-users, and country as well as to understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development
• Excel data sheet with numerous data points of healthcare IT market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The Asia-Pacific healthcare IT market report would provide approximately 39 tables, 32 figures, and 187 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies