SINGAPORE, Jan. 9, 2013 /PRNewswire/ -- Mounting volumes of medical and healthcare data have spurred healthcare providers in Asia-Pacific to adopt business analytics applications. To manage this data, healthcare providers are looking to partner with local and global software vendors. As a result, the emerging business analytics market in the region is poised for steady growth.
New analysis from Frost & Sullivan (http://www.healthcare.frost.com), APAC Business Analytics for Healthcare Providers—Market Opportunity Assessment, finds that the market earned revenues of over $315.9 million in 2011 and estimates this to reach $654.2 million in 2018. The healthcare industry is becoming increasingly service-oriented, with the balance of power shifting from medical professionals in favor of consumers.
To identify sustainable competitive advantages and derive insights from enterprise resource planning tools, customer satisfaction surveys, and clinical information systems, service providers are turning to business analytics.
"In addition, effective analytics and intelligence tools are necessary to mine and analyze the large pool of data available in healthcare organizations especially as healthcare providers in Asia-Pacific adopt EHR programs," saidFrost & Sullivan Research Analyst Natasha Gulati. "Efficient analysis improves patient care, reduces medical error, assists in prognosis, helps predict medical outcomes, and improves profitability."
It is crucial for medical and health professionals in Asia-Pacific to develop IT skills. Currently, IT professionals struggle to manage complex business analytics solutions and medical professionals are unable to leverage these solutions to their full advantage. This not only curbs adoption but also results in below average returns on investment in IT. Justifying the expenditure on advanced technologies poses a challenge for healthcare IT professionals. While on the one hand budget approvals require them to showcase achievements, on the other hand, achievements require a threshold amount of investment which needs to be approved by senior management.
Moreover, benefits such as reduction in medical error or improvements in patient outcomes cannot be measured in monetary terms. This makes it difficult to estimate the amount of expenditure required to accomplish a certain non-financial return.
"Business analytic tools need to evolve from just reporting and analyzing past data to predicting future performance," noted Gulati. "Vendors must invest in research and development to widen their scope and offer sophisticated predictive modeling, forecasting, and real-time responsiveness."
This will provide a more tangible return-on-investment and act as a feedback loop, driving adoption of business analytic tools in Asia-Pacific.
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APAC Business Analytics for Healthcare Providers—Market Opportunity Assessment is part of the Connected Health Growth Partnership Services program, which also includes research in the following markets: Healthcare Landscape, Outlook and Growth Opportunities in Mexico, North American Video Telemedicine Market, Health Market in India, and Healthcare Mobility Solutions Market in Australia. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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