Report : Asia Pacific Master Patient Index Software Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Software, and Service); Deployment (Cloud-based, and On premises)
Software Segment has the Largest Share of Type in the Asia Pacific Master Patient Index Software Market during 2021–2028
According to a new market research study on “Asia Pacific Master Patient Index Software Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, and Deployment,” is expected to reach US$ 371.2 million by 2028 from US$ 180.3 million in 2021. The market is estimated to grow at a CAGR of 10.9% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific master patient index software market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as assistance in maintaining and managing clinical, financial, and demographic data of patients due to its advantages and adoption of cloud-based technologies are the key factors driving the market growth. However, the market is expected experiencing slow growth during the forecast period owing to the high cost of software.
The COVID-19 pandemic has put a major strain on the health systems of many countries around the world. Testing capacity in many Asia Pacific countries was limited and of low quality in the initial days of the pandemic, which led to a surge in the COVID-19 cases. However, many countries, such as South Korea, Japan, and Singapore, were efficiently contained the situation through robust tracking and testing. Also, India has the second-highest number of cases in the world after the US. The increasing burden on existing healthcare systems and rising demand for advanced data collection and analysis technologies are expected to drive the Asia Pacific Master Patient index software market, even during the pandemic. In January 2021, BC Platforms, a significant clinical and genomic data management player, announced a collaboration with Japan-based RIKEN research institution and the Finnish Institute for Health and Welfare (‘THL’). Moreover, adoption of digitalization of the healthcare system, the growing preference for remote patient care in the developing countries in the region, and a more significant number of regulatory agencies laying stress on value and patient outcome, patient engagement is expected to increase adoption of the master patient index software in coming years.
The market for master patient index software market is segmented into type, and deployment. Based on type, the master patient index software market is segmented into software, and service. In 2020, based on type, the software segment held the largest share of the market, also the same segment is estimated to grow at the highest CAGR due to increasing development in the healthcare IT by the market players, and adoption patient data management software to enhance patient care during the forecast period.
McKESSON CORPORATION, Oracle Corporation, Wipro Limited, Allscripts Healthcare Solutions, Inc., MEDITECH, and Intersystems Corporation are among the leading companies in the Asia Pacific master patient index software market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in August 2020, Allscripts and Sheba Medical Center have developed a collaboration to increase the pace of artificial intelligence technology and enhance patient safety through the hospitals' ARC Innovation Center. ARC, which stands for accelerate, reinvent, and collaborate, is Sheba Medical Center's research arm, with a goal of transforming healthcare by 2030.
The report segments the Asia Pacific Master Patient Index Software market as follows:
- On Premises
- Asia Pacific
- South Korea
- Rest of Asia Pacific
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