*Life Sciences & Healthcare IT includes: Software, Hardware, IT services Asia Pacific Lifesciences and Health IT Market Interoperability challenges hinder adoption Market Drivers Market Restraints
Strong and sustained demand for healthcare services
Consumer demand for quality and access to information
CAGR 7% CAGR 11.3% APAC Share 50.6 54.6 58.4 62.5 Note: All figures are rounded; the base year is 2009. Source: Frost and Sullivan 14.5% 15.7% Lifesciences & Healthcare IT, US$ Bn, 2009-2012
Australian Life Sciences and Health IT Market Government’s continued commitment to e-Health Life Sciences & Health IT Revenues, US$ Bn, 2009-2012
ICT initiatives by state health departments
NeHTA’s role in accelerating the adoption and awareness of e-health initiatives.
Patient demand to improve the efficiency and quality of healthcare
Chronic under-investment in healthcare IT
IT still not being recognized as the key enabler for successful change to healthcare delivery
Implementation of high-risk legacy systems in the past
Market Restraints Note: All figures are rounded; the base year is 2009. Source: Frost and Sullivan
Top Opportunities – Australian Life Sciences and Health IT Market Clinical IT Systems
Spending on departmental systems (radiology, cardiology, pharmacy, acute care, etc,) 2010: ~US$ 160 mn; CAGR: 15.3%
Modernization of the healthcare system, implementation of more accurate and reliable systems and shift from lengthy to short and more clinically intense hospital stays is driving investment in departmental systems.
Spending on infrastructure, interoperability and EHR solutions: ~US$ 45mn; CAGR: ~17.3%
State eHealth programs such as Healthelink (NSW Health) and government’s commitment to development of the right technology necessary to deliver the best e-health system is accelerating the growth in this segment.
Solutions for Patient and Revenue Cycle Management
Spending on patient and revenue cycle management solutions 2010: ~US$ 104 mn; CAGR: 6.1%
T he steps taken by healthcare facilities to improve the quality and outcome of healthcare, reduce the administrative burden, and adopt a more standardized approach towards application of information systems is the key driver for this market segment.
Patient administration solutions being adopted in public hospitals in South Australia (careconnect.sa), Western Australia (eHealthWA) and Victoria (HealthSMART).
Note: All figures are rounded; the base year is 2009. Source: Frost and Sullivan
Time Growth Home-based care Personalized medicine POCT/Self Monitoring Clinical IT Endoscopy Administrative IT EMR/EHR Source: Frost & Sullivan. Where to place your bets in 2010- 2012 : Australia Biologics Joint replacement Oncology, Diabetes Cardiovascular INNOVATION TRIGGER SUPER GROWTH NORMALISATION LEADERSHIP