The region's digital health market, valued at USD 40.3 billion in 2021, is expected to expand to USD 326.7 billion by 2030 at a CAGR of 26.5 per cent.
Healthcare Triangle, a leading provider of healthcare and life sciences cloud transformation, managed services, and data analytics platforms, today announced its launch in Singapore with focus to bolster digital healthcare in the city-state and across the Asia Pacific (APAC). Healthcare Triangle expected to invest up to USD 25 million in Singapore and to create over 500 jobs in the next five years.
The launch was officiated in the presence of Guest of Honor P. Kumaran - the High Commissioner of India and other esteemed dignitaries.
The APAC region is currently witnessing an increase in the adoption of virtual healthcare and growing investments in the digitalization of healthcare institutions are accelerating the adoption of digital health platforms.
Owing to the rise of artificial intelligence, IoT, and Big Data in healthcare, the region's digital health market, valued at USD 40.3 billion in 2021, is expected to expand to USD 326.7 billion by 2030 at a CAGR of 26.5 per cent. As such, Healthcare Triangle's entry into the region couldn't be timelier.
"The APAC regional headquarters will be based out of Singapore, an encouraging and supportive place for global businesses. At Healthcare Triangle, innovation and attention to technology are foremost, and this ethos aligns with Singapore's smart nation drive," says Suresh Venkatachari, Chairman and CEO of Healthcare Triangle.
The company's joint venture expansion into the region is poised to help further innovation and bolster the role of Singapore as a medical innovation hub. With their experience working in the developing healthcare technology industry in the US, they are aiming to help healthcare companies scale their digital solutions and innovation in the region.
Fostering partnerships to create a more resilient healthcare ecosystem
Multiple studies have suggested that partnerships and collaborations are going to be key postpandemic and beyond for business growth and scalability. Healthcare Triangle has always focused on fostering partnerships and collaborations that help create better and more robust digital healthcare solutions.
Healthcare Triangle is HITRUST certified and a premier partner of Amazon Web Services (AWS), Google Cloud (GCP) and Microsoft Azure to provide multi-cloud services to customers. To provide holistic digital health solutions, they collaborate with EPIC and Meditech, leading Electronic Health Records (EHR) vendors. They are one of the few providers in the region with a comprehensive network of partners that allows them to support regional and global healthcare projects.
In APAC, they plan on tapping into Shankar Group, a leading diversified enterprise in FMCG, property development and services presence across the region, including South Asia, the Middle East, Japan, and Australia to expand its services all over the ecosystem.
The scale of the opportunity across the region
A large population of the APAC region still lives in remote areas seeking digital healthcare services. Increasing awareness about telehealth services and the growing demand for low-cost remote patient monitoring services are expected to drive the market in the next ten years.
The growing need for clinical information systems and electronic medical records will propel digital healthcare platform adoption. In fact, as per McKinsey, digital health in Asia could collectively create up to $100 billion in value by 2025, up from $37 billion in 2020.
"We are confident that our platform solutions will elevate Healthcare and Life Sciences businesses with the power to transform and manage their cloud infrastructure across any CSP (Cloud Service Provider) and empower businesses with utmost security and compliance to harness the full potential of their data and thereby speed up their data-driven digital transformation journey," added Venkatachari.
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