The FINANCIAL -- International Data Corporation ( IDC ) Health Insights recently estimated the healthcare IT spending in Malaysia will reach US$126 million in 2019, growing with a compound annual growth rate of 5.8% from 2012 to 2019.
In a recent published IDC research titled Malaysia: Healthcare IT Spend Market Analysis, Forecasts and Trends, findings showed that the largest spending group in health IT is the healthcare providers market including hospitals with 88% share in 2015.
In the same year, spending on the hardware segment is the highest with services and software spending ranked second and third places, clearly indicating the country's current priorities are focused on upgrading existing infrastructure and implementing 3rd platform technologies like cloud, big data analytics, mobility and social in the next 2 to 3 years.
"There are three primary macroeconomic indicators that will help bolster the IT spending growth in the Malaysian healthcare market. These are favorable government legislation, continued investments into public health and the growing number of private hospitals in Malaysia,” said Arpana Bharti, Market Analyst, IDC Health Insights.
The growth of the aging population segment, rapid urbanization, heightened awareness of diseases, and the desire for healthy living are the other factors driving growth in the healthcare industry, added Arpana.
To differentiate themselves, Malaysian healthcare vendors must create solutions designed for such urban health needs as the population now accounts for over 70% in the country.
The research also highlights that the rising demand for ease-of-access to care delivery, transparency in billing procedures and mobility solutions for physicians are also factors that will shape the future of IT spending in Malaysia.