Solid Growth Of Asia-Pacific Healthcare Market
The Asia-Pacific healthcare market has experienced solid growth over the past decade. According to statistics, this healthcare market is projected to grow from US$ 246 billion in 2009 to US$ 348 billion in 2012, accounting for almost 27% of the global market. By 2015, Asia-Pacific’s healthcare revenues could represent 40% of the global market. Key areas include:
- Medical devices - where revenue is estimated to increase from US$ 46.5 billion in 2009 to US$ 62.3 billion in 2012. This represents about 25% of the global medical devices revenue. Demand growth is partly a result of the aging population and the convergence of devices and pharma products.
- Lab automation, home care monitoring and emphasis on early detection are also driving clinical diagnostic demands. In terms of revenue, an increase is projected from US$ 6.9 billion in 2009 to US$ 8.5 billion in 2012.
- The growing demand for integrated imaging with information systems, increasing corporate wellness programs and rise in turnkey projects are also contributing factors to the increase of imaging market revenues from US$ 6 billion in 2009 to US$ 8.6 billion in 2012, accounting for about 36% of the global imaging market revenues.
- Increasing opportunities are also apparent in value-based imaging, oncology and healthcare services. Areas that will generate more innovations and growth include molecular diagnostics, vaccines/biologics and medical equipment for the elderly.
- Medical tourism is one of the fastest growing markets in Asia and is expected to reach US$ 5.4 billion by 2012.
- More government attention to primary and community based healthcare.
The rise in healthcare expenditure by both private and government sectors is also important. Reports indicate that Asia-Pacific’s total healthcare spending will increase from US$ 946.3 billion in 2009 to US$ 1,152 billion in 2012. Private health care expenses will increase from US$ 372 billion to US$ 472.6 billion and government healthcare expenditure from US$ 574.3 billion to US4 679.4 billion over the same period. Hospital development, improved management of in-patient and out-patient care, upgrading and replacement of medical equipment, healthcare education and training as well as an increasing older population in the Asia-Pacific region all play a significant role in the growth of this industry.