A fit outlook for the Asian healthcare industry
BASED on a recent report from Frost & Sullivan on the Asia Pacific (APAC) healthcare industry, the region faces a healthy outlook, driven by incremental healthcare spending, liberalised investment policies, development as well as increasing use of new technologies , and strengthened medical tourism activities.
Significant growth opportunities can be attributed to APAC due to the fact that it comprises over 60% of world’s total population. Needs for healthcare are shifting along with changes in age/lifespan of population, disposable income/economics, emergence of diseases and medical conditions; and sector-relevant regulations, among others. Participation from both the private and public sectors is strongly emphasised.
The report said that by 2015, Asia’s global market share is expected to grow to over 33% from 27.5% in 2011. Likewise, healthcare revenues in the region are seen to surge from US$337.94 billion in 2011 to US$521.42 billion in 2015 at a compound annual growth rate (CAGR) of 11.5% against the rest of the world’s CAGR of 4.3 %.
Of the countries in Asia, Singapore’s healthcare model is exemplary, consistent in its commitment to sectors in the healthcare industry.
Singapore, the venue for the recently concluded 9th Medical Fair Asia is also addressing a few challenges such as the impact of a growing and aging population ( which, according to data, has grown 25% over the last decade and will continue to grow in the succeeding one) with 1 in 5 Singaporeans will be at age 65 up – or numbering to about 960,000 by 2030, which is thrice as much as the current aged population of 350,000. Policy-makers say that while the aging population is a strong driver for healthcare demand, the group also needs greater medical care as well as leeway for more frequent and longer hospitalisation compared to the younger group.
With the Healthcare 2020 scheme in place, the focus now is mainly on ( but not limited to) the three strategic areas , namely, accessibility, quality and affordability of healthcare.
Whereas in other countries, worker dissatisfaction looms, Singapore keeps stock of issues such as this, and in fact, just recently, Singapore’s Health Minister Gan Kim Yong has announced that healthcare support staff in the public sector will be getting a 4 to 10% pay raise, a move that is seen to benefit some 16,000 workers. Meanwhile, as much as 20% raise will be given to lower wage workers by the end of 2014.
Opportunities in medical markets
Singapore and the rest of Asia are polestars of opportunities for the healthcare and medical markets, according to Dr Amy Khor, Minister of State for Health and Manpower during the Medical Fair Asia ’s opening ceremony.
According to Dr. Amy, Singapore also focuses on education and research, specifically on oncology, neurology, cardiology, ophthalmology, orthopaedics, rehabilitation, infectious diseases and other advanced medical specialisations.
The exhibition also ran onsite presentations on an array of health topics such treatments and therapies for diseases such as Alzheimer’s, dementia, and cancers.
About 700 exhibitors from 32 countries – a 15% increase from the previous show – participated in the biennial show featuring the latest medical and healthcare innovations and resources. Aside from Singapore exhibitors, there were also international pavilions joined by groups from China, Japan, Malaysia, South Korea, Taiwan, the US, Austria, France, Germany, Italy, and Spain.
According to Gernot Ringling, Managing Director of Messe Düsseldorf Asia (MDA), the event’s organiser, “The figures underline the growing importance of the exhibitions as an international hub of supply and demand for the med tech and healthcare sectors.”
Moreover, some 150 companies from 21countries participated in the Medical Manufacturing Asia (MMA), a concurrent event, which highlighted the medical technology sector.
“Singapore and the region have immense potential and we are dedicated to bringing together buyers, decision makers and suppliers to grow the medtech, medical and health care sector, with the co-location of these biennial exhibitions,” said Gernot.
Source: MJN e-News
Category: Top Story
