Innovative Companies are Driving the APAC Healthcare Market
The healthcare market in Asia-Pacific (APAC) is expected to grow by 7.2% in 2019 due to the growth of smart hospitals and developments in the home care segment and medical tourism. This, in turn, has increased the demand for technology, innovative healthcare programmes, as well as drugs and medical devices based on advanced technology. Conventional growth drivers such as supportive government regulations and policies are also a major boost for projected market growth in the APAC healthcare industry.
Emerging markets such as China, India and ASEAN are expected to offer high-growth opportunities across all segments. The author estimates that the Asia-Pacific healthcare market will grow to $486.72 billion in 2019. However, in the APAC region, healthcare challenges remain the same; access and affordability of new technology demand complex and innovative solutions from all industry stakeholders. Key industry issues that deserve attention include policy innovation, support for new business models, development of secure interoperable technology platforms, and the evolving role of consumers in healthcare. These emerging trends create growth opportunities for industry participants including pharmaceuticals, diagnostics, medical technology manufacturers, digital health vendors and healthcare service providers.
The role of digital health is changing dramatically in Asia-Pacific. Digital technology is enabling improvements in the quality of drugs and medical devices, access to information and care as well as financial, clinical and operational workflows across all healthcare segments.
With this major industry transition as the background, some of the key growth opportunities discussed in this years outlook include:
- Cell Therapy
- Biosimilars
- Precision Medicine
- eClinical Platforms
- Medical Device Manufacturing
- Medical Tourism
- Healthcare Artificial Intelligence (AI)
- Risk Stratification
Within APAC, ASEAN countries still have unexplored and under-served markets, which provide boundless opportunities for healthcare vendors with innovative products and services. Therefore, to be able to capitalize on the market, medical device manufacturers, pharmaceutical companies, and digital health vendors will need to understand the market trends unique to each of these countries. However, the healthcare industry in these countries evolves rapidly, as market participants constantly find ways to upgrade the quality of healthcare systems offered. Due to the turbulence in the market, there is a need to understand the key trends as well as predictions for each of these countries to estimate the future market potential and dynamics. This research service highlights the key trends and provides significant predictions and suggestions to healthcare vendors. This study will help vendors align their strategies accordingly and develop innovative solutions and products that will help them to capitalize on the opportunities in these markets.
In a nutshell, 2019 is expected to be the year when Asia-Pacific truly transforms the healthcare industry with technology and innovation; presenting growth opportunities for vendors and healthcare providers with an innovative culture. This Outlook discusses the qualitative and quantitative factors driving this transformation.
