Top five growth sectors in Asia Pacific health care market identified
Market analyst Frost & Sullivan, in its latest Asia Pacific (APAC) healthcare market forecast has revealed that the region’s market is expected to expand its compound annual growth rate (CAGR) to 12.6% from 2012 to 2018
It said that while global healthcare markets are forecast to grow at a less than 6% CAGR from the period 2012 to 2018, the region’s market is projected to more than double this CAGR over the same period.
The report said that APAC’s healthcare expenditure will almost double in the next 6 years, with the largest share coming from China, Japan and India.
In addition, the APAC region will consist of more than 2.3 billion people aged 65 or older in 2013, comprising 9.8% of the population. The increasing life expectancy in the region will also result in more elderly requiring long-term care, according to the report.
The elderly population segment is estimated to grow to 11% by 2018 across the region. To support rising demand, the APAC market will require about 180 million new hospital beds over the next decade.
Meanwhile, the report has cited the top five growth sectors in APAC.
Medical Tourism, in short and medium term growth will be driven by rising affluence and increasing demand for quality healthcare, according to the report
Outpatient Surgery is suggested to fuel opportunity with big return but with less investment.
Specialty Hospitals will find opportunity amid increasing lifestyle diseases such as diabetes and coronary heart disease.
Private Medical Insurance will cater to the increasing cost of healthcare coupled with low penetration rates of public insurance. This situation will create an expansive market for private insurance companies, said the report.
Healthcare IT will support the demand for increasing operational efficiency that comes with competitiveness and financial profitability of both private and public hospitals. These institutions are expected to invest extensively in installing, maintaining and upgrading IT capabilities.
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