The Asian medical market is booming. McKinsey predicts that Asia will become the second highest medical technology market in the world by 2020, and it could account for a third of global sales by 2025.
In the ASEAN countries, with its population of over 600 million people and a GDP of 2.76 trillion U.S. dollars, there is a rapid growth of the middle class and expansion in healthcare coverage. Both of which are factors driving the use of medical devices across Southeast Asia. Such products are likely to see growth of between 8 to 10 per cent in most markets, led by the consumables, diagnostic imaging and lab devices segments.
Singapore: The heart of MedTech in Asia
The region’s medical device market is expected to grow strongly and access to the market will improve in the coming years due to a number of factors:
(Source: Singapore Economic Development Board, Ernst & Young Solutions, McKinsey & Company, The Business Times, Sector Specific Accelerator (SSA) Programme / SPRING Singapore, Skyrocketing Healthcare Demand in ASEAN Opens Door to Medtech)