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MedTech Outlook | Friday, December 08, 2023
Infrastructural investments in national healthcare systems are being stimulated by the economic development in the Asia-Pacific region, which is also increasing access to healthcare.
FREMONT, CA: The economic boom in the Asia-pacific region is driving investment in national healthcare infrastructure and extending access to healthcare. Some of the major markets in the region for the healthcare industry include China, India, and developing nations in Southeast Asia, such as Indonesia. Thailand is one of the most popular destinations for medical tourists because the majority of treatments offered by the country’s healthcare institutions are less expensive than in other established and emerging markets. In Asia-pacific, the diagnostics sector is expanding at a much faster rate than any other. Most in-vitro diagnostic categories have enormous growth potential in Asia-pacific, which may be attributed to the region's broad consumer base across all socioeconomic strata.
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Growth of IVD Technology
Asia-pacific, which is home to 60 per cent of the world's population, provides a large portion of the worldwide cancer burden. Given the distinctive Asian patient genotypes and the higher occurrence of particular cancers in APAC, diagnosis and therapy should be customised for the region's population. To address the unique requirements of the Asia-pacific market, opportunities exist for industry players to develop and expand the clinical application of precision oncology therapies and diagnostics. APAC was responsible for 60 per cent of all lung cancer cases and deaths worldwide in 2018, as well as 75 per cent of all stomach cancer cases and fatalities. By 2022, it's anticipated that Japan and nations like China and India will spend close to USD 20 billion on cancer treatment. This still represents a huge saving over the USD 140 billion that the US and the EU-5 are expected to spend. In the Asia-Pacific area, ageing populations and shifting epidemiological patterns will lead to a demand for novel diagnostic test kinds and industry player business models that are adapted to the needs of various nations and cultures. The organisation notices that payers and providers are eager to evaluate new, creative ways to use and improve medical diagnostics. China, being the most lucrative market, will present enormous opportunities for the industry. Telcos are investing millions to expand coverage to every corner of the country. Insurers are investing in new member health services that greatly benefit from improved diagnostic capability. The population is one of the highest technology adopters.
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