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Adrienne Walder

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A changing Asia: opportunities for Western healthcare companies

Posted by Adrienne Walder on 01-Oct-2014 14:42:54

Having lived in the heart of Asia for the past 18 months, it is impossible to escape the rapidly developing, ever-evolving world around me. No one and nothing seems to stand still for long here. I have frequently been recommended to visit certain Asian countries sooner rather than later as they are modernising and changing at breakneck speed.

It is widely reported that Asia will be the main driver of global economic growth in the coming years. GDP growth ranges from around 5 to 7% year on year, with China, India and Indonesia leading with the highest expected real GDP growth and largest populations. Currently the World Health Organisation quotes healthcare expenditure per capita in ASEAN (Association of South East Asian Nations) to be around 4% of GDP, which is low compared to developed Western markets. As a result, there is undoubtedly scope for significant growth in the region. For example, the Asian healthcare device market segment is expanding particularly quickly and is predicted to reach $15 billion in 2017, up from $2 billion in 2012.

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Topics: Industry Insight