Healthcare Innovations To Watch Out For In Asia In 2020
Ram Tumuluri “Considering that efficiency, results, and value are the latest buzzwords for the life sciences and health care industry, stakeholders across the globe are searching for creative, cost-effective ways to bring patient-centered, technology-enabled solutions to patients both within and outside hospital walls. In this week’s article, our team explores some of the most notable healthcare innovations happening in Asia Pacific.”
In this article
Wearable Medical Devices
App-based Consultations
Medical Marijuana as a Treatment for Various Disorders
Healthcare for ‘silvers’
AI for Healthcare
Wearable Medical Devices
Today wearables are not only limited to sportsmen and athletes. Today’s fitness-savvy millennials have become a huge driving force for wearable sales, as have hospitals and medical centers that have introduced modern technologies to reduce lower treatment costs and bring in more patients. According to a report by Statista, Asia’s wearable healthcare market raked in nearly $7.30 billion in 2019 and is expected to continue growing to $8.91 billion by 2024. Wearable healthcare technology includes electronic tools that people can wear, such as fitbits and smartwatches, and is intended to capture personal health and exercise data from the users.
App-based Consultations
Driven by the growing demand for health care, app-based consultations have begun to take off in Southeast Asia. While these app-based consultations currently only perform limited functionalities, i.e. basically basic consultations, they have the potential to improve access to underserved areas in the region. It helps users to connect with health care professionals via text messages, images, and videos. The app also offers healthcare content and facilitates a discussion forum on health related issues. An example of one such an app is a Halodoc from Indonesia. Halodoc, founded in 2016, now has around 2 million users and 20,000 doctors in its database.
Medical Marijuana as a Treatment for Various Disorders
Several Asian countries have drawn headlines for stringent penalties for owning, selling and cannabis use. Nevertheless, several Asian countries are softening their stance towards the once-taboo drug, and taking it to the region’s hospitals. Many have had to reconsider medical marijuana as a useful, safe treatment for various disorders with a growing body of research that points to the benefits of CBD.
Many Asian countries such as Thailand and South Korea have legalised medical marijuana. Singapore China and Japan have been exploring the medicinal uses of cannabis, and investors expect more Asian countries to decriminalise the cannabis plant by next year.
Healthcare for ‘silvers’
Long-term health care is an important part of Asia’s broader health sector. According to a report by the World Economic Forum, Asia has the largest ageing population in the world, led by Japan, where there is one person over the age of 65, for every two people aged 20 to 64. In Asia, ageing is not a new phenomenon, nor are the companies that serve the segment. But startups were able to further optimise the area to a large extent with the aid of tech.
Because of automation and tech-dependence, platforms offering cheap long-term care (LTC) have been able to infiltrate the elder-care space, especially after LTC premiums have recently gone up.
AI for Healthcare
It seems healthcare technologies focused on AI have made their way into Asia, driven by developments in China, South Korea, India and Japan. Several organisations claim to assist healthcare professionals in Asia with facets of their work, including assisting in diagnostics, remote care, and enhancing the ability of a patient to monitor their wellbeing using wearable device data.
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