The Rise Of Healthcare Technology In Asia
Ram Tumuluri “Innovation among domestic companies is increasing in the fast-growing Asia-Pacific med-tech market and private equity is being observed. Further investments and alliances will allow these businesses to expand to global markets outside their own borders. The growing demand for quality medical care has placed med-tech as an attractive field for private equity investors looking for opportunities in the region. Asia now accounts for 23 percent of the world market and is predicted to become the second-largest global market over the next five years. In this article, our team takes a look at the current growth outlook in Asia-Pacific.”
In this article:
The Current Growth Outlook in Asia-Pacific
Cutting-edge Innovation as a Key Success Factor
The Current Growth Outlook in Asia-Pacific
The growth outlook across the region remains optimistic: executives in every country, except India, are predicting a higher growth. During the next five years, companies plan to rise at 15 percent in China, 13 percent in SEA, and 12 percent in India. Major healthcare trends in Asia such as the rising middle class in emerging economies and aging populations across the region are driving demand for better healthcare. Med-tech can help fill the healthcare gap in a number of ways, including better monitoring and management of health, earlier diagnoses, less invasive treatment, and reduced hospital stays.
Cutting-Edge Innovation as a Key Success Factor
Cutting-edge innovation is seen as a key success factor for APAC multinational med-tech firms, driving growth, brand image, and recognition with key leaders. Traditionally, international multinationals dominated the high-end med-tech market in Asia-Pacific, while domestic companies usually manufactured low-end, components and managed labor-intensive manufacturing processes. Domestic companies, however, are steadily cracking the code of innovation and making strides in the manufacturing process.
The successful ones are those who can accomplish the same objectives as international devices through their innovations but are quicker, safer, cheaper and more integrated into healthcare systems.
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