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SEA Healthcare Market Trends and Opportunities

Demand for healthcare services is expected to surge due to factors such as population ageing, growing prevalence of chronic diseases, and urbanisation.

Boris Sullivan

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With a population of 620 million, ASEAN represents approximately 8.6% of the global population.

With a combined GDP of US$2.4 trillion in 2013, growing at an average annual rate of 5.6%, the region’s economic growth outpaces many other regional and global economies.

Demand for healthcare services is expected to surge due to factors such as population ageing, growing prevalence of chronic diseases, and urbanisation.

The high level of opportunity is likely to be augmented by liberalisation measures taken by the respective governments to boost private and foreign investments and shrink the gaps in healthcare delivery.

This study highlights key opportunities in areas such as healthcare services, aged care, telehealth, and patient monitoring.

Key FindingsFrom 2010 to 2020, the growth potential of healthcare and foreign investments in the healthcare sector in Southeast Asia (SEA) is likely to be impacted by several events:

– Implementation of the ASEAN Economic Community (AEC) by the end of 2015 will drive regional economic integration and the free movement of goods, services, investments, and skilled manpower. Healthcare, eCommerce, logistics, and tourism are priority sectors for liberalisation.

– In September 2014, all ASEAN countries signed the ASEAN Medical Device Directive (AMDD) to simplify the medical devices registration framework for foreign companies entering the ASEAN medical devices market.

-In January 2014, the Indonesian government launched its national health insurance programme (JKN), which is committed to achieving universal health insurance coverage in Indonesia by 2019

.- In 2013, the Philippines introduced the Universal Health Care Act to ensure that all Filipinos, especially the poor, receive health insurance coverage from the Philippine Health Insurance Corporation.

– In 2012, Singapore rolled out the Healthcare 2020 Masterplan, which aims to double the government’s healthcare expenditure and expand hospital and aged care infrastructures.

– In 2010, Malaysia launched the Economic Transformation Programme (ETP) with an objective to elevate the country to a developed nation status by 2020.

Healthcare is one of the 12 national key economic areas (NKEAs) prioritised by the government to encourage private investments in areas such as manufacturing of pharmaceutical- products, medical devices, clinical research, and aged care services and to support collaborative efforts between public and private healthcare providers.

-Vietnam launched the Masterplan for Universal Coverage in 2012, which intends to expand healthcare coverage to at least % of the population by 2020.

Source: SEA Healthcare Market Trends and Opportunities – Research and Markets

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