SINGAPORE, Jan. 20 /PRNewswire/ -- Frost & Sullivan believes that the healthcare industry is undergoing a paradigm shift from "sickness care" to "wellness". Focused on the 5 Ps – Preventive, Pre-emptive, Personalized, Predictive and Personal Responsibility – the healthcare industry in Asia Pacific is expected to grow to US$349 billion by 2012.
Frost & Sullivan estimates that in 2009, the global healthcare market ended at about US$1.06 trillion and expects this to reach to US$1.16 trillion in 2010. These figures are expected to grow to US$1.3 trillion in 2012 with a Compound Annual Growth Rate (CAGR) of 6.4 percent. While the healthcare market in Asia Pacific amounted to US$ 246 billion in 2009, it is forecasted to reach new heights of US$ 276 billion in 2010.
"Asia Pacific currently contributes 24 percent of the global healthcare revenue and this is expected to reach 27 percent by 2012. Our prediction is that Asia Pacific will account for 40 percent of global healthcare revenues by the end of 2015," says Ms Reenita Das, senior vice-president of the healthcare practice at Frost & Sullivan.
Asia as a choice market, both economically and strategically, is gaining popularity amongst the global healthcare investors and service operators. It is also crucial that this power-shift propels Asia to move from an export driven economy to a consumption based economy. A key trend that is attributing to the expansion of the Asian influence is the strong economic recovery that the Asian giants like India, China and South Korea are experiencing.
Increasing investment in the hospital sector for infrastructure improvement coupled with greater medical access provided to the rural population is another contributing factor to the growth in this region.
Asia is rapidly becoming the hub for global research & development. Contract manufacturing for pharmaceuticals and medical devices are also on the rise as more global healthcare companies are investing in new facilities or expanding existing ones in the region particularly in India, China and Singapore.
In line with these movements, Frost & Sullivan has identified the top 10 growth opportunities in Asia Pacific for the next two years that will be the key drivers for the healthcare market.
They are as follows:
- Oncology drugs & devices
- Entry Level Medical Imaging Equipment
- Point of care testing
- Electronic Medical Records
- Silver Industry
- Molecular Diagnostics
- Healthcare Services
- Wellness products
For more information on Frost & Sullivan Healthcare services, visit www.healthcare.frost.com
About Frost & Sullivan
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SOURCE Frost & Sullivan