NEW YORK, Aug. 31, 2015 /PRNewswire/ -- Don't count the healthcare markets of Singapore and Malaysia out when it comes to selling testing products, says Kalorama Information. The healthcare market research firm says despite concern of Asian stock markets and China's economy, fundamentals will continue to drive the combined 206 million-dollar IVD markets to growth in the future at a slightly higher rate than the world market. The whole of Southeast Asia represents a unique market development opportunity and is of continued concern for healthcare providers and their various industry suppliers, including the in vitro diagnostics (IVD) industry. Kalorama Information made the estimate based on its previously published report IVD in Singapore and Malaysia, a detailed look at the market for in vitro diagnostics in these important dual markets.
Kalorama estimates the Malaysian market to reach 123M and the Singaporean market to reach 86M by the end 2015. The two neighboring nations have two different IVD markets though they related through shipping and company locations.
- Singapore is a highly competitive IVD market; many major international players are already established in the city. Singapore also features an established lab industry, high technology and specialized manufacturing industries, and also serves as a distribution hub for medical products throughout Asia. Nearly all major IVD players with extensive operations in the Asia-Pacific maintain offices in Singapore for regional sales, marketing, distribution and support. International familiarity with the Singaporean market is high as the compact city-state facilitates easy distribution with modest to unimposing regulatory barriers and no language barriers.
- Malaysia's IVD demand is characteristic of a middle-income nation and, while not on par with Singapore in terms of the extent of testing demand, is progressing on a mix of government investment in public healthcare and private spending by upper middle-class, affluent and international patients. Core laboratory testing in the urban markets of peninsular Malaysia represents the primary source of demand in the IVD market – clinical chemistry, immunoassays and hematology are approximately half the market.
These create a sound basis for both nation to spend on healthcare and testing in particular, though Kalorama suggests that of the two, Malaysia's economic forecast is reportedly more severe and thus its healthcare spending could change if large-scale economic distress occurs.
"Right now, there's no reason for drastic reforecast but Chinese currency devaluation could affect emerging Asian economies like Malaysia more strongly than Singapore." said Carlson. "This could be something to watch out for near –term. There is a fair amount of out of pocket spending in Malaysia, which manufacturers should keep watching."
The report said that companies operating in the Singapore and Malaysian Markets include:
- Abbott Laboratories (Singapore) Pte Ltd
- Beckman Coulter Singapore Pte Ltd
- Becton Dickinson Medical (Singapore) Pte Ltd
- Bio-Rad Laboratories (Singapore) Pte Ltd
- bioMérieux Singapore Pte Ltd
- Life Technologies Holdings Pte Ltd
- Roche Diagnostics Asia Pacific Pte Ltd
- Siemens Healthcare Diagnostics Pte Ltd
- Sysmex Asia Pacific Pte Ltd
Kalorama Information's report, IVD in Singapore and Malaysia provides market estimates for each segment of the IVD market, and detailed profiles of companies. The report can be found at: http://www.kaloramainformation.com/redirect.asp?progid=87775&productid=7961659.
About Kalorama Information
Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. Reports can be purchased through Kalorama's website and are also available on www.marketresearch.com and www.profound.com.
We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog at www.kaloramainformation.com.
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SOURCE Kalorama Information