Middle-income earners are on the rise across the Association of South-East Asian Nations’ (Asean), a demographic shift that is driving demand for better healthcare and medical devices that facilitate more efficient treatment.
Pacific Bridge Medical forecasts this dynamic will help double the value of the medical device market in the region — whose 10 members are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam — from US$4.6 billion in 2013 to US$9 billion by 2019. Other factors, such as the implementation of new public health policies and an ageing population, will further support the sector’s growth in the mid-term. As a result, medical equipment manufacturers are increasing their focus on Asean as a key growth market.
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Geared for health — Asean's growing medical and healthcare industry