The world market for medical devices will reach $398 billion US dollars by the end of 2017. One of the most significant drivers is the ageing population. Statistics show that the ageing population leads to an increased demand for medical devices, as well as an increase in hospital admissions and surgical procedures, due to injuries and chronic diseases.
The Asia-Pacific region has seven of the world’s ten most populous countries, and is home to over 4.5 billion people. With the population of Asia accounting for 60% of the global population, the demand for healthcare services is increasing in line with the unprecedented growth of the middle class, presenting huge opportunities for healthcare companies looking to enter the market.
As part of AEC’s vision, healthcare has been identified as a priority sector for accelerated economic integration toward a single ASEAN market, with a road map identifying 5 main industries including pharmaceuticals, cosmetics, medical devices, traditional medicines and health supplements.