, China

Asia hailed as world's fastest-growing healthcare market

Total healthcare spending will surge to US$2.27t by 2026.

The Asia-Pacific healthcare market is on track to achieve unprecedented growth on the back of robust regional demand and favourable demographics.

In fact, the region has far outpaced the United States and Europe when it comes to driving healthcare demand. The current market growth in the Asia-Pacific region is 19.9%, well above the 10% growth rate recorded in the US and Europe.

"This region offers rapid recruitment of patients and quality personnel, lower costs, and excellent infrastructure. All in all, Asia-Pacific is perfectly positioned for an extraordinary amount of growth in the very near future," said Sora Lee, vice president of North Carolina-based Syneos Health.

This bodes well for pharmaceutical companies. In 2016, the global pharma market was worth US$1.1t, with the region accounting for two-thirds of all growth overall.
In Asia, drug development is primarily focused on oncology. This is due to the fact that lung, stomach, breast and colorectal cancers being more prevalent in Asia than in the West.

"The lead centres for oncology research in this region are China, Japan, South Korea, and Taiwan, with Singapore the only one not in North Asia. Each market focuses on the cancers common in their own countries – for example, oesophageal cancer is prevalent in north China, and gastric cancer in Japan and South Korea," said James Huang, regional medical director of oncology for Asia-Pacific at Merck.

Asia's overall healthcare spending is projected to surge to US$2.27t by 2026 from US$1.69t in 2017, driven by higher healthcare costs, the rising incidence of chronic diseases, a burgeoning middle class and an overall shift in the age demographic.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Singapore net inflows hit $263.18m in 3Q23
Equity and fixed-income funds reported inflows during the quarter.
OCBC enables customers to lock money in their accounts
Locked funds cannot be used for payments, investments, and ATM withdrawals.


Italy brings its strong suits to Singapore’s fintech expo
Italian trade executive says 9 firms at the Singapore Fintech Festival 2023 exemplify the diverse range of products and expertise Italy can bring to the table.
Trust Bank sets the bar for digital banking in Asia Pacific
The digital bank targets to be Singapore's fourth largest retail bank, CEO Dwaipayan Sadhu said.
How brands can avoid inauthentic nostalgia marketing
A GlobalData expert flag inauthenticity in using throwback marketing and cite brand campaigns that are winning hearts.