Health and Medical Device Growth In Asia, especially China, India, and Southeast Asia, there is a

Health and Medical Device Growth

In Asia, especially China, India, and Southeast Asia, there is a growing middle class that can afford more sophisticated medical products. In addition, the government in many Asian countries is ramping up efforts to increase medical insurance coverage and establish more hospitals. Health expenditures as a percentage of the GDP also have increased in many of the Asian markets. For example, Vietnam’s health expenditure as a percentage of its GDP increased from 6 percent in 2005 to 7.5 percent in 2007.
As more of the Asian countries increasingly become developed, the epidemiological profile also is shifting. Increased smoking and eating with less time for exercise means increased health problems, such as cardiovascular disease.

The growth rates for the medical device markets in Asia (excluding Japan) are approximately 5 to 18 percent. For example, India’s medical device market was approximately $1.5 billion in 2006. In 2010, it is expected to be worth more than $2.6 billion. China’s medical device market in 2006 was about $4.5 billion and is expected to grow close to $8 billion this year.

Many of the Southeast Asian countries such as Indonesia, Malaysia, the Philippines, Singapore and Thailand have experienced 10 percent growth in their medical device markets during the last few years, too.