Malaysia well positioned to grow in medical tourism, medical devices and private healthcare services, says Frost & Sullivan
Healthcare services and medical devices provide the largest near term opportunities in
"
Other areas of growth for
AEC provides the opportunity to reduce medical devices import proportion
The medical device market in ASEAN is heavily reliant on imports, especially for high end and sophisticated medical equipment. In the major economies of ASEAN, the value of medical device sales to healthcare facilities was worth
With medical devices manufacturing being emphasized as one of the key areas of focus in
Medical tourism continues to grow in
Compared to other countries in ASEAN,
Another factor that is changing the medical tourism landscape is the emergence of new medical tourism hubs like
Demand and growth potential for aged care in
It is estimated that
10% of the total population will be over the age of 60 in 2020, making
Dependency on aged care services is set to increase among the elderly due to issues such as poor health or lack of family support.
Technology and home healthcare as new areas of growth
Home monitoring technologies and wearable devices are well positioned to drive changes in healthcare behavior to build a healthier nation, as well as potentially manage long term increase in healthcare costs. Some of the initiatives that could have an impact are:
- Telehealth, particularly home monitoring devices or home consultations for less served geographies.
- Practitioners and insurers promoting chronic disease management platforms that integrate various mobile devices, patient monitoring technologies and apps.
- Consumers investing in home monitoring devices, apps and emergency response systems.
However, in
- Regulatory Harmonization – Leading to an increase in manufacturing investments and flow of medical goods within ASEAN.
- Stronger Regulatory Crackdown – Improve compliance to ethical promotion practices and include more of education/CSR.
- Microsegmentation Strategies – Private healthcare service providers offer tiered services under same brand to appeal to growing urban and middle class populations with different affordability levels.
- Pharmacy Undergoes Transformation – The community pharmacy as a channel for diagnostics, compliance and treatment.
- Reduction in Percentage of Imports – Share of healthcare imports from the West to drop by approximately 5%.
- 2015 – Asian companies leverage M&As and strategic alliances as a key growth strategy.
About
Media Contact:
P: +603 6204 5910
F: +603 6201 7402
E: [email protected]
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/malaysia-well-positioned-to-grow-in-medical-tourism-medical-devices-and-private-healthcare-services-says-frost--sullivan-300025321.html
SOURCE
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News