Access
iConnectHub
Login/Register
Supplier Login
SINGAPORE – The Asia Pacific healthcare market was worth US$369.9 billion in 2012 and is expected to reach US$752 billion in 2018, growing at a Compound Annual Growth Rate (CAGR) of 12.8 percent. This compares to global growth rates continue at less than 6% during the same period, reports market research firm Frost & Sullivan.
The Singapore healthcare expenditure market alone was worth US$11.7 billion in 2012 and will grow to US$22.3 billion by 2018, which represents a CAGR of 11.4% from 2012 to 2018. This growth will also set the increment in healthcare workforce such as doctors, nurses, dentists, pharmacists and allied health professionals by 50%, that is, 20,000 by 2020.
“Healthcare expenditure continues to experience growth as rising patient demands for better healthcare will result in healthcare reforms in Asia Pacific. Increasing urbanization is accompanied with growing consumer awareness and an expanding middle class, progressively skewing population density. This all translates to an increased demand for improved healthcare services,” said Rhenu Bhuller, vice president, Healthcare, Asia Pacific, Frost & Sullivan.
Rising patient demands and life expectancy in Asia Pacific is behind the almost double-digit growth for the next six years. “The increasing life expectancy in the region will also result in more elderly requiring long-term care. Asia Pacific will consist of over 2.3 billion people above 65 years of age and the average percentage of people above 65 will rise from 9.8% in 2013 to 11% in 2018 across the region [and] 68.5% of people will be in the working age of 15-64 years,” Ms Bhuller said.
Private hospital sector growth to be led by China
About 180 million new hospital beds will be needed over the next decade to meet the rising healthcare demand in Asia Pacific; more than 40% of that is expected to come from the private sector. Favourable government policies, increasingNike LunarEpic Flyknit
