 "Asian healthcare market to touch $5 trillion by 2030, says BCG report")
The Asian healthcare market is on track to hit $5 trillion by 2030, driving 40 per cent of global sector growth, according to BCG.
The BCG’s report titled “The unmissable Asia healthcare opportunity” stated that this expansion would be fuelled by rapid demographic shifts, investment influxes, and groundbreaking technology applications.
Interestingly, Asia accounts for 22 per cent of global healthcare spending despite being home to 60 per cent of the global population. Chronic conditions such as diabetes and cancer affect the region disproportionately, and the region will have to find its own unique healthcare models to manage this disease burden.
Of the top 5 prevalent cancers in Asia, liver and stomach cancer have a lower prevalence in the West, which means that Asia will need to invent its own solutions, BCG said.
Priyanka Aggarwal, managing director and senior partner & India and South East Asia leader, Healthcare Practice, BCG, said, “We are at a unique point in time where Asian healthcare is at the confluence of many tailwinds – rapidly shifting demographics, trade-flows and FDIs favouring Asia as a destination, and demand factors like growing chronic disease burden and a new more active and demanding patient – that creates opportunities to re-imagine how healthcare will be delivered in Asia.”
Also Read
“Given heterogeneity of countries in the region, each country will create its own innovation service models to serve this demand,” she added.
In terms of specific growth sub-sectors, healthcare services are the largest value pool in Asia, projected to grow from $1.0-1.5 trillion currently to $2.0-2.5 trillion by 2028. The pharmaceutical and MedTech sectors are also expected to see significant growth of 9 per cent and 8 per cent, respectively, over the next five years.
Smruthi Suryaprakash, partner, BCG, said, “Indian CDMOs are scaling globally, leveraging their cost efficiencies, but also starting to make early strides into complex and cutting-edge modalities such as ADCs and oligonucleotides, enhancing their global competitiveness. At the same time, decades of investment in biotech across the region are starting to pay off, with advancements in India and Singapore driving localised breakthroughs in new therapies and modalities."