NEW YORK, Dec. 1, 2011 -- /PRNewswire/ --
Reportlinker.com announces that a new market research report is available in
its catalogue:
The
Outlook for Medical Devices in South East Asia
http://www.reportlinker.com/p0192649/The-Outlook-for-Medical-Devices-in-South-East-Asia.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Managed_care
8 Key Markets Covered!
Indonesia
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Import dependent and still maintaining good
growth levels, the markets of SE Asia offer enterprising companies good
opportunities. However, they must meet the challenges of widely differing
operating environments.
Why
invest in South East Asia?
Like all other sectors, the medical device
markets in South East Asia have been impacted by the downturn of the world
economy. Most of these countries, which rely heavily on exports as a
significant portion of their respective GDP - South Korea and Singapore being
prime examples - saw cuts in demand for manufactured goods and most have seen
dips in overall GDP for 2009. Economic conditions have however started to
gradually improve, and GDP growth has been positive in 2010 and is projected to
continue in 2011.
The
economy aside, what factors are affecting medical device growth?
Fundamentally, the eight countries covered in
this collection share a similar characteristic. These medical device markets
have, on average, been growing at more attractive rates compared to the more
developed, mature medical device markets in Western Europe, for example.
Broadly speaking, the high growth rates for
this region have been spearheaded by a number of similar and distinct factors.
All countries in this report collection have experienced strong medical devices
import growth and steadily rising health expenditure. Medical devices imports,
as we have seen in the last economic crisis in 1997, could possibly be affected
in the short term, but like before, these countries are expected to bounce
back.
The demand for medical devices prior to the
current downturn was largely driven by the expansion of the respective
healthcare sectors in the region, and Government budget cuts for capital
infrastructure may temper growth in the short term. But healthcare development
and provision is an increasing political and social priority for nearly all
these countries, even the poorer ones like Indonesia, Thailand and Philippines
and the prospects for medical devices remains strong.
Other factors driving or impeding the market's
growth rate are also taken into account. For example, government cost
containment strategies and tariff and non-tariff barriers to trade for medical
devices. New dynamics are also affecting the market, such as Vietnam's
expansion of health insurance to all citizens by 2014 or the opening up of the
notoriously difficult but lucrative South Korean market via Free Trade
Agreements (FTA) with the USA and the EU.
Complete quarterly-updated analysis to keep
you informed
Now you can easily evaluate these markets with
The Outlook for Medical Devices in South East Asia to 2015. Each report
provides individual and highly-detailed analysis of the market, looking at the
key regulatory, political, economic and corporate developments in the wider
context of market structure, service and access.
MALAYSIA
Malaysia's medical devices and supplies are
mainly imported, especially the more technologically advanced items. Espicom
estimates current growth in the market to be a strong 9.5% per year in the
2010-2015 period. Malaysia's major natural resource is rubber, and the country's
exports are dominated by latex products such as surgical gloves
and catheters, which together accounted for
around 59.2% of the export total in 2009. The Malaysian government has
attempted in recent years to encourage domestic manufacturers to expand production
into more technologically advanced products and develop services such as
Information and Communications Technology and other support related services.
This has been detailed in the Third Industrial Master Plan 2006-2020. In the
five years from 2005 - 2009, imports expanded at an attractive CAGR of 10.3%.
Imports are expected to continue growing at a strong rate, in line with rising
health expenditure growth, and the country's heavy reliance on imports to meet
its healthcare needs.
SOUTH
KOREA
South Korea ranks as one of the world's
leading economies, with a population approaching 50 million and overall GDP
listed among the top 15 in the world. As a result, much of the population
expects a high level of medical care. South Korea has the highest healthcare
expenditure of all the 'Asian Tigers', with an estimated 55% funded by the
public sector. The government has been forced to implement cost-cutting
measures in recent years, owing to a large deficit faced by the healthcare
system. Healthcare costs continue to rise, with the country's rapidly aging
population adding upward pressure to total spending. In the first half of 2009
for example, senior citizens accounted for 31.7% of costs covered by the
National Health Insurance Corporation (NHIC). South Korea's FTA with the
European Union (EU) is being finalised, and this will facilitate increased
trade with the easing of tariff and non-tariff barriers between the two
parties. Bilateral trade reached US$98.4 billion in 2008. The EU is South
Korea's second largest trading partner after China and its largest foreign
investor. South Korea is the EU's eighth largest trade partner.
SINGAPORE
Singapore announced the implementation of its
first set of medical device regulations in November 2007, and by October 2010,
all medical devices will need to be registered
and all dealers (including importers and
manufacturers) will have to be licensed. Singapore's export-oriented economy
suffered in 2009, but thanks to improving global economic conditions, has
started to pick up again in 2010 with increased shipments from abroad and
rising domestic consumption. The standard of living in Singapore is comparable
to many developed Western nations and, with the exception of Japan, GDP per
capita is the highest of all the Asian countries. A universal and affordable
healthcare system is evident in Singapore. Both rates for doctors and hospital
beds per thousand population are above global averages. The Singapore
government provides considerable financial backing to the healthcare industry.
Known for a strong and focused industrial policy, the government continuesto
channel funds into medical and pharmaceutical research, and has vowed to
continue investing in this sector despite a slowdown in the economy.
THAILAND
The Thailand medical device market has been
undergoing a period of rapid growth, and if fundamentals remain the same, the
market looks set to expand at an attractive
9.1% per annum in the medium term. This growth
could be somewhat tempered as a result of a global economic downturn, but the
percentage point growth rate is still
expected to be high by world standards. Market
growth is tied to the strength of the United States economy, and the
performance of the local currency against the dollar. After a period of slow
recovery, imports surpassed the pre-late 90s economic crash for the first time
in 2004 and has spiked a further 105.8%. Imports have grown each year between
2001 and 2009, all while the county continued to maintain a steady positive
balance of trade. The government has continued to back the universal healthcare
system. In April 2009, the government announced it was raising the per capita
expenditure budget to 2,400 baht (US$70) per head in fiscal 2010 compared to
the rate of 2,202 baht. In overall terms, the government allocation for the
scheme totals 112.8 million baht (US$3.3 billion) for 2010.
DETAILED CONTENT FOR EVERY MARKET
MARKET OUTLOOK - updated quarterly
* Key national data projections
* Current market size
* Unique 5-year market projections
* Market outlook
* Market structure Including statistical data
on imports and exports
* Market access Including distribution and
medical device regulation
* Healthcare analysis Including demographics,
healthcare system, health expenditure, healthcare infrastructure and personnel
HEALTHCARE DATA - updated annually
A comprehensive tabula review of the market,
including economic indicators, demographics, health expenditure, hospital and
primary care data, and healthcare personnel.
Reportlinker
Read more:
http://www.sacbee.com/2011/12/01/4093134/the-outlook-for-medical-devices.html#ixzz1fTNcfMdz
Business & Investment Opportunities
YourVietnamExpert is a division of Saigon Business Corporation Pte Ltd, Incorporated in Singapore since 1994. As Your Business Companion, we propose a range of services in Consulting, Investment and Management, focusing three main economic sectors: International PR; Healthcare & Wellness;and Tourism & Hospitality. We also propose Higher Education, as a bridge between educational structures and industries, by supporting international programs. Sign up with twitter to get news updates with @SaigonBusinessC. Thanks.
No comments:
Post a Comment