Frost & Sullivan: Rising Affluence and Awareness Contribute Strongly to a Bright Outlook for the Asia-Pacific Hospital Market
-- Private healthcare attracts strong investment, fueling hospital market expansion
KUALA LUMPUR, Malaysia, June 5, 2013 /PRNewswire/ -- The prevalence of chronic and infectious diseases, changing demographics, and increasing disposable incomes have created tremendous opportunities for the hospital sector in Asia-Pacific. Rising patient awareness spurs demand for quality healthcare services, forcing hospitals to adopt innovative technology, thereby aiding market development.
New analysis from Frost & Sullivan (http://www.medtech.frost.com), Asia-Pacific Hospital Outlook 2013, finds that the market earned revenues of more than US$377.90 billion in 2012 and estimates this to reach US$1085.98 billion in 2017. The countries covered in the research are China, India, Indonesia, Thailand, Vietnam, Malaysia and Hong Kong.
Governments in Asia-Pacific remain the main financiers of healthcare, with more than 55 percent of the total healthcare expenditure in the region incurred by the public sector. However, inadequate budgets have led to resource constraints in terms of doctors, nurses, hospitals and hospital beds in public hospitals. The lack of resources to handle the growing number of patients decreases the quality of care in these choked facilities.
"Private hospitals, on the other hand, are growing by virtue of favourable government policies, which encourage investments in state hospitals and public-private partnerships," said Frost & Sullivan Healthcare Senior Industry Analyst Nitin Dixit. "Nevertheless, high costs in the sector may deter potential consumers even if the quality of care is good."
Another market challenge is the uneven distribution of healthcare facilities and resources in Asia-Pacific. Rural areas in most countries have poor access to healthcare. In addition, more than 90 percent of large, quality private hospitals in the region are located in Indonesia and Thailand alone.
Despite this, the private hospital segment is expected to see robust growth primarily due to an ageing, yet affluent population, as well as growing medical tourism, particularly in Thailand, Singapore, India and Malaysia. The acquisition of smaller hospitals by large hospital groups provides added economic impetus to the healthcare system in the region.
New hospital designs, fresh business models, integration of holistic healthcare, and strong focus on healthcare IT will be crucial for private and public hospitals in the region to increase their competitiveness. Market players need to invest extensively in installing, maintaining, and upgrading hospital information systems to enhance operational efficiency, clinical outcomes, and profitability. Sustainable and innovative business models such as green buildings and day care centers will ensure market expansion.
"Electronic medical and electronic health records systems will be top priority in hospital budgets in the next five years," observed Dixit. "Smart hospitals are anticipated to evolve over the next decade in Asia-Pacific."
If you are interested in more information on this research, please send an e-mail to Donna Jeremiah, Corporate Communications, at firstname.lastname@example.org, with your full name, company name, job title, telephone number, company e-mail address, company website, city, state and country.
Asia-Pacific Hospital Outlook 2013 is part of the Advanced Medical Technologies Growth Partnership Service program. Frost & Sullivan's related research services include (non-exhaustive): Key Hospital Indicators in GCC, ICT Deployment in European Public Hospitals and U.S. Hospital Revenue Cycle Management. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Asia-Pacific Hospital Outlook 2013
Corporate Communications – Asia Pacific
P: +61 (02) 8247 8927
F: +61 (02) 9252 8066
Corporate Communications – Asia Pacific
P: +603 6204 5910
F: +603 6201 7402
SOURCE Frost & Sullivan
More by this Source
A New Era of Customer Engagement Captures Focus of Customer Experience Executives
28 Apr, 2016, 13:17 BST
Shrinking Diesel Car Sales Open Up Growth Opportunities for Alternate Propulsion Systems
28 Apr, 2016, 11:00 BST
Get content for your website
Enhance your website's or blog's content with PR Newswire's customised real-time news feeds.
Contact PR Newswire
Send us an email at MarketingUK@prnewswire.co.uk or call us at +44 (0)20 7454 5382
Become a PR Newswire client
Request more information about PR Newswire products & services or call us at +44 (0)20 7454 5382