Ageing population to boost ASEAN medical diagnostics market

The market is expected to grow at a CAGR of 12.6% over the medium term.

An increasing geriatric population in Southeast Asian countries is expected to boost the region’s medical diagnostics market, which is projected to reach $14.53b in 2026, according to a report from ResearchAndMarkets.

The region’s medical diagnostics market is expected to grow at a compound annual growth rate (CAGR) of 12.6%, over the period 2022-2026.

An ageing population, escalating stress levels, hike in healthcare expenditure and expanding urbanization and surging prevalence of western type diseases in South East Asian countries are expected to drive the growth of the market.

However, the market growth is expected to face challenges due to a dearth of skilled workforce, high out-of-pocket expenditure across target countries and the rising cost of healthcare.

“A few notable trends include upsurge in medical tourism, emergence of point-of-care (POC) and rapid testing, growing awareness of personalized medicine & new specialized tests and escalating shift towards preventive healthcare,” the report noted.

The services segment dominated the market, overtaking the products segment owing to the continuous increase in the number of diagnosis tests around the world, the report added.

The Association of Southeast Asian Nations (ASEAN) country that has shown the fastest growth in the medical diagnostics market was Singapore, attributed partly to its progressively ageing population and complementary government policies.

Also driving the growth in the city-state’s market includes an increased susceptibility of the population to various chronic and infectious diseases, increasing patient awareness about personalized medicine and shifting preference towards point-of-care (POC) testing, the report added.

Also Read

Dental radiology equipment market to grow by $2.45b by 2028

What to expect with Australia’s $739m Frankston Hospital Redevelopment?

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit