Chart of the Week: Asia braces for more spending as chronic diseases increase prevalence

Asia-Pac’s US$1.5b healthcare market will grow by 7.7% in 2020.

Asia’s healthcare spending will break record levels as it is expected to post a 5-year CAGR of 7.2%.

According to BMI Research, the region’s growth will be supported by various factors, such as chronic diseases on the rise across the region as the aged population grows and lifestyles shift in tandem with higher levels of urbanisation.

“In addition, several markets have implemented or intend to roll out universal healthcare which will alleviate financial barriers to medical services and increase utilisation rates,” BMI research noted.

Additionally, BMI Research said this incentivises greater private healthcare providers to be more active, establishing clinics or hospitals in Asia and participate in the medical tourism industry.

“The USD121bn/EUR109bn South Asia market will see significant growth (12.4% CAGR through to 2020), ahead of the USD106bn/EUR96bn South East Asia market (8.7% CAGR through to 2020),” BMI Research added.