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The Outlook for Medical Devices in South East Asia

NEW YORK, Nov. 28, 2012 /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-...

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 2016. 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.

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.

DISTRIBUTORS

Details of the medical equipment distributors held in Espicom's database at the time of publication.

More Information...

8 Key Markets Covered!

Indonesia

Malaysia

Philippines

Singapore

South Korea

Taiwan

Thailand

Vietnam

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 9.1% 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 60% 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.

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.

To order this report:

Managed_care Industry: The Outlook for Medical Devices in South East Asia

Contact Nicolas: nicolasbombourg@reportlinker.com
US: (805)-652-2626
Intl: +1 805-652-2626

SOURCE Reportlinker

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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