Dublin, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The "ASEAN Medical Diagnostics Market (Singapore, Malaysia, Indonesia, Thailand & Vietnam): Insights & Forecast with Potential Impact of COVID-19 (2023-2027)" report has been added to ResearchAndMarkets.com's offering.
The ASEAN medical diagnostics market is projected to reach a value of US$16.36 billion by 2027, with a growth rate of 12.59% during the period from 2023 to 2027.
The growth of the market is driven by various factors, including an increasing geriatric population, rising stress levels, growing healthcare expenditure, expanding urbanization, and a surging prevalence of western-type diseases in Southeast Asian countries.
Key Growth Drivers:
- Increasing Geriatric Population: The growing elderly population in ASEAN countries is contributing to the demand for medical diagnostics services.
- Escalating Stress Levels: Rising stress levels and lifestyle changes are leading to a higher need for medical diagnostics.
- Hike in Healthcare Expenditure: The increasing healthcare expenditure in the region is supporting the growth of medical diagnostics.
- Expanding Urbanization: Urbanization is driving the demand for improved healthcare services, including diagnostics.
- Growing Healthcare Burden: The growing burden of healthcare needs, including chronic diseases, is boosting the demand for medical diagnostics.
- Surging Prevalence of Western-Type Diseases: The prevalence of western-type diseases in Southeast Asian countries is driving the need for accurate medical diagnostics.
Market Trends & Developments:
- Upsurge in Medical Tourism: The region is witnessing an increase in medical tourism, contributing to the growth of the medical diagnostics market.
- Emergence of Point-of-Care (POC) and Rapid Testing: Point-of-care testing and rapid testing methods are gaining prominence in the region.
- Growing Awareness of Personalized Medicine & New Specialized Tests: Increasing awareness of personalized medicine and specialized tests is driving demand.
- Escalating Shift towards Preventive Healthcare: The focus on preventive healthcare is leading to increased demand for diagnostics.
Challenges:
- Dearth of Skilled Workforce: The shortage of skilled medical professionals can hinder the growth of the market.
- High Out-of-Pocket Healthcare Expenditure: High out-of-pocket expenditure in healthcare across ASEAN countries can impact the adoption of medical diagnostics.
- Rising Cost of Healthcare: The rising cost of healthcare services may affect accessibility to medical diagnostics.
Market Segmentation:
The ASEAN medical diagnostics market can be segmented based on type and region. The major country markets analyzed include Singapore, Malaysia, Indonesia, Thailand, and Vietnam.
Market Dynamics by Region:
- Fastest Growing Country: Singapore is the fastest-growing country market due to factors like an aging population, government policies, and increasing awareness of personalized medicine and point-of-care testing.
Companies Mentioned:
Key players in the ASEAN medical diagnostics market include:
- Bangkok Dusit Medical Services PCL (BDMS)
- IHH Healthcare Berhad
- Pathology Asia Holdings Pte Ltd.
- PT Diagnos Laboratorium Utama Tbk
- PT Prodia Widyahusada Tbk
- Raffles Medical Group Ltd.
Scope of the Report:
The report offers a comprehensive analysis of the ASEAN medical diagnostics market, including its potential impact from COVID-19. It covers major country markets, analyzes growth drivers, market trends, and challenges in depth. The competitive landscape is explored, with detailed company profiles of leading players in the industry.
Key Target Audience:
- Diagnostic Service Providers
- Manufacturers and Distributors of IVD Products
- Hospitals, Public Labs, Diagnostic Centers, and Stakeholders
- Organizations and Forums related to Medical Diagnostics
- Government Bodies & Regulating Authorities
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 75 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $10.18 Billion |
| Forecasted Market Value (USD) by 2027 | $16.36 Billion |
| Compound Annual Growth Rate | 12.6% |
| Regions Covered | Asia Pacific |
For more information about this report visit https://www.researchandmarkets.com/r/z5xtrk
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