Research Nester has released a report titled “Asia Pacific Healthcare and Social Services Market – Regional Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the Asia Pacific healthcare and social services market in terms of market segmentation by type and by area.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The Asia Pacific healthcare and social services market is segmented by type into private hospital, public hospital, medical insurance, nursing homes and others, out of which, the public hospital segment, which held a market share of around 54% in the year 2018, is showcasing great potential for future growth and is anticipated to cross a value of around USD 1300 billion by the end of 2027 from around USD 790 billion in the year 2018 by expanding at a CAGR of around 6% during the forecast period, i.e. 2021-2027. Additionally, the segment is also anticipated to attain an absolute $ opportunity of around USD 510 billion between the years 2018 and 2027.
The Asia Pacific healthcare and social services market is also segmented by area into urban and rural, out of which, the urban segment is anticipated to hold the largest market share in the year 2027 and reach a value of around USD 2100 billion by the end of 2027. The segment is also anticipated to grow with a CAGR of around 7% during the forecast period and reach a value of around USD 2100 billion by the end of 2027. Further, the segment is also anticipated to attain an incremental $ opportunity of around USD 150 billion in the year 2027 as compared to the previous year.
The Asia Pacific healthcare and social services market is anticipated to achieve a modest CAGR during the forecast period. The market is thriving on the back of rising awareness for economic protection against unexpected losses borne by individuals in the region which is raising the need for social security along with growing concern for the increasing chronic diseases amongst individuals in the region. Moreover, the Asia Pacific healthcare and social services market, which was valued at around USD 1400 billion in the year 2018 is predicted to attain an absolute $ opportunity of around USD 1200 billion in-between 2018 and 2027 and reach a value of around USD 2600 billion by the end of 2027 by growing at around 1.80x during the period.
Increasing Burden of Chronic Diseases Amongst Individuals in Asia Pacific
In the statistics by the World Health Organization (WHO), in the South-East Asia region, 8.5 million lives are lost each year due to noncommunicable diseases (NCDs), such as cardiovascular, chronic respiratory diseases, diabetes and cancer amongst others.
Owing to the increasing burden of chronic diseases in Asia Pacific region, individuals are increasingly focusing to stay safe and healthy by spending on healthcare checkup activities, such as visiting doctors for regular checkups and further opting for health insurances, which have turned into a regular regime. Additionally, it has also been observed that the government of the nations in the region is increasingly focusing on developing the healthcare infrastructure in the region by investing on to develop hospitals and letting private players participate in the same. Such activities are some of the factors anticipated that are driving the growth of the Asia Pacific healthcare and social services market.
However, concerns regarding stringent regulatory compliances set by the government of nations in the region owing to the fact that the industry procures patient’s personal information, time constraints and nature of day-to-day operations, are some of the factors anticipated to limit the growth of the Asia Pacific healthcare and social services market.
This report also provides the existing competitive scenario of some of the key players of the Asia Pacific healthcare and social services market, which includes company profiling of AXA (EPA: CS), Berkshire Hathaway Inc. (NYSE: BRKA), MS&AD Insurance Group Holdings, Inc. (TYO: 8725), Dai-ichi Life Holdings, Inc. (TYO: 8750), Nippon Life Insurance Company, UnitedHealth Group (NYSE: UNH), MetLife Services and Solutions, LLC, China Life Insurance (Overseas) Company Limited, AIA Group Limited (HKG: 1299) and Biotricity (OTCMKTS: BTCY). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Asia Pacific healthcare and social services market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.