Frost & Sullivan: Change in Demographics and Surge in Domestic Manufacturing Drive Asia-Pacific Medical Devices Market

— Collaborations with academia and hospitals will be vital for development of multi-disciplinary technologies

KUALA LUMPUR, Malaysia, Aug. 27, 2014 /PRNewswire/ — Higher disposable incomes and the rapid penetration of health insurance are fuelling the demand for medical devices in Asia-Pacific. With the rise of medical tourism, the inflow of patients requiring medical and surgical intervention is further increasing. The market will continue its steady ascent as the region’s burgeoning population becomes increasingly vulnerable to age-related and non-communicable diseases, compelling significant investments in the domestic manufacturing of medical devices.

New analysis from Frost & Sullivan, 2014 Asia-Pacific Medical Devices Outlook, finds that the market earned revenues of US$53.13 billion in 2013 and estimates this to reach US$98.97 billion in 2018. The study, which analyses the opportunities, business models, medical device market revenues, and region-wise market, covers cardiac, orthopedic, wound care and wound closure, and minimally invasive surgery devices.

“The need for faster recovery, accuracy, and precision to ensure early discharge from hospitals will drive the development of new technology in medical device products,” said Frost & Sullivan Healthcare Consultant Poornima Srinivasan. “Manufacturers are also turning to frugal innovation, designing ‘as-is’ products to meet the needs of a domestic market burdened by rising healthcare costs.”

This is crucial as healthcare spending in most Asia-Pacific countries remains conservative, with tight budgets stalling consumer expenditure on expensive equipment. To counter this, manufacturers need to leverage proper distribution strategies and aggressively launch cost-effective yet high-quality, sustainable business products.

Contract manufacturing will become a common trend, since multinational products are exorbitantly priced and many governments have liberalized policies for domestic manufacturing. Partnering with ancillary services available in Asia-Pacific countries too could bring down the cost of products.

“As regional production gathers pace, and considering the multi-disciplinary nature of medical device technologies, industry integration with academia and hospitals is vital,” noted Srinivasan. “Such collaboration will aid technology transfer, improve competitiveness, and ultimately strengthen industry understanding of healthcare and services needs in the region.”

If you are interested in more information on this study, please send an e-mail to Donna Jeremiah, Corporate Communications, at djeremiah@frost.com, with your full name, company name, job title, telephone number, company e-mail address, company website, city, state and country.

2014 Asia-Pacific Medical Devices Outlook is part of the Advanced Medical Technologies (http://www.medtech.frost.com) Growth Partnership Service program. Frost & Sullivan’s related studies include: Global Emerging Interventional Cardiac Devices Market, Endoscopy Devices Market in Australia, South Korea, and Southeast Asia, and Image-guided Surgery and Robot-assisted Surgery Market in Asia-Pacific. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.

About Frost & Sullivan

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2014 Asia-Pacific Medical Devices Outlook
P7D5-54

Contact:
Donna Jeremiah
Corporate Communications – Asia Pacific
P: +61 (02) 8247 8927
F: +61 (02) 9252 8066
E: djeremiah@frost.com

Carrie Low
Corporate Communications – Asia Pacific
P: +603 6204 5910
F: +603 6201 7402
E: carrie.low@frost.com

Melissa Tan
Corporate Communications – Asia Pacific
P: +65 6890 0926
F: +65 6890 0999
E: melissa.tan@frost.com

http://www.frost.com

For Singaporeans, 50 is the new 45

Nine in 10 Singaporeans aged over 50 believe that a positive attitude is key to feeling younger, while laughing is the best anti-ageing medicine

SINGAPORE, Aug. 27, 2014 /PRNewswire/ — A new study reveals that 70 per cent of Singaporeans over the age of 50 feel five years younger than their actual age.

GSK launches a fun, consumer version of the Inner Age Index for Singaporeans to find out their inner age. Find out your inner age at www.actyourinnerage.com.sg

GSK launches a fun, consumer version of the Inner Age Index for Singaporeans to find out their inner age. Find out your inner age at www.actyourinnerage.com.sg

The Inner Age Index[1], commissioned by leading healthcare company GSK, provides new insight on Singaporean attitudes towards growing older as the nation faces a shrinking and ageing population. The study explores the concept of “inner age” — how old someone perceive themselves to be as compared to how old they actually are — and how ageing is perceived through a Singaporean lens.

The results of the study show that ageing is more about attitude than the physical passing of time. The results reveal that nine in 10 Singaporeans aged over 50 believe that a positive attitude is the key to feeling younger, while laughing is the best anti-ageing medicine. Those with a younger inner age were also more likely to report they’re living life to the full (85 per cent), and feel more fulfilled now than ever before (72 per cent).

In addition, many Singaporeans over the age of 50 years report feeling good about their appearance with 81 per cent stating that they like to look their best and 74 per cent feeling proud to reveal their real age.

Mr Gijs Sanders, General Manager of GSK’s Consumer Healthcare business in Singapore, says that these findings challenge traditional perceptions of ageing.

“People over the age of 50 now make up almost a quarter of the population in Singapore. While there is currently much discussion around the health and societal implications of an ageing population, our study shows that the vast majority of Singaporeans over the age of 50 feel youthful, vibrant and are not defined by age.”

“GSK conducted the Inner Age Index because we believe the current national conversation about ageing can be really positive as people take the opportunity to pursue long-held passions and lead a fulfilled lifestyle. By encouraging this conversation we hope to encourage Singaporeans over the age of 50 to do more, feel better and live longer.”

The Inner Age Index found that the majority (75 per cent) of older Singaporeans like to stay socially active and many (64 per cent) believe that being over 50 means they have finally found the time to realise passions, such as socialising with friends, travelling, playing sports and exercising. When asked if they could go back in time, nearly two in five survey participants said they wouldn’t change a thing.

There was also a strong relationship between Singaporeans with a younger inner age and a positive perception of health, and more than half (57 per cent) of respondents stated they are proactive when it comes to taking care of their own health.

Find out your inner age using The Inner Age Test — an adapted consumer version of the Inner Age Index. To take the test, visit actyourinnerage.com.sg

[1] The Inner Age Index. A face-to-face survey of 150 Singaporeans conducted by Edelman Berland, commissioned by GSK. July 2014.

For more information or to request an interview, please contact:

Jolene Ng

Edelman

Jolene.Ng@edelman.com

Tel: +65-6347-2314

Melissa-Anne Bheem

Edelman

Melissa-Anne.Bheem@edelman.com  

Tel: +65-6347-2341

About the Inner Age Index

The Inner Age Index, commissioned by GSK and conducted by global market research and strategic consulting firm Edelman Berland, is a survey of Singaporeans aged over 50 on their perceptions, attitudes and behaviours towards ageing. The survey was conducted with 150 Singaporean citizens aged 50 and above from across the island.

 The inner age of a person, in contrast to the real or chronological age of a person, is a subjective representation of how old a person acts or feels. This means that “inner age” is not a scientifically defined term. It is not representative or indicative of the participant’s physical ability or well being or be relied upon as a representation of such.

GSK has developed the Inner Age Index to create awareness and facilitate a dialogue concerning the challenges and solutions for an increasingly ageing population.

About GSK

GSK, one of the world’s leading research-based pharmaceutical and healthcare companies, is committed to improving the quality of human life by enabling people to do more, feel better and live longer.  For further information please visit www.gsk.com.

About RSVP Singapore

RSVP’s mission is to provide opportunities for people over 50 to serve the community with their talent and experience through purpose-driven volunteerism.  Whether it’s playing a musical instrument, taking up photography or learning the latest in ICT, RSVP volunteers pursue their passions by sharing and giving back to the community. They not only lead active and fulfilled lives but also give joy to others in society who are less fortunate than themselves. They believe that volunteerism while pursuing your interests and abilities can come together for a positive ageing experience.

Photo – http://photos.prnasia.com/prnh/20140826/8521404788