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The Asia Pacific Smart Pills Patient Monitoring Market which is one of the fast growing regions in the world is estimated to record a rapid rate of growth in healthcare over the next decade, owing to several advancements taking place in technology and medical science and various efforts taken up by governments belonging to various nations in the region to maintain a proper healthcare system in place in their respective nations. The healthcare sector has evolved at a faster pace over the past two decades in the region with various medical innovations anticipated to drive the growth of the Asia Pacific Smart Pills Patient Monitoring Market over the next few years. As per observations made by Organization for Economic Co-operation and Development (OECD), the size of the global middle class is anticipated to rise to 3.2 billion by 2020 and about 4.9 billion by 2030 from 1.8 billion in 2009. Bulk of the Asian nations are anticipated to contribute to the growth in the region. Moreover, large developing nations such as China and India with a sizeable emerging middle-class population that have enough potential are anticipated to become the engines of growth over the next two decades. The region has rapidly shifted towards adoption of digital health, especially with nations such as China, Japan, Australia, Singapore and Malaysia already maintaining digitization records of the patients in their respective countries, in order to improve the quality of healthcare provided to individuals in their nations. Artificial Intelligence technologies, Electronic Medical Records (EMR) have been adopted by many nations in the region that enables them to deal with multiple challenges affecting the healthcare sector in the region. Our study on the Asia Pacific Smart Pills Patient Monitoring market is driven by the adoption of an exhaustive approach towards the industry analysis comprising of the overall market size and revenue growth, recent market developments, growth drivers, market segmentation, opportunities and challenges that are influencing the growth of the market. The Asia Pacific Smart Pills Patient Monitoring market is estimated to attain notable absolute $ opportunity value in 2027 as compared to the value achieved in 2019.
The study of the Asia Pacific Smart Pills Patient Monitoring market offers a detailed analysis including a risk analysis that covers demand and supply risk affecting the growth of the market accompanied by existing and future market trends prevalent in the region. Further, the inclusion of a correlation and regression analysis for determination of relation between independent and dependent variables is covered in the study.
As per the OECD report on Healthcare in Asia Pacific published in 2018, the Asia Pacific region has witnessed a significant growth in health spending, with nearly half of its health spending coming from household payments, more particularly in the lower middle income and low-income nations. About a little less than USD 200 per person on an average is being spent per year on an individual’s health in low and middle income nations in the region, in comparison to USD 670 per person in the case of upper middle income countries and USD 3450 in the case of higher income countries in the Asia Pacific region respectively, after adjusting for the difference in prices across nations. This had constituted about 4.3 percent of Gross Domestic Product (GDP) in the case of middle and lower income nations, in comparison to more than 7.3 percent of GDP in high income nations in 2015.
Various governments in the region have been launching several schemes towards healthcare, so that individuals obtain proper care and treatment based on their residency in that nation. Schemes such as compulsory health insurance schemes that are linked to social contribution payments or health insurance premiums that would be able to finance majority of health spending have been launched by various nations in the region. The financing arrangements in many Asia Pacific nations have been predominantly coming through government schemes and compulsory health insurance, with nations such as Thailand, New Zealand, Japan, Solomon Islands and Brunei receiving payouts for more than 75 percent of all health expenditure through government schemes and compulsory health insurance.
The Asia Pacific region has seen a steady improvement in life expectancy at birth of its population over the last two decades. The fall in mortality rate among all age groups including among the children in the region was observed during the same period, which can be attributed to factors such as improved standard of living, access to comparatively better nutrition and better access to improved drinking water and sanitation facilities. The life expectancy at birth had on an average reached 69.9 years in the year 2016 for the population in the region that has progressed significantly by recording a gain by about 5.8 years since 2000. At the same time, in upper middle-income countries, the life expectancy rates had reached 74.3 years, which recorded a gain of 3.1 years since 2000.
According to an OECD report published in 2018, about a quarter of the population that comprise of both adults and children in the Asia Pacific region still suffer from undernutrition. On an average, children below 5 years of age are affected by undernutrition that has led to the growth of the children becoming stunted. At least one in ten persons in the region were obese. Moreover, obesity has affected more than 1/3rd of the adult population in the region. The period between 2010 and 2016 had witnessed a 33 percent rise in obese population among the adults and 58 percent rise in obese population among the adolescents in the region.
The Asia Pacific region has consistently seen heavy demand for workers in healthcare over the last decade. Countries in South East Asia have also been facing huge shortage of healthcare workers. Although the size of the health workforce has been varying according to country, the demand for skilled health workforce has continuously increased over the past decade. Additionally, external funding obtained by way of aid from high income nations has consistently reduced and is lesser than one percent of global health expenditure as per a World Health Organization (WHO) report published in the year 2018. The external funds have been concentrated primarily towards diseases such as HIV/AIDS, Tuberculosis (TB) and Malaria.
The report includes a section on Asia Pacific region which is further segmented on a country/regional level including China, India, South Korea, Indonesia, Malaysia, Japan, Australia, New Zealand and Rest of Asia Pacific.
A complete section on competitive landscape provides an understanding of the companies in current strategic report based upon various parameters which includes overview of the company, business strategy, major product offerings, key performance indicators, risk analysis, recent development, regional presence and SWOT analysis. There is a separate section which has been provided on the market share of key players in this market, as well as the competitive positioning of the players.
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