Asia’s urbanization rate for the past decade is unprecedented, with over 200 million new urbanites making their way into the big-city scene. Still, urbanization is not expected to slow down in the region. By 2018, more than half of Asia’s population will reside in urban settings, which implies that more than 100 million more people will migrate from rural areas in the next few years.
Urbanization is improving the commercial capabilities of the cities, but also represents a health concern. From a population health perspective, urbanization has caused an increase in unhealthy lifestyles in Asia. More discretionary income has led to excess caloric intake and less physical activity. Also, generally speaking, the poor environmental health aspects of cities, referring to sanitation concerns and severe levels of air pollution, have a negative effect on the overall well-being of its residents. Nonetheless, lifestyle related health complications will lead to a growing prevalence of cardiovascular diseases such as hypertension, and metabolic disorders such as diabetes. With digital health becoming a growing avenue to increase the access to healthcare, in urban Asia, and to ensure proper monitoring of population health, the Asia region will drive additional growth for consumer medical devices.
IHS Markit has adjusted its revenue forecast for a number of applications, including blood glucose meters, blood pressure monitors and scale-based body composition analyzers. The revenue forecast for blood pressure monitors in the APAC region is now $274.9 million in 2016 to reach, $403.1 million in 2020. This end-of-forecast has been adjusted by 13%. The blood glucose meter market is set to reach $207.4 million at the end of forecast, adjusted from $183.7 million. Body composition analyzers have been upwards adjusted by 20% towards the end-of-forecast, to reach $64.6 million. A more detailed vied of the data is available in the Consumer Medical Devices Excel Database, part of the Digital Health Intelligence Service.
The digital health wave is gaining further traction in Asia with considerable investments from companies such as Microsoft, who recently announced the start of a new digital health hub in Malaysia. A main pillar of the hub is remote patient monitoring, and will actively help entrepreneurs develop and launch their products and services.
Beyond the additional growth coming from the APAC region, there is a growing emphasis on medical applications in the consumer medical devices market, with reference to regulated and non-regulated devices. Digital health companies are looking to invest heavily in marketing their applications, as medical devices in compliance to FDA and other regulatory bodies. This refers mainly to companies in the fitness and wellness arena, such as Fitbit, Withings (Nokia), and Jawbone – each of these have or are planning on introducing a medical device in the near future. As a result, IHS Markit has adjusted its forecast regulated vs. non-regulated devices by 2%. Philips pioneered this development with its medical-grade heart-rate monitor, part of the Philips HealthSuite, which is now available globally.
For questions or inquiries, please contact Roeen Roashan, Roeen.Roashan@ihsmarkit.com.