Nitin Naik, Vice President of the Healthcare, Asia Pacific says that the total Healthcare Expenditure grew at 13.70% CAGR from 2003 to 2008, which stood at US$ 7.6 billion in 2008 (up from US$ 4 billion in 2003). Healthcare expenditure in Malaysia is increasing driven by increased privatization within the healthcare service provision and upgrading of existing healthcare infrastructure within the public sector. The market for healthcare services has also received positive impetus from the growing promotion of health tourism and development activities.
"In particular the Diagnostics market in Malaysia stands at CAGR of 10.5% with expenditure allocations of USD45mil if judged against the other neighborhood country such as Singapore, with CAGR of 5.5% and expenditure allocations of USD24mil," he further comments.
Three of the segments that make up over 60% of the total diagnostics market are Immuno-Chemistry, Clinical Chemistry and Self Monitoring Blood Glucose (SMBG). The growing demand of SMBG devices is due to the increasing ageing population in many Asian countries and prevalence of diabetes. Most of the segments are expected to grow fairly due to emerging focus on preventative medicines in Asia.
Naik elaborates that, to further compliment the diagnostics market "diagnostics companies are expanding and combining expertise to allow respective companies to make significant contributions to diagnostics and patient care. Oncology companies are coming together to move to the forefront of diagnostics technology and to provide full range of solutions between diagnostics and therapy. With this, Molecular Diagnostics companies are able to join their cutting edge, life saving technologies and superior customer service through alliances while complementing automated diagnostics solutions for hospitals to provide clinicians with quicker and more accurate results."
Advancement in technology has also enhanced the future trend of the diagnostics market via the implementation of Nanotechnology, Molecular and Gene-based Diagnostic, Information Technology, Artificial Organs and Tissue Engineering. The technological advancement will bring several benefits in various aspects to patients by improving affordability, user friendly, long term monitoring, self testing and cater to specialized needs of individual patients' health situation.
Surviving in this dynamic diagnostics market, there are some restraining factors that would affect the market from growing as planned. Some of the restraining factors that should be taken into consideration would be low level of Research & Development from local manufacturers, lack of awareness by health professionals, lack of universal connectivity, industry consolidation suppress and passive public involvement.
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