We hear it anecdotally all of the time – people in Asian countries used to eat a healthy diet based on vegetables. However, as American restaurants and eating habits have invaded these countries, American disorders like heart disease have also started to plague Asian citizens.
New data from Frost & Sullivan suggests that the anecdotes are true. The market for interventional radiology and cardiology treatment in the Asia-Pacific region reached $591.3 million in 2012 and is expected to grow at a compound annual growth rate of 3.5 percent through 2017.
Several factors have driven demand, according to Poornima Srinivasan, a Frost & Sullivan healthcare consultant. Doctors are focusing on the early diagnosis and treatment of diseases, and governments in the region are promoting preventive medicine programs.
Additionally, the area has become a center for medical tourism as Westerners seek medical procedures in Asia for a lower cost.
"Asia-Pacific's modern infrastructure, sophisticated technology, international accreditation and cost advantages have made the region a hot spot for foreign travelers seeking medical care," said Srinivasan. "The rising influx of medical tourists for the diagnosis and treatment of cardiovascular, neurological and vascular disorders drives demand for minimally invasive procedures in radiology and cardiology."
While many Asia-Pacific countries promote themselves as ideal medical tourism destinations, they don't always have the budget or the facilities to offer interventional treatments. High upfront costs, personnel shortages and infrastructure gaps are the main reasons that many public sector hospitals do not invest in interventional treatment.
Governments in the region want to meet demand by partnering with educational institutions to train more medical personnel. They also want to provide increased funding for cash-hungry hospitals.
The private sector is developing integrated solutions to facilitate interventional treatments, while many university hospitals are establishing hybrid labs that will allow them to offer endovascular care in an interventional environment.
If the interventional practices take off, the region could see reduced hospitalization, faster recovery times and lower inpatient admission rates.
"The development of innovative, competitively-priced solutions and robust after-sales services is crucial to ensure that interventional radiology and cardiology technologies in Asia-Pacific are on par with developed countries," Srinivasan concluded.
Edited by
Alisen Downey
