Economic growth in Asia will be almost 6% in 2014 (excluding Japan), compared with 1.5% in the EU and 2.5% in the U.S. Asia’s growth will be led by China, which is expected to expand over 7% this year. The economies of India, the Philippines and Vietnam are also projected to have strong 2014 growth of approximately 6% — with Indonesia close behind, at an expected GDP growth of 5.5% this year.
The Asian biosciences market is expected to be worth almost $200 billion in 2014, with a growth rate in the double digits. Thanks to significant government industry support and promotion, Singapore’s bioscience market grew 50% in 2013. The Chinese bioscience market grew almost 25% in 2013.
Another fast-growing medical sector in Asia is the spinal implant and bone graft substitute market, which is projected to grow two-fold — led by China and India. Government reimbursement for these medical technologies is also expanding around the region, making the therapies more affordable. Western medical product companies should find increasing opportunities in the Asian medical markets.