By Rajiv Varyani, Programme Manager, Healthcare APAC
Continuous rise in population, substantial economic transformation in low-income countries, rapid urbanization and consequent changes in lifestyle are a few of the many changes happening around. At the same time, rapid technology evolution is not stopping either. Innovations in in-vitro diagnostics such as microarrays and lab-on-a-chip have brought a revolution in the field of diagnostics. Furthermore, preventive as well as personal care devices and home therapy devices are emerging at a very high growth rate and providing opportunities in all the segments of the market. Intelligent devices, that is, robotic devices for surgery and diagnosis are showing a potential to reshape the modern face of the healthcare sector. Tissue-generated devices and site-specific drug delivery devices are being developed for more sophisticated healthcare delivery.
Figure1 illustrates the major technology happenings in Asia Pacific today.
Figure 1 - Technology Developments in Medical Device Sector (Source – Frost & Sullivan)
As and when the technology changes and new products are launched a situation is created wherein newer types of services are to be brought into picture. This change also leads to newer business models that are to be implemented by the market players. Apart from this, new sets of competitors emerge and the need for exploring newer geographies also comes into place. Eventually, these developments lead to changes or upgrades in the entire value chain or delivery. The bottom line is when there is technology available there is a reactive effect, direct or indirect, on various industry participants.