PUBLISHER: Grand View Research | PRODUCT CODE: 1300967
PUBLISHER: Grand View Research | PRODUCT CODE: 1300967
The Asia health check-ups market size is expected to reach USD 20.47 billion by 2030, expanding at a CAGR of 6.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth is largely attributable to the increasing prevalence of non-communicable and communicable diseases, growing investments from government & private organizations to detect diseases at early stages, and the adoption of technologically advanced testing products across various healthcare platforms.
The increasing elderly population in Asia is leading to a rise in demand for health check-ups. As people age, they become more susceptible to chronic illnesses that require regular monitoring & preventive care. For example, Vietnam is aging rapidly due to declining fertility rates and increasing life expectancy. As a result, Vietnam is currently one of the fastest-aging countries in the world, with adults aged 60 and above expected to represent more than a quarter of the population by 2045, up from 12% in 2020. In 2020, 1 in 6 people in Singapore are now aged 65 and above, which is expected to further increase to 1 in 4 by 2030. Hence, the health check-up industry is expected to witness lucrative growth in the coming years.
Increasing government initiatives to improve the healthcare facilities in Asia region, especially in developing countries are expected to increase the market uptake. For instance, in February 2022, the WHO and the Indian Council of Medical Research collaborated to expand the number of laboratories performing serological and molecular testing for different infectious diseases in India. Moreover, the adoption of well-established laboratory-based surveillance (LBS) in developing countries in the Asia region can reduce the target disease burden in the region.
Moreover, key players operating in the Asia health check-up industry are focusing on different forms of strategic initiatives, such as mergers and acquisitions, to increase their respective shares in the market. For instance, in February 2022, Eurofins Scientific acquired Genetic Testing Service JSC in Vietnam. The acquisition strengthened Eurofins' presence in Asia and added to its international network of clinical diagnostics facilities that specialize in cutting-edge genetic testing.
Similarly, in April 2023, ARUP Laboratories entered into a strategic collaboration with Gestalt Diagnostics Inc. Under this collaboration, ARUP Laboratories decided to use PathFlow Solution from Gestalt for Strategic Digital Projects.