Posted on Oct 30, 2012 by Sergio Ulloa
AXA Asia recently announced major plans to expand its services across Asia by doubling the scope of its regional health business by 2015. The company released a statement on October 29 highlighting its plans, indicating that they will further develop services in regional markets by improving and expanding on the products they offer and focusing on health capabilities on a regional and local level.
"AXA Asia also builds on the capabilities of the worldwide AXA Group, which is a top five international health player, offering healthcare solutions with a global reach," according to the statement.
Health advertising campaigns have already started and are being aired in different countries in the region, including Hong Kong, Malaysia, Thailand and Indonesia.
"The campaigns are part of a broader strategic emphasis by AXA Asia to expand its footprint in the Asia healthcare industry," it said.
The decision comes as the healthcare industry continues to see major growth in Asia Pacific as the region has seen increased spending on health, better investment policies, the growth of the medical tourism industry and investment in new technologies.
Healthcare revenues in the region are expected to grow from $337.94 billion in 2011 to $521.42 billion in 2015, according to analysis by Frost & Sullivan, a market research and analysis consulting firm. The analysis also shows that the healthcare market for Asia Pacific held 27.5 per cent of global healthcare market share last year and that this number is expected to grow to 33.1 per cent by 2015.
The Frost & Sullivan Asia-Pacific Healthcare Outlook 2012-2015 highlights information about pharmaceuticals and biotechnology, medical devices, clinical diagnostics, IT, and imaging segments of the healthcare industry. It also addresses some of the top 10 trends for the Asian market.
"Asia Pacific is giving rise to important mega trends in the segments of safety and outcomes, globalization, economics, convergence, and demographics that are affecting the region's healthcare market," said Frost & Sullivan Consultant Poornima Srinivasan. "
The analysis indicates that increasing wealth and demand for quality healthcare, low infrastructure costs, availability of skilled workforces, and emergence of private hospitals have been the main factors for spurring the growth of the healthcare industry in the region.
As the region continues to see major growth in the area of healthcare services, AXA Asia's move and commitment to expanding and improving their services should be beneficial.