Asian healthcare market is expected to grow from over $1835 billion in 2016 to over $2660 billion in 2020. This is mainly due to increasing access to healthcare facilities due to increasing government expenditure and private investments and government initiatives to promote medical insurance and foreign investment, thereby boosting the demand for healthcare services and pharmaceutical products.
Asia is the largest and most populated continent on Earth. According to the IMF, Asia’s total GDP was $25.3 trillion in 2014 accounting for 32.7% in $77.3 trillion global GDP. Asia accounts for around 60% of the global population. The huge population, large economy, and advances in technology make Asia an attractive market for healthcare services.
In such a dynamic scenario, the Healthcare sector and corporate houses are taking greater risks and exploring newer channels to infuse dynamism in their various areas of operations and branding, and embracing entrepreneurship. Needless to say, the new Asia is witnessing an emergence of critical health parameters including health infrastructure and resources thereby leaving strong imprints on the market. In the process, the entire experience of the consumers gets redefined given the complete paradigm shift in the approach. Some unique initiatives have led to making some brands the leading health brands today who are not just making their presence felt in their countries of origin, but also expanding their operations pan Asia.
However, while these Healthcare brands are well established and are focusing with renewed energy on the brand building exercise, only few can claim to have loyal consumer following with exceptional high level of referral and recall. Certain questions remain to be analysed: What sets these brands apart? What creates a niche identity in the mind of consumers? What enhances the recall value? What are the latest innovations that have left lasting impression on the consumers’ mind?