Though the Asia-Pacific region is home to over half of the world's population, it hosts less than a quarter of its medical technology market. These findings, noted by McKinsey's MedTech in Asia report, showcase both the challenges facing the life sciences in Asia-Pacific and the opportunities for growth.
Many nations in the region are exploring options to further advance innovation in their biotechnology sectors. What activity is expected in Asia-Pacific, and what role will 3D design software play?
Asia-Pacific nations are investing in biotechnology
Home to a large population, the Asia-Pacific region features a vast range of socioeconomic conditions – a significant challenge for enabling access to quality healthcare. Strikingly, McKinsey notes that 80 per cent of the population in the region's emerging economies cannot afford treatments and cures that rely on medical technology. Created with developed nations in mind, these solutions are often cost-prohibitive in some Asia-Pacific nations.
However, this is likely to change within the next few years as organisations in the region expand their medical technology capabilities. In fact, according to McKinsey, that market is set to grow at an 8 per cent CAGR, jumping from US$88 billion in 2015 to US$133 billion by 2020.
Ernst and Young's Life Sciences Report from September 2016 notes that digital technologies in the medical sphere are becoming more prominent, especially in Australia, India and Singapore. Malaysia is also positioning itself to play a key role in the region's medical technology sector; the Malaysia Plan for national development identifies the medical device industry as a major area for growth. This is being helped along by the country's 2005 National Biotechnology Plan, a policy that has already added US$5 billion to Malaysia's GDP.
SOLIDWORKS and advancements in life sciences
Sophisticated 3D CAD software like SOLIDWORKS will be instrumental in transforming the medical technology sector, promoting more streamlined design, prototyping and manufacture of devices for diagnosis and treatment.
SOLIDWORKS has already proven transformative in the sector with Diagnostics For All (DFA), a non-profit organisation that creates diagnostic instruments for use in communities without ready access to sophisticated testing facilities.
Using SOLIDWORKS, the DFA team designed and tested a device that can diagnose Ebola from a blood sample, operable in the field while wearing personal protective equipment.
SOLIDWORKS provides an intuitive and powerful environment for 3D design and prototyping. To learn more about its uses in the life sciences sector, contact a SOLIDWORKS representative today.