Market Report: The Need for Telemedicine in ASEAN

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Executive Summary

Telemedicine refers to remote consultation of healthcare practitioners. The industry is made up of two primary concepts namely, Synchronous (real-time) telemedicine and Store; and asynchronous (forward) telemedicine. Furthermore, the telemedicine industry involves patient monitoring by statistics and symptoms from a distant location.

In ASEAN, even though the virtual practice has been in play over the last few years, there is still significant untapped market potential due to the fact that many ASEAN countries are still developing their economies and this is paving way for an emerging, tech-savvy middle class who can spend more on healthcare services. There is also a significant need to bridge the healthcare gap between rural and urban areas making telemedicine an ideal solution, given the rising internet penetration in ASEAN. The focus of this report will be on the ASEAN6 countries of Singapore, Malaysia, Thailand, Vietnam, Philippines and Indonesia. Of the six regions, telemedicine development appears to be highest in Singapore with plenty of investments going into the health-tech sector. However, all six countries have plenty of growth potential since ASEAN’s telemedicine industry is still quite nascent.

The COVID-19 pandemic has provided a significant boost to the growth of the telemedicine industry, in addition to other driving factors, such as inadequate healthcare infrastructure, an aging population, and an increasing prevalence of non-communicable diseases (NCDs).

This report will provide a background on the current state of healthcare and how attractive the telemedicine sector is in ASEAN6, followed by industry drivers and the level of regulations currently enacted for telemedicine services.

Report Index

1.Industry Overview

• • Current Snapshot of ASEAN Healthcare System – Singapore is ASEAN’s Most Developed
  • Telemedicine is the Second Largest Health tech Cluster in APAC; Funding Declines due to Global Economic Uncertainties
  • Singapore Leads in Funding Among ASEAN6 Peers in 2022

2.Driving Factors for Telemedicine

• • Lack of Sufficient Facilities and Infrastructure to Cater to Growing Healthcare Demand
  • Internet Penetration is the Backbone of Telemedicine Adoption; Cost Savings of Telemedicine Entice Users
  • Growing Ageing Population Preferring Home Visits Rather than Going to Hospitals
  • Sedentary Lifestyles lead to Spread of Chronic the Diseases
  • COVID-19 Accelerates the Uptake of Telemedicine Services as Pandemic Forces People to Stay at Home and Turn to Digital Services

3.Regulatory Overview

• • Thailand and the Philippines are Quite Late to Implement Regulations While the Rest of the Peers have Some Form of Telemedicine Regulation in Place