Taiwan's health care market boosted by aging population

Although a challenge for the national government, a growing aging population combined with the country’s universal health care system means that Taiwan’s health care market can expect to expand in the future, says the latest report by industry experts GlobalData.

According to the latest study, Taiwan’s pharmaceutical industry is predicted to climb from a value of $3.8 billion in 2011 to $4.8 billion by 2020, while the medical devices industry is expected to reach $3 billion by the end of the decade from a 2011 valuation of $1.9 billion.

GlobalData’s report states that the country’s aging population will be an important factor in driving this growth, with just under 11% of Taiwan’s residents above the age of 65 last year. Taiwan’s population increased slightly between 2005 and 2010, from 22.8 million to 23.2 million, but this growth was mainly down to a longer national life expectancy, as the birth rate fell from 9.1 per 1,000 population in 2005 to 7.2 per 1,000 population in 2010.