Asia has become the world’s fastest growing healthcare market, projected to reach US$5 trillion by 2030.
The boom is underpinned by the region’s aging populations, complemented by expansion of the middle-class.
As healthcare demand rises, healthcare providers, health-tech innovators and health-related infrastructure across Asia are poised to benefit.
Here are three resilient companies that are tapping into Asia’s healthcare boom.
Raffles Medical Group (SGX: BSL)
Raffles Medical Group (RMG) is a Singapore-based integrated healthcare provider operating hospitals and clinic services across Asia.
In the first half of 2025 ending 30 June 2025 (1H 2025), the company reported a revenue growth of 3.5% year-on-year (YoY) to S$378.4 million.
A key driver is its Raffles Health Insurance segment, where revenue climbed by 10% YoY to S$94.9 million, and Hospital Services which experienced a gain of 3.8% YoY to S$174 million.
Further down the line, the company saw a rise in profits of 5% YoY to S$32.5 million.
This growth is primarily driven by its Hospital Services segment with segment profits increasing by 24.3% YoY to S$17.7 million.
RMG is also steadily building its reputation as a premium healthcare provider in China.
For 1H 2025, RMG’s Greater China division saw a rise of 2% YoY based on constant currency.
The firm also plans to further expand in this market with strategic partnerships with Shanghai Renji Hospital and Chongqing’s First Affiliated Hospital.
Currently, RMG sports a trailing price-to-earnings (PE) ratio of over 29 which is greater than the Straits Times Index (SGX: STI) P/E ratio around 14.25 times.
The premium valuation suggests that investors are optimistic on RMG’s future growth, likely due to its strong regional exposure and the tailwinds of the medical tourism trend — a market set to reach nearly US$705 billion by 2033.
Abbott Laboratories (NYSE: ABTT)
Abbott Laboratories is a global healthcare company with a diverse set of products, ranging from diagnostics, medical devices, nutrition and branded generic pharmaceuticals.
For the third quarter of 2025 ending on 30 September 2025 (3Q 2025), the firm saw a 6.9% YoY gain in revenue to US$11.4 billion.
Abbott also managed to maintain a net profit of US$1.6 billion albeit with a minor decrease of 0.1% YoY.
One of the main contributors for its financial performance comes from the diabetes care medical devices segment.
This segment showed a sales growth of 19.3% YoY to US$2 billion.
This increase can be attributed to the success of its FreeStyle Libre continuous glucose monitors (CGM).
This popular device is known for its real-time tracking, data sharing ecosystem, non-invasiveness, and affordability.
Furthermore, Abbott launched new products in India enabling it to capture the growing demand for medical devices in Asia.
On 21 August 2025, Abbott announced its launch of the FreeStyle Libre 2 Plus in India.
This is an upgrade of their best selling CGM with improved features such as greater accuracy, real-time glucose alarms, and suitability for younger users.
On 6 October 2025, the company announced the launch of AVEIR™ DR in India.
The AVEIR™ DR is the world’s first dual-chamber leadless pacemaker.
This innovation reduces implantation complications, patient comfort due to its compact structure, and dual-pacing capabilities enabled by Abbott’s proprietary technology.
Moreover, Abbott shows healthy fundamentals with a dividend yield of 1.9% and a payout ratio of around 29%.
The stock has a decent valuation as its PE ratio is 16.
ParkwayLife REIT (SGX: C2PU)
ParkwayLife REIT or (PLife) is a Singaporean healthcare real estate investment trust (REIT) that owns three hospitals in Singapore, and multiple nursing homes in Japan and France.
For 9M 2025, PLife experienced an 8.2% YoY increase in gross revenue to S$117.3 million.
The REIT also delivered an 8.1% YoY gain in net property income to S$110.7 million.
That said, PLife only reported an increase of 2.3% YoY for its distribution per unit (DPU) to S$0.1156.
The growth is attributed to Singapore hospitals with step-up lease agreements and acquisitions in 2024.
These acquisitions include the nursing homes in France and Japan.
For PLife’s Singapore operations, the assets come with long master leases on hospitals which were recently renewed.
The renewal term is 20.4 years from 22 August 2022 to 31 December 2042, hence a low lease-expiry risk.
In addition, the company has a healthy gearing of 35.8%, well below the regulatory gearing limit of 50%.
This gearing value points to a strong balance sheet and a higher capacity to take on more debt for projects and refinancing.
Get Smart: Invest in Asia’s Healthcare future
The Asia healthcare boom is not a cyclical upswing but a long-term market shift.
The increase in purchasing power in Asia and its growing ageing population results in the increase in demand for healthcare products and services.
A report by the Organisation for Economic Co-operation and Development (OECD), stated that the per capita health expenditure of
nearly all Asia-Pacific countries has risen faster than GDP in recent years.
The three stocks tap into different aspects of the value chain in Asia’s expanding healthcare ecosystem.
For investors, this trend translates to the opportunity to position early in resilient stocks with structural upside.
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Disclosure: Gabriel does not own shares in any of the companies mentioned.
