Federal Reserve Chairman Kevin Warsh is talking less than some of his predecessors, making some investors nervous about the prospect of a quieter Fed. At his first Fed meeting as chairman, Warsh shortened the central bank’s policy statement and declined to provide an interest-rate forecast. His approach is prompting some investors to say that added uncertainty could lead to a more volatile market. Read more:

A wave of physician burnout is colliding with a surge in consumer demand across Asia-Pacific’s healthcare systems, according to a major new report from global consultancy Bain & Company, which warns that the region’s providers, insurers and pharmacies have roughly 18 months to adapt before losing ground to faster-moving competitors.

Key takeaways

• One in five Asia-Pacific doctors are considering leaving their jobs, driven by heavy workloads and lack of recognition rather than pay, threatening the region’s already thin physician supply.
• Patients are behaving like consumers, with 84% demanding more convenience, 95% wanting a single point of contact for their care, and nearly 60% shifting to alternative settings like telehealth, retail clinics and home-based visits.
• Appetite for AI in healthcare is high among both patients and doctors, but one in three physicians say their organisation isn’t ready to deploy it at scale, leaving an 18-month window for providers and insurers to adapt before losing ground.

The report, Bain’s fourth biennial study of frontline healthcare trends in the region, draws on surveys of 600 doctors in Australia and the Philippines and 6,300 consumers across nine countries, conducted in December 2025. Its authors describe a system caught between two forces moving in opposite directions: patients who increasingly behave like demanding consumers, and a clinical workforce that is stretched to its limit.

A Widening Gap Between Supply and Demand

The tension, researchers argue, stems from a structural mismatch. Asia-Pacific is home to roughly 60% of the world’s population and carries an outsized share of global disease burden, yet the region accounts for only about 22% of worldwide healthcare spending. Physician density remains thin, excluding China, the report puts the average at under one doctor per 1,000 people, far below the World Health Organization’s recommended minimum of 2.5.

Against that backdrop, long wait times have topped the list of consumer complaints for four consecutive Bain surveys, a pattern the report says holds true regardless of whether a country’s system is public or private, wealthy or developing. High out-of-pocket costs compound the problem: fewer than 70% of patients with chronic conditions reported keeping up with regular check-ups, with cost cited as the main deterrent.

Physicians on the Edge

Doctors, meanwhile, are signalling they’ve had enough. Roughly 20% of physicians surveyed said they are actively weighing a move to a different organisation, and about 30% believe recruitment and retention have worsened since 2023. The report attributes this primarily to heavy workloads and a lack of professional recognition rather than pay. Doctors in both mature markets like Australia and emerging ones like the Philippines ranked career development and access to modern tools above compensation as priorities, yet only about 30% said they were satisfied on either front.

The stakes of ignoring this trend are high, the report suggests: physicians who feel engaged in strategic decisions at their organisations reported workplace advocacy scores up to 36 points higher than colleagues who don’t, a gap researchers linked to broader outcomes in patient care and safety.

Patients Are Acting Like Consumers

On the demand side, the report documents a marked shift toward consumer-style healthcare behaviour. The vast majority of respondents, 84%, said they now expect more convenience from the healthcare system than they did two years ago, and 71% want doctors to be reachable through messaging apps or email rather than waiting for scheduled visits. Nearly 70% said they had used AI tools to help interpret a diagnosis or treatment plan.

Preventive care usage has also jumped, with 60% of consumers reporting regular check-ups and screenings in 2025, up from 47% two years earlier, a trend led by China, where 76% of respondents said they get routine screenings.

Spending patterns reflect the same shift: consumers reported increasing what they spend across every category of health and wellness, with nutrition supplements, fitness, and oral healthcare showing the sharpest gains.

Care Is Moving Outside the Hospital

Consumers are also voting with their feet when it comes to where they receive treatment. Close to 60% now use alternative care settings such as walk-in clinics, home-based visits, telehealth or wearable devices, a significant jump from intent levels measured in 2019. The preferred format varies widely by market: retail clinics dominate in Malaysia and Australia, home-based care leads in India and Vietnam, and telehealth is the top choice in China and Singapore, where usage has climbed to 61% of consumers, up 37 percentage points since 2019.

By contrast, telehealth adoption in India has fallen sharply, dropping to just 10% penetration as the market’s largely cash-based payment structure limits insurer-driven incentives to use virtual care.

Surgeons surveyed said they would like to perform far more procedures in ambulatory surgical settings than they currently do, citing patient preference and better access to modern equipment as key drivers.

Fragmentation Frustrates Patients and Doctors Alike

A recurring theme in the report is fragmentation. Half of consumers said they were referred to multiple providers before receiving an accurate diagnosis, and more than 40% received conflicting advice from different clinicians. For patients managing chronic illness, more than half said they had to see multiple doctors just to get their needs met.

Clinicians feel the strain from the other side: roughly one in three doctors reported significant inefficiency at their organisation, and about 40% said they regularly perform repetitive administrative tasks that could be automated.

The result, according to Bain, is overwhelming demand for simplification. 95% of consumers said they want a single point of contact to manage their care, up sharply from 70% in 2019. Yet access to primary care physicians, who are seen by most consumers as the natural candidate for that role, remains inconsistent; roughly a quarter of the region’s population has no primary care doctor at all, with gaps particularly pronounced in Malaysia, Hong Kong, Indonesia and China.

AI: Wanted, But Not Fully Trusted or Ready

Artificial intelligence emerges in the report as both the most promising fix and the area of greatest organisational weakness. Nearly three-quarters of Asia-Pacific consumers said they’re comfortable with at least one AI healthcare application, a notably higher comfort level than researchers found among American consumers in a parallel study. Support is strongest for AI that assists clinicians, such as automated documentation or decision support, rather than AI that replaces human interaction entirely, though more than 35% of respondents said they’d accept AI-only call centres or diagnostic tools.

Doctors broadly share this cautious optimism, hoping AI will ease administrative burdens while worrying it could erode the doctor-patient relationship, a concern the report says mirrors sentiment in the US and UK.

But readiness lags behind appetite. About one in three doctors said their organisation isn’t prepared to deploy AI at scale, citing unclear strategy, inadequate training and insufficient involvement from clinical staff. Even basic digital infrastructure such as workforce management systems and revenue cycle tools remains underused, the report found, even in a relatively advanced market like Australia.

Some organisations are further along. The report cites Apollo Hospitals’ clinical decision-support platform, which covers 1,300 conditions and is maintained by more than 500 in-house clinicians, and Singapore General Hospital’s AI-driven perioperative chatbot, which researchers say has saved an estimated 660 doctor hours a year across 25,000 patients. Ping An Good Doctor, meanwhile, reportedly uses AI agents to handle up to 4 million consultation requests daily, cutting per-doctor service costs by roughly half.

Five Priorities for Industry Leaders

Bain’s authors, partners Vikram Kapur, Alex Boulton, Lucy d’Arville and Dhruv Sukhrani, along with practice senior manager Monica Pinto Basto, lay out five strategic priorities for healthcare leaders in the region: building a trusted single point of coordination for patients; redesigning care journeys around the interactions that matter most to patient loyalty, particularly billing; adopting value-based care models tied to outcomes rather than volume; treating AI deployment as a full business transformation rather than a bolt-on feature; and prioritising clinician engagement as a precondition for successful change.

The report singles out billing and coverage disputes as the single biggest driver of dissatisfied patients across the region, and warns insurers in particular that failing to modernise these interactions risks accelerating the shift toward other players such as providers, retailers, and digital platforms, who are moving to claim the “trusted coordinator” role in patients’ healthcare journeys.

The Bottom Line

Bain’s overarching message is that structural pressure on Asia-Pacific’s healthcare systems will not ease on its own, and that AI, while promising, cannot substitute for organisational change. “Technology-driven advantages cannot scale without the workforce,” the report concludes, arguing that organisations willing to invest in clinician trust and involve doctors as partners in AI-driven transformation stand to gain the most, both from a more engaged workforce and from patients who, once satisfied, tend to stay loyal and spend more.

Other People are Reading

Indian automakers delivered a strong performance across segments in June 2026, as healthy retail demand boosted sales, with brokerages highlighting that commercial vehicle wholesales strongly beat estimates.

Motilal Oswal Financial Services, in its note, highlighted that retail demand momentum remained healthy for passenger vehicles and tractors in June, while two-wheelers saw a revival after a tepid performance in May. Commercial vehicle retail, on the other hand, was relatively soft due to the ongoing geopolitical conditions. However, wholesale sales for the month came in strong, beating our estimates across the board.

“The three listed players posted a healthy 31.3% YoY growth in June 2026, primarily over a low base of last year. TMCV continued to outperform its peers and drive industry growth, posting around 35% YoY growth in CV sales to nearly 41k units, ahead of our estimate of 34k units,” it said.

“Overall, most segments posted healthy double-digit growth in wholesales,” it said, noting that Mahindra & Mahindra (M&M) and Tata Motors PV outperformed in the PV segment, while Hyundai Motor India underperformed and Maruti Suzuki India grew in line with industry growth.

Motilal Oswal’s top auto picks

CV retails remained relatively subdued, though the top three CV OEMs posted strong 31% YoY growth in dispatches, mainly due to the inventory push in the system, Motilal said, adding that tractor demand remained steady (+13.5% YoY for the two listed players) despite ongoing concerns. “Overall, given the stable demand momentum and easing input cost pressure, we expect renewed investor interest in the sector in the coming quarters,” it said.

The domestic brokerage named Maruti Suzuki India, TVS Motor Company and Mahindra & Mahindra (M&M) as its top OEM picks. Among auto ancillaries, its top picks are Motherson Sumi Wiring India, Samvardhana Motherson International and Endurance.

Also read: Major automakers record strong June sales on steady domestic demand, rising exports

Emkay’s top auto picks

Analysts at Emkay Global also highlighted that auto pack delivered strong performance in June 2026, with growth momentum rebounding across segments and players (also reflected in Vahan retail volumes). In two-wheeler dispatches, Eicher Motors outpaced Hero MotoCorp, while the two-wheeler industry retail momentum returned to 21% YoY with robust growth across the pack.
Passenger vehicles also saw strong growth across OEMs, barring Hyundai, whose June volumes were hit by the fire incident at a key supplier’s facility, Emkay noted. Tata Motors Passenger Vehicles led the strong growth among PVs.Amid a strong rebound in underlying demand, Emkay favours two-wheelers or CV OEMs over PVs, due to a similar demand trajectory, albeit with better pricing flexibility amid commodity pressures and a limited new model launch pipeline in FY27 (historically a key growth driver for PVs). In two-wheelers, it favours TVS Motor Company and Ather Energy on a structural basis, and Bajaj Auto, as it offers a better risk-reward.

“We prefer to play the CV upcycle with Tata Motors CV,” it further said, adding that in ancillaries, it favours Shriram Pistons, Craftsman Automation, JK Tyre and Pricol.

Also read: Domestic car sales surge in June on tax cuts, lower interest rates & strong demand

ICICI Securities’ top auto picks

ICICI Securities also noted that June 2026 wholesale volumes remained robust and broadly ahead of its estimates. “GST cut-fuelled demand momentum, coupled with a favourable base, continues to underpin the auto sector’s growth. Within 2Ws, scooters and premium motorcycles drove overall segment growth. PV wholesales expanded in double digits, led by strong traction across domestic PCs/UVs and low channel inventory. In CVs, growth was broad-based across MHCVs and LCVs (ahead of our estimates).

The tractor segment’s growth trajectory remained robust (ahead of our estimates). Demand sustainability amid the recent vehicle/fuel price hike(s), along with the potential impact of a below-average monsoon (especially on the tractor segment), remains a monitorable,” it said.

Its preferred auto picks are Hyundai Motor India, Maruti Suzuki India and Bajaj Auto.

Also read: Growth engine revving as GST, auto sales rise despite global roadblocks

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

IHS Markit (Nasdaq: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 key business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.

Shares of TVS Motor Company climbed as much as 3.03% to Rs 3,494 during Thursday’s trading session after the company reported its highest-ever quarterly sales of 16.31 lakh units for the first quarter of FY2026-27, driven by robust demand across domestic, export, and electric vehicle segments.

According to the company’s regulatory filing, total two-wheeler sales surged 27% to 15.64 lakh units in Q1 FY2026-27 from 12.32 lakh units in the corresponding quarter last year. Three-wheeler sales jumped 48% to 0.67 lakh units, while the overall international business grew 33% to 4.68 lakh units, highlighting strong momentum in export markets.

June sales deliver strong growth

TVS Motor Company reported a 47% year-on-year increase in total sales for June 2026, with volumes rising to 590,003 units from 402,001 units in the same month last year.
Total two-wheeler sales climbed 47% to 565,417 units, compared with 385,698 units a year earlier. Domestic two-wheeler sales also grew 46% to 411,014 units from 281,012 units. Motorcycle sales rose 42% year-on-year to 267,096 units, while scooter sales surged 53% to 247,950 units.

The company’s electric two-wheeler segment recorded a sharp jump in sales, nearly tripling to 48,537 units from 14,400 units in June 2025. The sharp rise in EV volumes and sustained export growth contributed to the company’s strong monthly performance.

TVS Motor’s international business posted a 47% increase in sales to 172,355 units from 117,145 units a year ago. Overseas two-wheeler sales rose 48% to 154,403 units, compared with 104,686 units in the corresponding period last year.

Three-wheeler sales increased 51% year-on-year to 24,586 units from 16,303 units in June 2025.

Stock Performance and Technical Outlook

TVS Motor has delivered solid long-term returns, with the stock gaining around 21% over the past year and an impressive 163% over the last three years. The company currently commands a market capitalization of Rs 1.66 lakh crore, while its 52-week high stands at Rs 3,970.
From a technical perspective, the stock’s 14-day Relative Strength Index (RSI) stands at 51.6, indicating neutral momentum, as an RSI below 30 is considered oversold while above 70 is viewed as overbought.

Also read: From deep correction to fresh peaks: 10 stocks soar from 52-week lows to new highs in just three months
The stock is also trading above five of its eight key simple moving averages (SMAs), suggesting that the broader trend remains constructive despite near-term volatility.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

The U.S. Federal Reserve is unlikely to rush into changing interest rates as inflation continues to moderate and economic conditions remain balanced, according to Steve Englander from Standard Chartered Bank. Speaking to ET Now, he said the combination of strong productivity growth, easing oil prices, and subdued labour cost pressures has reduced the urgency for policy action. In his view, there are no significant imbalances in either economic activity or inflation that warrant an immediate move, allowing the Fed to monitor how structural forces shape the inflation outlook.

“Our forecast was that they would be flat in 2026… unit labour costs, which are the biggest driver of domestic price pressures, are very, very muted… With oil prices coming down… inflation risk is lower. They really do not have to do much,” he said.

Markets Push Expectations Towards Year-End
Market expectations for interest-rate moves have shifted modestly over recent days, but Englander believes these changes are largely technical rather than fundamental. He noted that while traders briefly considered an earlier rate move, expectations have once again shifted towards later in the year. He also said the positive tone struck by Fed Chair Kevin Warsh at the Sintra forum helped lift investor sentiment and supported U.S. equities.“The market was flirting with the idea of pushing the hike into July. Then they backed away from it, and now it looks more towards the end of the year… the equity market response… was largely in response to this positive tone and sense of inflation possibly being contained,” he said.

Metals Pullback Seen as a Short-Term Correction
The recent decline in gold, silver, and other metal prices should not be interpreted as a long-term trend, Englander said. He attributed the correction to investors trimming positions after an unexpected rise in real and nominal interest rates. Despite the recent weakness, he believes the broader outlook for precious metals remains favourable as supply-side pressures persist and global growth remains resilient.“The positions were cut, and we saw prices coming off. But I do not think that this is the long-term destination for metals… this is a short-term reaction, but not necessarily where metals are going in the longer term,” he said.
Yen Needs Policy Action Beyond Intervention
Commenting on the sharp depreciation of the Japanese yen, Englander said currency intervention alone is unlikely to produce lasting results. He argued that stronger monetary policy action would be far more effective than repeated intervention in the foreign exchange market. Until that happens, he expects the yen to remain under pressure as investors continue to favour the U.S. dollar.
“The most powerful intervention would be to push rates up faster than the market is expecting… intervention by itself… may not be the ticket for a durably stronger yen,” he added.