The APAC Medical Devices Market was worth USD 105.93 billion in 2021. This value is further estimated to be growing at a CAGR of 6.8% and worth USD 147.19 billion by 2026.
A medical device is an apparatus, instrument, appliance, or machine used to prevent, diagnose, treat, monitor, or relieve disease.
The Asia Pacific medical devices market has grown significantly due to an increase in the number of healthcare institutions, rapid expansion in the older population, economic growth in emerging regions, quick technical advancements, and rising healthcare spending. In addition, there is a growing emphasis on fitness among adults, and regional healthcare authorities are increasingly focusing on monitoring and diagnosis, which has resulted in increased demand for fitness trackers.
Chronic diseases such as cancer and diabetes are on the rise in the APAC region due to a lack of physical activity, long working hours, and unhealthy eating habits. Furthermore, unhealthy lifestyles and eating habits attract various serious ailments, which is expected to boost the APAC medical devices market's growth rate during the forecast period. In addition, the expanding trend for medical wearable devices is expected to fuel medical devices growth in the APAC region.
Furthermore, the use of Artificial Intelligence (AI) in medical devices such as remote patient monitoring devices, wearable medical equipment, Electronic Health Records (EHR), and various other examples is predicted to hasten the adoption of medical devices into everyday life. Because innovation drives the medical device sector's constant search for new ways to treat and diagnose medical diseases, the medical device industry should continue to grow at a favorable rate in the future, significantly as patient life expectancy rises and the population ages. The demand for minimally invasive therapies, as well as government assistance for medical device creation and research and development in generating highly advanced medical devices, has increased rapidly in recent years and is likely to skyrocket in the next few years.
However, The APAC medical devices market was stifled by a lack of healthcare awareness and reimbursements. Challenges posed by legislative changes, rising number of adverse effects, data security difficulties, and the covid-19 pandemic are all factors that could slow the market's growth in the future. In addition, the lack of advanced medical facilities in Asia Pacific's low and middle-income countries is a significant impediment to the market's expansion.
This research report on the APAC medical devices market has been segmented and sub-segmented into the following categories:
Based on region, the APAC medical devices market is rising due to awareness that medical devices add value to hospitals, patients, and payers. Another aspect that boosts the market's growth is the increased adoption of routine healthcare check-ups and technical advancements in medical devices. Furthermore, due to an aging population, rising per capita income, and expanding public health concerns, Asia Pacific emerged as the fastest-growing area over the forecast period.
The Indian medical devices market is estimated to showcase a healthy growth rate during the forecast period. India is now ranked sixth in the worldwide market. This is primarily due to the countries' quick technical advancements in many areas and their unique nature in terms of sales channels and distribution patterns. The Indian Ministry of Health and Family Welfare (MOHFW) and the Central Drugs Standard Control Organization (CDSCO) conducted the following steps to enhance medical device exports in the country: Schedule MIII (proposed guidance on acceptable manufacturing practices and facility requirements) is being re-examined and implemented as a system for export labeling. Due to rising per capita income, more lavish spending on healthcare facilities, and a significant increase in the region's aging population, Asia Pacific is expected to develop rapidly during the forecast period. China is the second-largest market for medical devices after the United States.
KEY MARKET PARTICIPANTS:
Medtronic, Stryker, Fresenius SE & Co. KGaA, Koninklijke Philips N.V., F. Hoffmann-La Roche Ltd, General Electric Company, Siemens Healthineers AG, BD, Boston Scientific Corporation, and Johnson & Johnson Services, Inc. are a few of the leading companies operating in the APAC medical devices market.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferences
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquisition Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 APAC medical devices market, By Type
6.2 Orthopedic Devices
6.3 Cardiovascular Devices
6.4 Diagnostic Imaging
6.7 Wound Management
6.8 Diabetes Care
6.12 General Surgery
6.13.1 Market Size Estimations & Forecasts (2021-2026)
6.13.2 Y-o-Y Growth Rate Analysis
6.13.3 Market Attractiveness Index
6.14 APAC medical devices market, By Application
6.15 Hospital & ASC’s
6.16.1 Market Size Estimations & Forecasts (2021-2026)
6.16.2 Y-o-Y Growth Rate Analysis
6.16.3 Market Attractiveness Index
7. Geographical Landscape
7.1 APAC Medical Devices Market, by Region
7.2 Asia Pacific
7.2.1 By Country
22.214.171.124 South Korea
126.96.36.199 South East Asia
188.8.131.52 Australia & NZ
184.108.40.206 Rest of Asia-Pacific
7.2.2 By Type
7.2.3 By Application
8. Key Player Analysis
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.3 Fresenius SE & Co. KGaA
8.4 Koninklijke Philips N.V.
8.5 F. Hoffmann-La Roche Ltd
8.6 General Electric Company
8.7 Siemens Healthineers AG
8.9 Boston Scientific Corporation
8.10 Johnson & Johnson Services, Inc.
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures