The medical devices market size in the Asia-Pacific region was worth USD 111.93 billion in 2023. This value is further estimated to be growing at a CAGR of 6.8% and be worth USD 166.1 billion by 2029 from USD 119.5 billion in 2024.
The rapid growth in healthcare infrastructure is anticipated to fuel the growth rate of the Asia-Pacific medical devices market. The Asia-Pacific region has been making substantial investments to enhance its healthcare infrastructure, involving the establishment of hospitals, clinics, and specialized medical facilities. The rising healthcare spending in the Asia-Pacific region has expanded accessibility to advanced medical technologies, fuelled by augmented financial support from both governmental and private sources the demand for medical devices is growing. The rise in chronic conditions such as cardiovascular, diabetes, and respiratory disorders is driving the demand for medical devices used in diagnosis, monitoring, and therapeutic interventions. The increasing recognition of the significance of healthcare in the region has led to a heightened need for advanced medical devices, ensuring precise diagnostics and effective treatments.
The Asia-Pacific market for medical devices is set for expansion, driven by technological progress and changing healthcare dynamics. Critical domains encompass digital health, telemedicine, precision medicine, wearable devices, robotics, and other advancements. Achieving progress in healthcare delivery requires strategic innovation, adherence to regulations, and addressing diverse healthcare needs.
Growing concerns over the limited healthcare budget among small and medium pharma companies, which is a challenging aspect for the key players of the Asia-Pacific medical devices market. Also, the affordability of advanced medical devices continues to pose a notable challenge, particularly in lower-income countries, attributed to the substantial initial costs and limitations in healthcare system resources. Hence, these factors are impeding the growth rate of the market.
The factor is attributed to restraining the growth rate of the Asia-Pacific medical devices market due to the diverse nations in the Asia-Pacific region posing challenges of market fragmentation for manufacturers in terms of distribution, marketing, and customization. The incorporation of medical devices with digital technologies gives rise to apprehensions regarding data security and privacy, compelling the need for the establishment of robust cybersecurity measures.
Impact of COVID-19 on the Asia-Pacific medical devices market:
The medical devices sector in the Asia-Pacific region has undergone significant effects from the COVID-19 pandemic, witnessing elevated demand for essential devices and technological advancements. Simultaneously, challenges have arisen, including disruptions in supply chains, financial limitations, regulatory setbacks, shifts in healthcare priorities, changes in consumer behavior, and operational hurdles.
This research report on the Asia-Pacific medical devices market has been segmented and sub-segmented into the following categories.
Asia-Pacific Medical Devices Market- By-Type:
The cardiovascular devices segment has a significant market share. The rising occurrence of cardiovascular diseases in the area has resulted in a notable increase in the need for cardiovascular devices, including stents, pacemakers, and cardiac monitors. Progress in interventional cardiology and cardiac surgery technology is a driving factor for the expansion of this segment.
Asia-Pacific Medical Devices Market -By End-User:
The hospital & ASC segment is likely to have the fastest growth rate during the forecast period. Innovations in surgical technologies, robotics, and patient monitoring systems are anticipated to have a profound impact on the evolution of medical devices in both hospital settings and Ambulatory Surgery Centers (ASCs).
Asia-Pacific Medical Devices Market - By Country:
The Chinese medical devices market was the biggest regional segment in Asia-Pacific and is predicted to grow promisingly. The expansion of China's medical devices market is fuelled by the integration of AI, telehealth, and intelligent healthcare solutions, while future developments are influenced by regulatory reforms and adherence to quality standards.
The Indian medical devices market held a noteworthy share of the Asia-Pacific market in 2023 and is predicted to grow healthy during the forecast period owing to rising per capita income. India is witnessing a notable increase in the uptake of digital health solutions, telemedicine, and cost-effective medical devices, propelled by a rise in investments from both governmental and private entities.
The growth rate of the Japanese medical devices market has been growing higher in the past few years and is expected to continue the same flow in the foreseeable future. Japan is one of the top countries that follow a regulatory framework for approving medical devices to provide high-quality healthcare services. High adoption of the latest technologies in the medical sector is another factor that is leveling up the demand for the APAC medical devices market. Digital health technologies are playing a major role in elevating demand for medical devices in Japan. With the growing demand for the adoption of telemedicine, remote patient monitoring, especially in elderly people, is gearing up for the growth rate of this market. Around one in 10 people aged above 65 – 80 is gearing up for the adoption of new technologies like telehealth and remote healthcare services.
Singapore is likely to showcase prominent growth opportunities for the medical devices market. Growing disposable income in urban areas is prompting the growth rate of the market in this country. Rising investments in R&D activities to launch high-quality devices in favor of the public are ascribed to boost the demand for the acceptance of medical devices in the Singapore healthcare sector. Government authorities support providing high-quality services through insurance policies, which accelerates the growth rate of the Singapore market.
The medical devices market in South Korea is likely to have a favorable growth rate in the coming years. Government steps to implement different strategies to provide highly advanced treatment procedures through investments in healthcare units are increasing the market size. Key player's focus on adopting highly advanced technologies like AI and in-vitro diagnostics procedures is likely to elevate the need for the launch of innovative medical devices, which is driving the South Korean market growth.
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 Asia-Pacific medical devices market.
Frequently Asked Questions
China, Japan, India, South Korea, and Australia are contributing significantly to the APAC medical devices market.
Factors such as increasing healthcare expenditure, technological advancements, and a growing aging population are driving the growth of the APAC medical devices market.
The rise of digital health technologies, increasing focus on wearable medical devices, and the adoption of telehealth solutions in the APAC region are some of the notable trends in the APAC market.
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