According to the report, the Asia Pacific Medical Device Technology Market Size is valued at USD 87.74 Million in 2022 and is projected to reach USD 124.79 Million by 2027, at a CAGR of 7.3% during the forecast period from 2022 to 2027.
Medical technology is a digitalized process for the medical device industry. An increase in the population increased the geriatric and pediatric population, increased awareness of healthy lifestyles, increased chronic diseases, and a rise in awareness for early detection of diseases and their treatment increased market growth and its value. Also, an increased ratio of people using online healthcare platforms, fitness trackers, fit bands, and other online healthcare platforms drives the market growth. Government initiative’s to create awareness on various health plans and patient safety, awareness on medical devices, and other uses increase market size. Technological advancements, research, and developmental activities, various innovations to create new designs for medical devices and software systems are also increasing market size.
Various market restraints for this market that held back market growth are listed below. The high costs associated with medical devices and software installations are major drawbacks to this market. A lot of skilled medical professionals, software developers, technical staff, and other workers and labor are required to handle and maintain this market. The lack of staff and proper people managing for this causes a negative impact on this market. Other factors such as lack of availability of PPE kits, personal hygiene, and other protection goods, overcrowding issues even after the announcement of the pandemic, failed social distancing and other regulatory norms on time which are set up by government authorities also impacted social distancing. The government’s poor reimbursement plans for various programs, device setup and installation charges, equipment purchase, software maintenance, and the proctoring process will hamper the market growth. Hence along with manufacturers, the end-users like hospitals, clinics, diagnostic centers, medical healthcare departments, and healthcare consulting departments face difficulties.
Asia Pacific Medical Device Technology Market has been segmented and sub-segmented into the following categories
By Device Type:
The annual CAGR Growth for the medical device technology market globally is 5.5%. Asia Pacific region also expects the fastest growth in the medical device technology market. As half of the world’s population is from the Asia Pacific, the scope of the market for medical device technology is more. Factors such as developmental activities, research activities, technological advances, and other initiatives for new medical devices increase market size. China and India are the largest regions in terms of population and manufacturers and hence fetch the largest shares and revenue.
Top Companies dominating the Asia Pacific Medical Device Technology Market Profiled in the Report are Abbott Laboratories, Inc., Becton, Dickinson and Company, GE Healthcare, Novartis Diagnostics, bioMerieux, Inc., Biomerica, Inc., Johnson and Johnson Diagnostics, Inc., Olympus Corporation, Qiagen N.V., Siemens AG, Thermo Fischer Scientific, Inc., and Zenith Healthcare Ltd.
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