Market Insights Health Medical Technology

Medical Devices - Asia

Asia

The projected revenue for the Medical Devices market market in Asia is expected to reach €107.90bn in 2024.
Among the various markets, the largest one is Cardiology_Devices, which is projected to have a market volume of €15.71bn in 2024.
Looking ahead, the market is expected to grow at an annual growth rate of 6.82% (CAGR 2024-2029), resulting in a market volume of €150.10bn by 2029.
In global comparison, the United States is expected to generate the highest revenue in the Medical Devices market market, with €166.10bn in 2024.
In Japan, the medical device market is experiencing a surge in demand for robotic surgical systems.

Key regions: Germany, Spain, Japan, United Kingdom, United States

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Analyst Opinion

The Medical Devices market in Asia is experiencing significant growth and development due to various factors. Customer preferences in the Medical Devices market in Asia are driven by the increasing demand for advanced healthcare solutions. Customers in this region are becoming more aware of the benefits of medical devices in improving healthcare outcomes and are willing to invest in innovative products. Additionally, the aging population in many Asian countries is contributing to the rising demand for medical devices, as older individuals require more healthcare services and treatments. Trends in the Medical Devices market in Asia include the adoption of digital health technologies and the rise of wearable devices. With the increasing availability of smartphones and internet connectivity, customers are seeking more convenient and personalized healthcare solutions. This has led to the development of medical devices that can be connected to mobile apps and provide real-time health monitoring and data analysis. Wearable devices, such as fitness trackers and smartwatches, are also gaining popularity in Asia as they enable individuals to track their health and fitness levels on a daily basis. Local special circumstances in the Medical Devices market in Asia include the diverse healthcare systems and regulatory environments across different countries. Each country has its own set of regulations and standards for medical devices, which can impact the market dynamics and product availability. For example, some countries may have stricter regulations for the approval and sale of medical devices, while others may have more lenient requirements. Additionally, cultural factors and preferences can also influence the adoption of certain medical devices in specific countries. Underlying macroeconomic factors driving the growth of the Medical Devices market in Asia include the increasing healthcare expenditure and government initiatives to improve healthcare infrastructure. As Asian economies continue to grow, governments are investing more in healthcare and are encouraging the adoption of advanced medical technologies. This creates a favorable environment for medical device manufacturers and suppliers to expand their presence in the region. Furthermore, the rise of medical tourism in Asia is also contributing to the demand for medical devices, as individuals from other countries seek healthcare services in the region. Overall, the Medical Devices market in Asia is experiencing growth and development due to customer preferences for advanced healthcare solutions, the adoption of digital health technologies, local special circumstances, and underlying macroeconomic factors. This presents opportunities for medical device manufacturers and suppliers to tap into the growing market in Asia and cater to the diverse needs of customers in this region.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.