Market Insights Health Medical Technology Medical Devices

Other Medical Devices - Asia

Asia

The revenue in the Other Medical Devices market market in Asia is forecasted to reach €28.85bn in 2024.
It is expected to experience an annual growth rate (CAGR 2024-2029) of 5.80%, leading to a market volume of €38.25bn by 2029.
When compared globally, the United States is projected to generate the highest revenue, with €54,620.00m in 2024.
In Asia, the demand for other medical devices in the medical technology market is rapidly growing, with countries like Japan and South Korea leading the innovation and adoption of advanced technologies.

Key regions: United Kingdom, China, Netherlands, Europe, Italy

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Analyst Opinion

The Other Medical Devices market in Asia is experiencing significant growth and development.

Customer preferences: Customers in Asia are increasingly seeking out innovative and technologically advanced medical devices. They are looking for products that offer improved accuracy, efficiency, and convenience in diagnosing and treating various medical conditions. Additionally, there is a growing demand for devices that are portable and can be used at home, allowing patients to monitor their health and manage their conditions more effectively.

Trends in the market: One of the key trends in the Other Medical Devices market in Asia is the increasing adoption of wearable medical devices. These devices, such as smartwatches and fitness trackers, can monitor vital signs, track physical activity, and provide real-time health data. They are becoming popular among consumers as they offer convenience and the ability to monitor health on-the-go. This trend is driven by the rising awareness of the importance of preventive healthcare and the increasing prevalence of chronic diseases in the region. Another trend in the market is the growing demand for minimally invasive medical devices. These devices allow for less invasive procedures, shorter recovery times, and reduced healthcare costs. In Asia, where the population is aging rapidly, there is a greater need for medical devices that can address age-related conditions such as cardiovascular diseases and orthopedic disorders. Minimally invasive devices, such as stents and implants, are increasingly being used in the treatment of these conditions.

Local special circumstances: Asia is a diverse region with varying healthcare systems and regulations. In some countries, there is a strong emphasis on government-funded healthcare, while in others, the private sector plays a larger role. This diversity creates unique challenges and opportunities for companies operating in the Other Medical Devices market. Companies need to navigate different regulatory frameworks, adapt their products to local preferences, and build strong relationships with healthcare providers and distributors in each country.

Underlying macroeconomic factors: The growing middle class in Asia is a key driver of the Other Medical Devices market. As disposable incomes rise, more people are able to afford healthcare services and medical devices. Additionally, the increasing prevalence of chronic diseases, such as diabetes and cardiovascular diseases, is driving the demand for medical devices that can help manage these conditions. The aging population in Asia is also contributing to the growth of the market, as older individuals require more medical devices to manage age-related health issues. In conclusion, the Other Medical Devices market in Asia is experiencing significant growth and development. Customer preferences for innovative and technologically advanced devices, along with the increasing demand for wearable and minimally invasive devices, are driving this growth. Local special circumstances, such as diverse healthcare systems and regulations, present both challenges and opportunities for companies operating in the market. The underlying macroeconomic factors of a growing middle class, increasing prevalence of chronic diseases, and aging population are also contributing to the growth of the market.

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.