Asia Pacific Medical Devices Market to Grow at a CAGR of 7.4% to reach US$ 1,46,161.68 Mn from 2020 to 2027

Asia Pacific, the medical devices market, is anticipated to reach US$ 1,46,161.68 Mn in 2027 from US$ 82,801.96 Mn in 2019. The market is projected to grow with a CAGR of 7.4% from 2020-2027.

The medical devices market is growing primarily due to the growing medical device industry. Restraining factor such as challenges in medical device industry, is likely to damage the growth of the market in the coming years. On the other hand, rising government support on medical technologies is expected to have a positive impact on the growth of the Asia Pacific medical devices market in the coming years.

Investments for medical research and development activities is on rise across the world. For instance, in February 2017, the Association of Indian Medical Device Industry (AiMeD) and Invest India signed a memorandum of understanding (MoU) to transform India into a global medical device manufacturing hub.

Also, in August 2019, China’s National Medical Products Administration (the “NMPA”) announced the expansion of the current medical device MAH pilot program from Shanghai, Beijing, Guangdong, and Tianjin to 21 cities and provinces. The program allows Medtech companies to allocate R&D and manufacturing activities across pilot cities and provinces. For instance, an R&D center in Shanghai holding the regulatory approval and IP of a device can outsource its manufacturing activities to neighboring areas—such as Jiangsu and Zhejiang—that have stronger manufacturing capacity. Thus, the growing government support for medical technologies is likely to favour the market growth.

In 2019, the Japan accounted for the largest market share in Asia Pacific medical devices market and expected to grow at a significant pace over the forecast period. Growth in the Japan medical devices market can be attributed towards significantly rising artificial intelligence for medical technology. Moreover, the growth in telemedicine, home care medical devices, and solutions that enable early diagnosis of cancer help to increase the market for medical devices in the country. Hence, considering the mentioned factors, the medical devices market is expected to grow at a significant pace in China during the forecast period.

Rest of Asia Pacific Medical Devices Market Revenue and Forecasts to 2027 (US$ Mn)

ASIA PACIFIC ANIMAL HEALTH – MARKET SEGMENTATION

By Product Type

• Surgical Devices
  • Electrosurgical Generators
  • Ultrasonic Surgical Generators
  • Minimally Invasive Surgery Devices
  • Other Surgical Devices
• Infection Control Devices
• General Medical Devices
• Cardiovascular Devices
• Neurological Devices
• Ophthalmology Devices
• In-Vitro Diagnostic Devices
• Endoscopy Devices
• Others

By Function

• Diagnostic and Monitoring
• Therapeutics
• Surgical
• Others

By End User

• 8Homecare Medical Devices
• Hospital Medical Devices
• Ambulatory Care Medical Devices
• Others

By Geography

• Asia Pacific

  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Indonesia
  • Singapore
  • Malaysia
  • Taiwan
  • Myanmar
  • Thailand
  • Philippines
  • Vietnam
  • New Zealand
  • Sri Lanka
  • Nepal
  • Cambodia
  • Pakistan
  • Rest of Asia Pacific

Company Profiles

• 3M
• Braun Melsungen AG
• Boston Scientific Corporation
• Abbott
• Medtronic
• General Electric Company
• Stryker Corporation
• Koninklijke Philips N.V
• Siemens AG
• Johnson and Johnson Services, Inc

Asia Pacific Medical Devices Report Scope