The medical device market in the Asia-Pacific region surged to US$15 billion in 2017

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Nov 16,2020

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For a long time, ordinary people's attention to the medical field is usually limited to the biomedical field. Most of us are familiar with biopharmaceutical giants such as Roche, Pfizer, Novartis, or AstraZeneca. However, for another member of the medical industry family-medical devices, many people's cognition still remains many years ago.

Now, with the development of biomedical technology, medical devices are no longer limited to low-tech surgical instruments and other consumables or gamma knives and other large-scale medical devices far from our cognition. Many medical devices have gradually approached our lives, becoming more and more intelligent and smaller.

A recent survey showed that the medical device market in Asia (not counting the Japanese market share) will see a blowout in the next few years. According to forecasts, the medical device market share in 2017 will reach as much as 15 billion U.S. dollars, while in 2012 this figure was only about 2 billion U.S. dollars. Research and Markets, a well-known market research company, pointed out through surveys that in the next few years, the Asian biomedical device market will grow at an annual rate of more than 10% to meet the growing demand for medical devices in the Asian market.

Research and Markets made this prediction after investigating the business trends of the top 100 medical device companies in Asia. In addition, Research and Markets also specifically analyzed the three main medical device markets of India, Japan and South Korea. Among them, the Japanese market is the world's second largest medical device market after the United States.

As a mature medical device market, the Japanese market will continue to maintain a growth rate of 2.9% in the next few years. This will increase the Japanese medical device market share from US$32 billion in 2012 to approximately US$34.9 billion.

The Korean medical device market, as the Asian market second only to Japan and China, had a market share of US$5.1 billion in 2013. It is expected that the country’s market will grow at an annual rate of 7.7% by 2018.

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