Medical Technology - Asia

Asia

In 2024, the revenue in the Medical Technology market market in Asia is expected to reach a staggering US$142.50bn.
The largest market in this market is Medical Devices, projected to have a market volume of US$117.60bn in the same year.
Looking ahead, the revenue is anticipated to grow at an annual rate of 6.44% (CAGR 2024-2029), resulting in a market volume of US$194.70bn by 2029.
It is worth noting that the United States will generate the highest revenue globally, with an estimated US$211.10bn in 2024.
In the booming Medical Technology market in Asia, Japan stands out as a leader in robotics-assisted surgery.

Key regions: United States, Germany, China, Japan, France

Market

Region

Region comparison

Currency

Analyst Opinion

The Medical Technology market in Asia is experiencing significant growth and development due to several key factors. Customer preferences for advanced healthcare solutions, the increasing prevalence of chronic diseases, and the rising healthcare expenditure are driving the demand for medical technology in the region. Additionally, local special circumstances, such as the aging population and the need for improved healthcare infrastructure, further contribute to the growth of the market. Customer preferences in Asia are shifting towards advanced healthcare solutions that provide accurate diagnoses, effective treatments, and improved patient outcomes. With the rising awareness about health and wellness, individuals are seeking innovative medical technologies that can help them monitor their health, prevent diseases, and manage chronic conditions. This has led to an increased demand for wearable devices, remote patient monitoring systems, and telemedicine solutions in the region. Trends in the market indicate a growing adoption of digital health technologies in Asia. The integration of artificial intelligence, big data analytics, and Internet of Things (IoT) in medical devices and healthcare systems is revolutionizing the way healthcare is delivered. These technologies enable healthcare providers to collect, analyze, and utilize patient data in real-time, leading to more personalized and efficient healthcare services. Furthermore, the increasing use of telemedicine platforms and mobile health applications is improving access to healthcare in remote areas and enhancing patient engagement. Local special circumstances in Asia, such as the aging population and the need for improved healthcare infrastructure, are driving the demand for medical technology. As the population ages, the prevalence of chronic diseases, such as cardiovascular diseases, diabetes, and cancer, is increasing. This creates a need for advanced medical devices and treatments that can effectively manage these conditions. Additionally, many countries in Asia are investing in the development of healthcare infrastructure to meet the growing demand for quality healthcare services. This includes the construction of new hospitals, clinics, and healthcare facilities, as well as the implementation of digital health solutions. Underlying macroeconomic factors, such as the rising healthcare expenditure and government initiatives, are also contributing to the development of the Medical Technology market in Asia. Governments in the region are increasing their healthcare budgets to improve access to healthcare and enhance healthcare quality. This includes investments in medical technology and healthcare innovation. Moreover, the growing middle-class population and increasing disposable income in Asia are driving the demand for better healthcare services and medical technology products. In conclusion, the Medical Technology market in Asia is developing rapidly due to customer preferences for advanced healthcare solutions, the increasing prevalence of chronic diseases, and the rising healthcare expenditure. The adoption of digital health technologies, local special circumstances such as the aging population and the need for improved healthcare infrastructure, and underlying macroeconomic factors are all contributing to the growth of the market in the 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.