Definition:
The Medical Technology market covers devices and products used for prevention, diagnosis, and treatment of diseases. Next to pharmaceuticals, they form the most important category of medical products. The most well known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants.
Structure:
The Medical Technology market consists of two markets, In Vitro Diagnostics (IVD) and Medical Devices. The IVD market covers products used for medical laboratory testing of specimens derived from the human body. The Medical Devices market covers a broad range of products which are further marketed into medical specialties or types of application: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and General & Plastic Surgery Devices. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.
Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.
Company examples: Medtronic, Johnson & Johnson, Abbott Laboratories, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.
Notes: Data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war.
Most recent update: Aug 2024
Source: Statista Market Insights
The Medical Technology market in APAC is experiencing significant growth and development due to various factors.
Customer preferences: Customers in APAC have a growing demand for advanced medical technologies that can provide accurate diagnoses, effective treatments, and improved patient outcomes. They are increasingly seeking minimally invasive procedures, personalized medicine, and digital health solutions. Additionally, there is a rising awareness about preventive healthcare and a shift towards home-based care, which is driving the demand for medical devices and technologies that can be used outside of traditional healthcare settings.
Trends in the market: One of the key trends in the Medical Technology market in APAC is the adoption of telemedicine and remote patient monitoring solutions. With the increasing penetration of smartphones and internet connectivity, healthcare providers are leveraging technology to reach patients in remote areas and provide them with access to quality healthcare. This trend is particularly prominent in countries with large rural populations, where access to healthcare facilities is limited. Another trend in the market is the focus on precision medicine and genomics. APAC countries are investing in research and development to understand the genetic makeup of their populations and develop targeted therapies. This trend is driven by advancements in genetic sequencing technologies and the potential to provide personalized treatments based on an individual's genetic profile.
Local special circumstances: Each country in APAC has its own unique set of circumstances that influence the development of the Medical Technology market. For example, in China, the government has implemented policies to promote domestic innovation and reduce dependence on imported medical technologies. This has led to the growth of local medical device manufacturers and increased competition in the market. In Japan, the aging population is a significant factor driving the demand for medical technologies. The country has one of the highest proportions of elderly citizens in the world, which has created a need for technologies that can support the healthcare needs of this demographic. This includes devices for monitoring chronic conditions, assistive technologies, and robotics for elderly care.
Underlying macroeconomic factors: The economic growth and rising disposable incomes in APAC countries are contributing to the development of the Medical Technology market. As people have more financial resources, they are willing to spend on healthcare services and technologies that can improve their quality of life. Additionally, governments in the region are increasing their healthcare budgets and investing in infrastructure to support the growth of the healthcare sector. Furthermore, the increasing prevalence of chronic diseases in APAC countries is driving the demand for medical technologies. Conditions such as diabetes, cardiovascular diseases, and cancer are on the rise, and there is a need for advanced diagnostic tools, treatment options, and monitoring devices to manage these diseases effectively. In conclusion, the Medical Technology market in APAC is experiencing growth and development due to customer preferences for advanced technologies, trends such as telemedicine and precision medicine, local special circumstances in each country, and underlying macroeconomic factors such as economic growth and the increasing prevalence of chronic diseases.
Most recent update: Aug 2024
Source: Statista Market Insights
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.