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
Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.
Most recent update: Mar 2024
Most recent update: Mar 2024
Source: Statista Market Insights
The Medical Technology market in ASEAN is experiencing significant growth and development. Customer preferences for advanced healthcare solutions, increasing healthcare expenditure, and favorable government initiatives are driving the growth of the market. Additionally, local special circumstances and underlying macroeconomic factors are also contributing to the market's development. Customer preferences in the ASEAN region are shifting towards advanced healthcare solutions. With a growing middle-class population and increasing awareness about healthcare, there is a rising demand for innovative medical technologies. Customers are seeking more precise and efficient medical devices and equipment that can improve patient outcomes and enhance the overall healthcare experience. This preference for advanced healthcare solutions is driving the adoption of medical technology in the ASEAN market. Trends in the Medical Technology market in ASEAN include the adoption of telemedicine and digital health solutions. The ASEAN region consists of diverse and geographically dispersed populations, making access to healthcare services a challenge in many areas. Telemedicine and digital health solutions provide a means to overcome these challenges by enabling remote consultations, remote monitoring, and access to healthcare information. This trend is particularly prominent in countries like Singapore, Malaysia, and Thailand, where the healthcare infrastructure is more developed. Local special circumstances in the ASEAN region also contribute to the development of the Medical Technology market. For example, the aging population in countries like Singapore and Thailand creates a growing demand for medical devices and technologies that cater to the specific healthcare needs of elderly individuals. Additionally, the prevalence of chronic diseases such as diabetes and cardiovascular diseases in the region drives the demand for medical technology solutions that can effectively manage and treat these conditions. Underlying macroeconomic factors such as increasing healthcare expenditure and favorable government initiatives are also driving the growth of the Medical Technology market in ASEAN. Governments in the region are investing in healthcare infrastructure and implementing policies to promote the adoption of medical technology. For example, the Singapore government has launched initiatives like the HealthTech Transformation Office to drive innovation and digitalization in the healthcare sector. These initiatives create a conducive environment for the growth and development of the Medical Technology market. In conclusion, the Medical Technology market in ASEAN is experiencing significant growth and development due to customer preferences for advanced healthcare solutions, the adoption of telemedicine and digital health solutions, local special circumstances, and underlying macroeconomic factors. The market is poised for further expansion as the demand for innovative medical technologies continues to rise in the ASEAN region.
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights