Market Insights Health Medical Technology

Medical Devices - ASEAN

ASEAN

The Medical Devices market market in the Association of Southeast Asian Nations (in Association of Southeast Asian Nations (ASEAN)) is forecasted to achieve a revenue of US$11.53bn by 2024.
Among the various markets within the market, Cardiology_Devices is expected to hold the largest share with a projected market volume of US$1.77bn in 2024.
Over the period 2024-2029, the market is anticipated to grow at an annual growth rate (CAGR) of 7.83%, resulting in a market volume of US$16.81bn by 2029.
When compared globally, the United States is expected to generate the highest revenue in the Medical Devices market market, with an estimated amount of US$179.80bn in 2024.
In the ASEAN region, Singapore is emerging as a leading hub for medical device innovation and research.

Key regions: Germany, Spain, Japan, United Kingdom, United States

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Analyst Opinion

The Medical Devices market in ASEAN is experiencing significant growth and development due to various factors. Customer preferences are shifting towards advanced and innovative medical devices that offer improved healthcare outcomes. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the expansion of the market. Customer preferences in the Medical Devices market in ASEAN are influenced by the increasing demand for technologically advanced devices. Customers are seeking devices that provide accurate diagnosis, effective treatment, and better patient care. This preference for advanced devices is driven by the desire to improve healthcare outcomes and enhance the overall quality of medical services. As a result, there is a growing demand for medical devices with features such as wireless connectivity, remote monitoring capabilities, and artificial intelligence integration. Trends in the Medical Devices market in ASEAN are characterized by the adoption of digital health technologies and the increasing use of wearable devices. Digital health technologies, such as telemedicine and electronic health records, are gaining popularity as they enable remote healthcare services and improve patient access to medical professionals. Wearable devices, such as fitness trackers and smartwatches, are also being used for monitoring health parameters and promoting preventive healthcare. These trends reflect the growing emphasis on preventive and personalized healthcare in the region. Local special circumstances in ASEAN, such as the increasing prevalence of chronic diseases and the aging population, are driving the demand for medical devices. Chronic diseases, such as diabetes and cardiovascular diseases, require continuous monitoring and management, leading to a higher demand for devices like glucose meters and cardiac monitors. The aging population in ASEAN is also contributing to the market growth, as older individuals often require medical devices for various health conditions and age-related issues. Underlying macroeconomic factors, such as increasing healthcare expenditure and government initiatives, are supporting the development of the Medical Devices market in ASEAN. Governments in the region are investing in healthcare infrastructure and implementing policies to promote the use of medical devices. This includes initiatives to enhance healthcare accessibility, improve healthcare quality, and encourage domestic manufacturing of medical devices. The rising healthcare expenditure in ASEAN countries is also driving the demand for medical devices, as healthcare providers and individuals are willing to invest in advanced healthcare technologies. Overall, the Medical Devices market in ASEAN is witnessing growth and development due to customer preferences for advanced devices, trends in digital health technologies and wearable devices, local special circumstances such as the prevalence of chronic diseases and aging population, and underlying macroeconomic factors such as increasing healthcare expenditure and government initiatives. These factors are shaping the market and creating opportunities for medical device manufacturers and suppliers 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.