General & Plastic Surgery Devices - APAC

APAC

Highlights

The Asia-Pacific market for General & Plastic Surgery Devices market is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is expected to reach US$5.28bn by 2024.
Furthermore, it is anticipated that the market will continue to expand at a compound annual growth rate (CAGR 2024-2029) of 7.24%.
This growth trajectory is expected to drive the market volume to US$7.48bn by 2029.
When compared to other countries globally, the United States is expected to generate the highest revenue in the General & Plastic Surgery Devices market market.
The projected revenue for the United States in 2024 is estimated to be US$9.84bn.
In the APAC region, Japan leads the market in General & Plastic Surgery Devices with its advanced technology and high demand for aesthetic procedures.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The General & Plastic Surgery Devices market in APAC is experiencing significant growth and development, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the APAC region play a crucial role in shaping the General & Plastic Surgery Devices market. The increasing demand for aesthetic procedures and the desire for enhanced physical appearances are driving the market growth. Customers are increasingly seeking minimally invasive procedures and advanced technologies that offer effective and natural-looking results. This preference for less invasive procedures is driving the demand for devices such as lasers, injectables, and non-surgical treatments. Trends in the market further contribute to the growth of the General & Plastic Surgery Devices market in APAC. Technological advancements in surgical devices and techniques are revolutionizing the field of plastic surgery. The introduction of robotic-assisted surgeries, 3D imaging systems, and virtual reality simulations are enhancing the precision and outcomes of surgical procedures. Additionally, the growing popularity of medical tourism in the region is attracting patients from around the world, further boosting the demand for plastic surgery devices. Local special circumstances also play a role in the development of the General & Plastic Surgery Devices market in APAC. The region is home to a large population with diverse cultural backgrounds and beauty standards. Countries like South Korea and Japan are known for their high beauty standards and the popularity of cosmetic procedures. This cultural emphasis on beauty and appearance drives the demand for plastic surgery devices in these countries. Additionally, the increasing disposable income and rising middle class in countries like China and India are fueling the demand for aesthetic procedures. Underlying macroeconomic factors also contribute to the growth of the General & Plastic Surgery Devices market in APAC. The region's strong economic growth and rapid urbanization have led to an increase in discretionary spending on healthcare and beauty services. Rising healthcare expenditure and improved healthcare infrastructure in countries like China and India are supporting the growth of the market. Furthermore, the aging population in many APAC countries is driving the demand for anti-aging treatments and cosmetic surgeries. In conclusion, the General & Plastic Surgery Devices market in APAC is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for aesthetic procedures, technological advancements, cultural emphasis on beauty, and favorable economic conditions are driving 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.

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Medical technology industry - statistics & facts

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.