Other Medical Devices - APAC

APAC

Highlights

The revenue in the Other Medical Devices market market in APAC is estimated to reach US$26.34bn in 2024.
It is expected to exhibit a compound annual growth rate (CAGR) of 5.79% from 2024 to 2029, leading to a market volume of US$34.90bn by 2029.
When compared globally, the United States is projected to generate the highest revenue, with US$58.90bn in 2024.
In APAC, Japan leads the market for other medical devices with its advanced technology and strong demand for innovative healthcare solutions.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Medical Devices market in APAC is experiencing significant growth due to various factors such as increasing customer preferences for advanced medical technologies, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the APAC region are driving the growth of the Other Medical Devices market. Customers in this region are increasingly seeking advanced medical devices that provide accurate and efficient healthcare solutions. They are willing to invest in innovative technologies that can improve patient outcomes and enhance the overall quality of healthcare services. Additionally, customers in APAC are becoming more aware of the importance of preventive healthcare and are actively seeking devices that can help them monitor their health and detect early signs of diseases. Trends in the market are also contributing to the growth of the Other Medical Devices market in APAC. One notable trend is the increasing adoption of telemedicine and remote patient monitoring devices. These technologies allow healthcare providers to remotely monitor patients' health conditions and provide timely interventions, especially in rural areas with limited access to healthcare facilities. Another trend is the growing demand for wearable medical devices, such as fitness trackers and smartwatches, which can track vital signs and provide personalized health insights to users. Local special circumstances in the APAC region further drive the development of the Other Medical Devices market. For example, countries like China and India have large populations with a rising middle class and increasing disposable incomes. This has led to a higher demand for healthcare services and medical devices. Additionally, the aging population in countries like Japan and South Korea has created a need for medical devices that cater to the specific healthcare needs of elderly individuals. Underlying macroeconomic factors also play a role in the growth of the Other Medical Devices market in APAC. The region has been experiencing rapid economic growth, which has resulted in increased healthcare spending and infrastructure development. Governments in APAC countries are investing in healthcare reforms and initiatives to improve access to quality healthcare services. This has created a favorable environment for the adoption of advanced medical devices. In conclusion, the Other Medical Devices market in APAC is witnessing significant growth due to customer preferences for advanced medical technologies, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The region's increasing demand for innovative medical devices, coupled with favorable economic conditions, is driving the development and adoption of these devices in APAC.

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.