Market Insights Health Medical Technology Medical Devices

Other Medical Devices - Taiwan

Taiwan

In Taiwan, the revenue of the Other Medical Devices market market is forecasted to reach US$0.92bn in 2024.
It is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 4.75%, leading to a market volume of US$1.16bn by 2029.
When compared globally, the United States is projected to generate the highest revenue of US$72,780.00m in 2024.
Taiwan's other medical devices market is experiencing a surge in demand due to its advanced healthcare infrastructure and high-tech manufacturing industry.

Key regions: United Kingdom, China, Netherlands, Europe, Italy

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Analyst Opinion

The Other Medical Devices market in Taiwan is experiencing steady growth and development.

Customer preferences: Customers in Taiwan have shown a growing preference for technologically advanced and innovative medical devices. They are increasingly seeking devices that offer improved accuracy, efficiency, and ease of use. This preference is driven by the country's advanced healthcare system and the high expectations of its population. Additionally, customers in Taiwan value products that are reliable, durable, and cost-effective, as they want to ensure the long-term value and effectiveness of their medical devices.

Trends in the market: One of the key trends in the Other Medical Devices market in Taiwan is the increasing adoption of digital health technologies. This includes wearable devices, remote patient monitoring systems, and telehealth solutions. These technologies allow for better management of chronic conditions, remote consultations with healthcare professionals, and real-time monitoring of patients' health parameters. The trend towards digital health is driven by the need for more efficient and convenient healthcare services, as well as the growing awareness and acceptance of technology among the population. Another trend in the market is the focus on personalized medicine. With advancements in genetic testing and precision medicine, there is a growing demand for medical devices that can be tailored to individual patients' needs. This includes devices for genetic testing, molecular diagnostics, and targeted therapies. The trend towards personalized medicine is driven by the desire to provide more effective and targeted treatments, as well as the increasing availability of genetic data and personalized healthcare services.

Local special circumstances: Taiwan has a well-developed healthcare system and a strong focus on research and development in the medical field. The country is known for its high-quality healthcare services and advanced medical technology. This creates a favorable environment for the development and adoption of new medical devices. Additionally, Taiwan has a large aging population, which drives the demand for medical devices that can improve the quality of life for elderly individuals. The government has also implemented policies to support the development and adoption of medical devices, further contributing to the growth of the market.

Underlying macroeconomic factors: Taiwan has a strong economy and a high level of healthcare expenditure, which provides a solid foundation for the growth of the Other Medical Devices market. The country's healthcare system is supported by both public and private funding, ensuring a steady demand for medical devices. Additionally, Taiwan has a well-educated and skilled workforce, which enables the development and manufacturing of high-quality medical devices. The country's strategic location in East Asia also allows for easy access to other markets in the region, further enhancing the growth potential of the market.

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.