Medical Devices - Taiwan | Statista Market Forecast

In 2024, the Medical Devices market market in Taiwan is expected to generate a revenue of US$2.39bn.
Among the various markets within the market, Cardiology_Devices holds the largest market share and is projected to reach a market volume of US$357.60m in the same year.
Over the period of 2024 to 2029, the market is expected to grow at an annual growth rate (CAGR 2024-2029) of 5.88%.
This growth will result in a market volume of US$3.19bn by 2029.
In terms of global comparison, the United States is anticipated to generate the highest revenue, with a projected amount of US$181.00bn in 2024.
Taiwan is a leading hub for medical device manufacturing, with a strong emphasis on precision engineering and innovation.

Definition:
The Medical Devices market includes instruments and machines helping for the prevention, diagnosis, and treatment of diseases. This market is further broken down into 6 submarkets according to medical specialties or types of application. Medical devices that treat the heart, such as pacemakers, can be found in the Cardiology Devices market. The Diagnostic Imaging market covers machines and instruments for diagnosis of many different kinds of conditions. Devices for orthopedic applications, such as joint implants, are included in the Orthopedic Devices market. Ophthalmic Devices are devices used for conditions related to the eye. The General & Plastic Surgery Devices covers many different products required for surgeries. 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, Siemens Healthineers.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Active medical devices (i.e., operating with electrical energy)

Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Products for laboratory testing (IVD)

The Medical Devices market in Taiwan has been experiencing significant growth in recent years.

Customer preferences: Customers in Taiwan have shown a strong preference for technologically advanced medical devices. They are willing to invest in innovative products that offer superior performance and improved patient outcomes. This preference for advanced technology is driven by the country's highly developed healthcare system and the increasing demand for high-quality medical services. Additionally, customers in Taiwan value reliability and durability in medical devices, as they expect them to have a long lifespan and be able to withstand heavy usage.

Trends in the market: One of the key trends in the Medical Devices market in Taiwan is the increasing adoption of digital health technologies. This includes the use of telemedicine, remote patient monitoring, and mobile health applications. The COVID-19 pandemic has further accelerated the adoption of these technologies, as they enable healthcare providers to deliver care to patients remotely and reduce the risk of infection. The government has also been supportive of the use of digital health technologies, providing incentives and subsidies to healthcare providers and medical device manufacturers. Another trend in the market is the growing demand for home healthcare devices. With an aging population and a desire for more personalized and convenient healthcare options, there has been a rise in the use of medical devices that can be used at home. This includes devices such as blood glucose monitors, blood pressure monitors, and respiratory devices. The government has recognized the importance of home healthcare and has implemented policies to support its development, such as reimbursement schemes for home healthcare services.

Local special circumstances: Taiwan is known for its strong manufacturing capabilities and has a well-established medical device industry. Many global medical device companies have set up manufacturing facilities in Taiwan to take advantage of its skilled workforce and advanced infrastructure. This has led to the development of a robust supply chain and has contributed to the growth of the Medical Devices market in the country. Additionally, Taiwan has a universal healthcare system, which provides affordable and accessible healthcare services to its population. This has created a favorable environment for the adoption of medical devices, as patients have access to a wide range of healthcare services and are more likely to seek medical treatment.

Underlying macroeconomic factors: Taiwan has a stable economy and a high standard of living, which has contributed to the growth of the Medical Devices market. The country has a strong focus on research and development, with significant investments being made in the healthcare sector. This has led to the development of innovative medical devices and has attracted foreign investments in the industry. Furthermore, the government has implemented policies to support the growth of the Medical Devices market. This includes providing tax incentives and grants to medical device manufacturers, as well as promoting collaboration between industry, academia, and research institutions. These initiatives have created a favorable business environment and have encouraged the development of new products and technologies in the market. In conclusion, the Medical Devices market in Taiwan is experiencing significant growth due to customer preferences for technologically advanced devices, the adoption of digital health technologies, and the increasing demand for home healthcare devices. The country's strong manufacturing capabilities, universal healthcare system, stable economy, and supportive government policies have also contributed to the growth of the market.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

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.