Medical Technology

In 2024, the revenue in the Medical Technology market market in Southeast Asia is estimated to reach US$13.08bn.
Among the different markets, Medical Devices are expected to dominate with a projected market volume of US$11.23bn in the same year.
It is anticipated that the market will experience a steady annual growth rate of 7.31% (CAGR 2024-2029), leading to a market volume of US$18.61bn by 2029.
In comparison to other countries, the United States is forecasted to generate the highest revenue, amounting to US$211.10bn in 2024.
In Southeast Asia's medical technology market, Singapore stands out as a leader in innovative healthcare solutions and medical device manufacturing.

Definition:
The Medical Technology market covers devices and products used for prevention, diagnosis, and treatment of diseases. Next to pharmaceuticals, they form the most important category of medical products. The most well known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants.

Structure:
The Medical Technology market consists of two markets, In Vitro Diagnostics (IVD) and Medical Devices. The IVD market covers products used for medical laboratory testing of specimens derived from the human body. The Medical Devices market covers a broad range of products which are further marketed into medical specialties or types of application: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and General & Plastic Surgery Devices. 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, Abbott Laboratories, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

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

Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

The Medical Technology market in Southeast Asia is experiencing significant growth and development.

Customer preferences: Customers in Southeast Asia are increasingly demanding advanced medical technology solutions to improve healthcare outcomes. They are looking for innovative and cost-effective medical devices and equipment that can enhance patient care, increase efficiency, and reduce healthcare costs. Additionally, there is a growing demand for personalized healthcare solutions, as customers seek more tailored and targeted treatments.

Trends in the market: One key trend in the Medical Technology market in Southeast Asia is the adoption of digital health technologies. The region is witnessing a rapid increase in the use of telemedicine, mobile health apps, and wearable devices. These technologies are enabling healthcare providers to remotely monitor patients, provide virtual consultations, and deliver personalized healthcare services. The rising prevalence of chronic diseases, such as diabetes and cardiovascular diseases, is driving the demand for remote patient monitoring solutions and digital health platforms. Another trend in the market is the growing focus on medical tourism. Southeast Asia has become a popular destination for medical tourists, who are attracted by the region's high-quality healthcare services at affordable prices. This has led to an increased demand for advanced medical technology solutions, as healthcare providers strive to offer state-of-the-art facilities and treatments to attract medical tourists. The Medical Technology market in Southeast Asia is therefore witnessing a surge in investments in healthcare infrastructure and the adoption of cutting-edge medical devices and equipment.

Local special circumstances: Southeast Asia is a diverse region with varying levels of healthcare infrastructure and access to medical technology. While countries like Singapore and Malaysia have well-developed healthcare systems and advanced medical technology capabilities, other countries in the region, such as Cambodia and Laos, face challenges in terms of healthcare infrastructure and access to medical technology. However, these countries are also witnessing efforts to improve healthcare infrastructure and increase access to medical technology, creating opportunities for market growth.

Underlying macroeconomic factors: Several macroeconomic factors are driving the development of the Medical Technology market in Southeast Asia. The region's growing population, rising disposable incomes, and increasing healthcare expenditure are contributing to the demand for advanced medical technology solutions. Additionally, governments in Southeast Asia are focusing on improving healthcare infrastructure and investing in healthcare reforms, creating a favorable environment for the growth of the Medical Technology market. The region's strategic location and proximity to major markets, such as China and India, also make it an attractive destination for medical technology companies looking to expand their presence in Asia.

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.