Medical Technology

The projected revenue in the Medical Technology market market in Taiwan is expected to reach US$2.82bn in 2024.
The largest market within this industry is Medical Devices, which is projected to have a market volume of US$2.39bn in 2024.
It is anticipated that the revenue will experience an annual growth rate of 5.44% (CAGR 2024-2029), resulting in a market volume of US$3.68bn by 2029.
When compared to other countries globally, the United States is projected to generate the highest revenue, reaching US$211.10bn in 2024.
Taiwan is emerging as a global leader in medical technology innovation, with a strong focus on developing advanced diagnostic and imaging technologies.

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 Taiwan is experiencing significant growth and development due to several factors.

Customer preferences: Customers in Taiwan have shown a strong preference for technologically advanced medical devices and equipment. They value products that are innovative, reliable, and efficient. Additionally, there is a growing demand for minimally invasive procedures and personalized healthcare solutions.

Trends in the market: One of the key trends in the Medical Technology market in Taiwan is the increasing adoption of digital health solutions. This includes telemedicine, remote patient monitoring, and digital health platforms. These technologies enable healthcare providers to deliver care more efficiently and improve patient outcomes. The COVID-19 pandemic has further accelerated the adoption of digital health solutions, as it has highlighted the importance of remote healthcare delivery. Another trend in the market is the growing focus on precision medicine. Precision medicine involves tailoring medical treatments to individual patients based on their genetic makeup, lifestyle, and environmental factors. This approach allows for more targeted and effective treatments, leading to better patient outcomes. The advancements in genetic sequencing technologies and bioinformatics have made precision medicine more accessible and affordable.

Local special circumstances: Taiwan has a well-developed healthcare system and a strong focus on healthcare research and development. The government has implemented policies and initiatives to promote the development and adoption of medical technology in the country. This includes providing funding and support to local companies and research institutions. Additionally, Taiwan has a highly skilled and educated workforce, which has contributed to the growth of the Medical Technology market.

Underlying macroeconomic factors: The Medical Technology market in Taiwan is also influenced by macroeconomic factors. The country has a stable economy and a high level of disposable income, which allows for increased spending on healthcare and medical devices. Furthermore, Taiwan has a rapidly aging population, which has led to a higher demand for healthcare services and medical devices. This demographic trend is expected to continue in the coming years, driving further growth in the Medical Technology market. In conclusion, the Medical Technology market in Taiwan is experiencing growth and development due to customer preferences for technologically advanced products, the adoption of digital health solutions, the focus on precision medicine, local special circumstances such as a well-developed healthcare system and government support, and underlying macroeconomic factors such as a stable economy and an aging population. These factors are expected to continue driving the growth of the Medical Technology market in Taiwan in the foreseeable future.

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.