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Explore the latest trends and actionable insights on the Medical Devices market to inform business strategy and pinpoint opportunities and risks.

APAC Medical Device Market Outlook

Industry: Medical Devices
Current: Market Sizing & Shares

As per GlobalData’s APAC Medical Devices Industry Landscape, 2022 report, the APAC medical device market is forecast to increase at a CAGR of 4.4% from 2022 to reach approximately $225 billion in 2030
Hospital supplies will continue to be the number one device segment in 2030 with annual sales of $96.7 billion and a 43% share of the medical device industry. The endoscopic device segment is forecast to be the fastest-growing device area, with sales expected to rise to $8.3 billion in 2030, representing 10.5% market growth per year between 2022 and 2030
Roche, Abbott, Medtronic, Becton Dickinson, and Cardinal Health, are among the top companies operating in hospital supplies, in vitro diagnostics (IVD), cardiovascular, and orthopedic segments across the APAC region

Hospital Supplies and IVD Segment Held a Dominant Share

As per GlobalData’s Medical Device database, the APAC Medical Device sales forecast is expected to reach $225 billion by 2030 from 2022 at a CAGR of 4.4%.

Hospital supplies will continue to be the major device segment area, representing a 43% share of the medical device industry. Personal protective equipment (PPE) and operating room equipment are key categories expected to drive the hospital supplies segment’s growth during the forecast period. According to GlobalData analysts, the increasing number of surgeries per year, growing aging population, technological advancement, and improved awareness of hospital workplace safety are the factors contributing towards the growing hospital supplies market in the APAC region.

The endoscopic device segment is set to be the fastest-growing device area, with sales expected to rise to $8.3 billion in 2030, representing 10.5% market growth per year between 2022 and 2030. The growth in the usage of Laparoscopes contributes to the growing endoscopic device segment.

In-vitro diagnostics (IVD) will be the slowest-growing device area in the overall 19 device segments, owing to the impact of precautions for COVID-19 such as public health measures, mask mandates, and social distancing measures, resulting in a severely reduced flu season. Although IVD products have witnessed remarkable development in the past decade through the adoption of technology, the high cost of IVD instruments, maintenance cost, and requirement of skilled professionals hinder the overall growth of the market.

Global and local medical device companies operating in the Asian Pacific region commissioned several initiatives to incorporate emerging trends into their business lifecycle. The top 20 players in the APAC medical devices market held approximately 38% of the market share. These market players are investing in collaborations, mergers & acquisitions, product launches, and expansions to create a competitive environment in the market.

Increasing Healthcare Awareness Boosts Medical Device Demand

Progress in R&D, growing chronic condition prevalence, and escalating healthcare sector demands promote APAC pipeline products. E-health, medical device clusters, parks, telemedicine, and government measures related to foreign direct investment may increase the efficiency, efficacy, and transparency of health care delivery in the APAC region.

The medical device industry has seen significant development, launch, implementation, and adoption of new medical device technologies in the APAC market in the past decade. However, high device costs, regulatory hurdles, reimbursement pressure, and healthcare budget constraints challenge market expansion across regions and segments.

Access the full report: APAC Medical Devices Industry Landscape, 2022.

Explore the latest trends and actionable insights on the Medical Devices market to inform business strategy and pinpoint opportunities and risks. Explore the latest trends and actionable insights on the Medical Devices market to inform business strategy and pinpoint opportunities and risks. Visit Report Store