Asia Pacific Medical Devices Market Size, Share & COVID-19 Impact Analysis, By Type (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging Devices, In-vitro Diagnostics, Minimally Invasive Surgery Devices, Wound Management, Diabetes Care Devices, Ophthalmic Devices, Nephrology Devices, Dental Devices, and Others), By End User (Hospitals & Ambulatory Surgery Centers (ASCs), Clinics, and Others), and Regional Forecast, 2023-2030

Asia Pacific is the fastest-growing region in the global medical devices market. It is projected to grow at a CAGR of 7.3% during the forecast period. The global market for medical devices is projected to grow from USD 512.29 billion in 2022 to USD 799.67 billion by 2030.

The Asia Pacific medical devices market size and growth is attributed to the increasing prevalence of chronic disorders, strengthening healthcare system, emerging MedTech start-ups, growing funding opportunities, increasing orientation towards public health, rising per capita GDP, and continuously increasing population base driving the demand for medical equipment, including smart wearables. The above factors are anticipated to create opportunities for manufacturers to innovate and introduce products specific to chronic health issues.

• For instance, according to APACMed, an Asia Pacific Medical Technology Association Ltd., there are currently around 25,000 medical devices companies in the Asia Pacific, which contribute positively, approximately 2% to the GDP.


• In December 2022, Olympus Corporation partnered with MedTech Innovator Asia Pacific, a healthcare accelerator, and announced the Olympus Asia Pacific Innovation Program (OAIP) launch.

Our report on the Asia Pacific market covers the following countries/regions - China, India, Japan, Australia, and the rest of Asia Pacific.

LATEST TRENDS

Rapid Adoption of Digital Solutions by Key Players to Drive the Growth of High-Tech Medical Devices

As part of a rapidly growing region in the medtech sector, medical device manufacturers in the Asia Pacific countries are increasingly adopting digital solutions such as the internet of medical things (IoMT), cloud computing, big data analytics, and others. The key trend and technological advancement is supported by governments across Asia Pacific, encouraging players to launch technologically advanced products and devices.

• For instance, in April 2022, AI Medical Service Inc., a Japanese medical device company, announced that it had raised approximately USD 70 million in funding led by SoftBank Vision Fund 2. The company used deep learning technology to develop endoscopic AI. It will use the fund to accelerate the global adoption of endoscopic AI and finance the development of an in-house cloud-based platform.

DRIVING FACTORS

Growing Financing by Multinational Venture Capitalists in the Asian Medtech Industry to Favor Market Expansion

Asia Pacific is going through an opportunistic era that leverages advantages to the key and emerging medical device manufacturers. The growing aging population and increasing consumption of medical supplies are encouraging multinational market players to expand their presence in the region to cater for the increasing demand and make profits.

• For instance, in April 2022, Siemens Healthineers AG announced the expansion of its manufacturing facility in India and announced the launch of its new production line for Computed Tomography (CT) Scanners at its Bengaluru facility. The company invested approximately USD 110.1 million in Computed Tomography and Magnetic Resonance Imaging manufacturing. Thus the rising investment and expansion is anticipated to fuel the medical devices market in India.


• Similarly, in February 2022, Warburg Pincus, a U.S.-based private equity firm, announced an investment of USD 210 million for a stake in Meril Life Sciences Pvt. Ltd.


• According to a report published in 2022 by United Nations ESCAP, the initial quarter of 2022 witnessed a sharp increase in investments in this industry, reaching USD 1.2 billion.

RESTRAINING FACTORS

Limited Healthcare Budget in Developing Nations to Put Reimbursement Pressure Limiting Market Growth

Asia Pacific comprises developing and developed nations such as China, India, Indonesia, Malaysia, Australia, Hong Kong, Japan, and New Zealand, respectively. The countries have various regulations and reimbursement policies for medical devices, whereas developing nations have limited budget allocation that restricts the full reimbursement of these devices and limits the growth of the market at the consumer end.

• For instance, according to an article published by Qualtech, a medical device regulatory CRO, the reimbursement system in China, has become quite complex compared to the past, as a majority of the devices are being reimbursed as a part of a medical procedure and only limited number of standalone devices are reimbursable.

The above-mentioned factors limit the market growth.

KEY INDUSTRY PLAYERS

In terms of the competitive landscape, the Asia Pacific medical devices market share is majorly captured by Nipro Corporation, Shimadzu Corporation, and Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Due to strong product offerings, active involvement in R&D investments for the acceleration of product launches and approvals, these are the key players in the Asia Pacific market.

Other prominent players, such as Olympus Corporation and Terumo Corporation Pharma, are also leading the market due to their strong distribution network and strategic initiatives. NIHON KOHDEN CORPORATION, Lepu Medical Technology, and Medtronic are other major players. These companies are focused on strengthening their product portfolio and distribution network through strategic collaboration and partnerships to increase their market share in the Asia Pacific.

LIST OF KEY COMPANIES PROFILED:

• Nipro Corporation (Japan)


• Shimadzu Corporation (Japan)


• Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)


• Olympus Corporation (Japan)


• Terumo Corporation (Japan)


• NIHON KOHDEN CORPORATION (Japan)


• Lepu Medical Technology (China)


• Medtronic (Ireland)


• Stryker (U.S.)


• Johnson & Johnson Services, Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• February 2023: Shenzhen Mindray Bio-Medical Electronics Co., Ltd. announced the launch of BeneFusion i/u Series Infusion Systems. These smart pumps aimed to reduce medication errors, streamline workflow, and improve cost-effectiveness.


• January 2023: Terumo Corporation announced its collaboration with Siemens Healthineers India. The collaboration aimed to strengthen cardiac care in India.


• January 2023: Shenzhen Mindray Bio-Medical Electronics Co., Ltd. announced the launch of BeneHeart D60 and D30, next-generation defibrillators aimed to raise the standards for resuscitation with superior reliability.

REPORT COVERAGE

The research report provides qualitative and quantitative insights into the market and a detailed analysis of the Asia Pacific market size & growth rate for all possible segments in the market. Along with the market forecast, the research report elaborates on the market dynamics and competitive landscape. Various key insights presented in the report are an overview of the number of procedures, an overview of price analysis of types of products, an overview of the regulatory scenario by key countries, pipeline analysis, new product launches, key industry developments – mergers, acquisitions & partnerships and, the impact of COVID-19 pandemic on the market.

Report Scope & Segmentation