Asia Pacific medical devices market is anticipated to reach US$ 1,69,735.1 million by 2027 from US$ 1,02,380.6 million in 2019. The market is projected to grow with a CAGR of 6.7% from 2019 to 2027.
The medical devices market is growing primarily due to the growing medical device industry. Challenges in medical device industry, is likely to hamper the growth of the market in the coming years. However, rising government support for medical technologies is expected to have a positive impact on the growth of the Asia Pacific medical devices market in the coming years.
A medical device can be a machine, instrument, apparatus, or an article that can be used to diagnose, monitor, and carry out therapeutic purposes. A medical device plays an essential role in detection, measurement, restoration, and modification of the structure or a function of the body according to the health problems or chronic medical conditions. There are various types of medical devices such as glasses, pacemakers, wheelchairs, X-ray machines, MRI, and CT scans. These medical devices are categorized into four classes, such as I, IIa, IIb, and III. The categories of the medical devices are based on the Food and Drug Administration and CE marking. The organizations have categorized class I as low-risk medical devices and class III as high-risk medical devices.
Medical devices are essential for disease prevention, medical diagnosis, as well as for the treatment and rehabilitation of medical condition. The Asia Pacific medical device industry witnesses continuous innovations and technological advancements, which drives the growth of healthcare sector worldwide.
The medical device market is growing in developing countries such as China and India. As per the US Department of Commerce’s International Trade Administration, China’s medical device market reached US$ 78.81 billion in 2018, an increase of 22% from 2017. The Indian medical device market was valued at US$ 6 billion in 2017 and is projected to reach US$ 50 billion by 2025. As per the National Investment Promotion and Facilitation Agency, about 65% of the medical device manufacturers in India are domestic players. In 2019, Telangana, Andhra Pradesh, Tamil Nadu, and Kerala received approval from the Government of India for new medical device parks.
In terms of product type, the in vitro diagnostics (IVD) segment accounted for the largest share of the Asia Pacific medical devices market in 2019. However, the neurological devices segment is estimated to mark the highest CAGR in the market during the forecast period, owing to rapid product approvals and launches.
Australian Dental Industry Association (ADIA), Association of Indian Medical Device Industry (AiMeD), Australian Regulatory Guidelines for Medical Devices (ARGMD), CDC, and FDA are among the significant primary and secondary sources for medical devices included in the report.