Medical Technology - Eastern Asia

Eastern Asia

The Medical Technology market market in Eastern Asia is expected to achieve a revenue of US$94.65bn by 2024.
Among the various markets within this market, Medical Devices is anticipated to hold the largest market share, with a projected market volume of US$75.25bn in 2024.
Looking ahead, the revenue in this sector is expected to grow at an annual rate of 6.55% (CAGR 2024-2028), resulting in a market volume of US$122.00bn by 2028.
In a global perspective, the United States is projected to generate the highest revenue of US$215.80bn in 2024.
In Eastern Asia, the medical technology market in Japan is driven by advanced robotics and AI, revolutionizing surgical procedures.

Key regions: United States, Germany, China, Japan, France

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Customers in Eastern Asia are increasingly demanding advanced medical technology and innovative healthcare solutions. They are seeking high-quality medical devices and equipment that can provide accurate diagnoses, efficient treatments, and improved patient outcomes. Customers are also looking for cost-effective solutions that can help reduce healthcare costs and increase accessibility to medical services. Moreover, there is a growing demand for telemedicine and remote monitoring technologies, as customers are increasingly embracing digital health solutions.

Trends in the market: One of the key trends in the Medical Technology market in Eastern Asia is the adoption of artificial intelligence (AI) and machine learning (ML) in healthcare. AI and ML technologies are being used to analyze large amounts of medical data, assist in diagnosing diseases, and develop personalized treatment plans. This trend is driven by the need for more accurate and efficient healthcare solutions. Another trend in the market is the development of wearable medical devices. These devices, such as smartwatches and fitness trackers, are becoming increasingly popular among consumers in Eastern Asia. They can monitor vital signs, track physical activity, and provide real-time health information. The demand for wearable medical devices is driven by the growing focus on preventive healthcare and the desire for continuous monitoring of health conditions.

Local special circumstances: Eastern Asia is home to several technologically advanced countries, such as Japan and South Korea, which have a strong healthcare infrastructure and a highly skilled workforce. These countries have been at the forefront of medical technology innovation and have a favorable regulatory environment for the development and adoption of new healthcare technologies. This has created a conducive environment for the growth of the Medical Technology market in the region.

Underlying macroeconomic factors: The Medical Technology market in Eastern Asia is also influenced by underlying macroeconomic factors. The region has a large and aging population, which is driving the demand for healthcare services and medical devices. Additionally, rising incomes and improving living standards in Eastern Asia have led to increased healthcare spending. Governments in the region are also investing in healthcare infrastructure and promoting the development of the medical technology sector, further fueling market growth.

Methodology

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.