Market Insights Health Medical Technology

Medical Devices - Eastern Asia

Eastern Asia

The projected revenue for the Medical Devices market market in Eastern Asia is expected to reach US$75.15bn in 2024.
Among the markets, Cardiology_Devices is the largest, with a projected market volume of US$10.57bn in the same year.
It is anticipated that the revenue will experience an annual growth rate of 7.14% (CAGR 2024-2029), resulting in a market volume of US$106.10bn by 2029.
In comparison to other countries, the United States is set to generate the most revenue, with US$179.80bn in 2024.
In Eastern Asia, Japan is leading the way in the medical device market with its advanced technology and innovative solutions.

Key regions: Germany, Spain, Japan, United Kingdom, United States

Market

Region

Region comparison

Currency

Analyst Opinion

The Medical Devices market in Eastern Asia has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in Eastern Asia have been shifting towards more advanced and innovative medical devices. With the region's aging population and increasing healthcare awareness, there is a growing demand for devices that can provide accurate diagnoses and effective treatments. Customers are also seeking devices that are user-friendly and can be easily integrated into their daily lives. This has led to an increase in the adoption of wearable medical devices and home healthcare devices in the region. Trends in the market have also played a crucial role in the growth of the Medical Devices market in Eastern Asia. Technological advancements, such as the development of artificial intelligence and Internet of Things (IoT) in medical devices, have revolutionized the healthcare industry. These innovations have enabled healthcare providers to deliver personalized and efficient care to patients, leading to improved patient outcomes. Additionally, the rise of telemedicine has made healthcare more accessible to people in remote areas, further driving the demand for medical devices. Local special circumstances in Eastern Asia have contributed to the growth of the Medical Devices market. The region is home to several countries with rapidly aging populations, such as Japan and South Korea. As the elderly population increases, there is a greater need for medical devices that can address age-related health issues. Furthermore, Eastern Asia has a strong healthcare infrastructure and government support for the adoption of advanced medical technologies. This has created a conducive environment for the growth of the Medical Devices market in the region. Underlying macroeconomic factors have also played a role in the development of the Medical Devices market in Eastern Asia. The region has experienced robust economic growth in recent years, leading to an increase in disposable income and healthcare spending. This has allowed individuals to afford advanced medical devices and treatments. Additionally, governments in Eastern Asia have implemented healthcare reforms and policies to improve healthcare access and quality, further driving the demand for medical devices. In conclusion, the Medical Devices market in Eastern Asia has been growing due to customer preferences for advanced and innovative devices, trends in the market such as technological advancements and the rise of telemedicine, local special circumstances including an aging population and strong healthcare infrastructure, and underlying macroeconomic factors such as economic growth and government support. This growth is expected to continue as the region's healthcare needs evolve and technology continues to advance.

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.