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Other Medical Devices - Eastern Asia

Eastern Asia

The market Other Medical Devices market in Eastern Asia is anticipated to achieve a projected revenue of US$22.44bn in 2024.
It is expected that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 5.87%, leading to a market volume of US$29.84bn by 2029.
When compared globally, the United States is projected to generate the highest revenue, amounting to US$72,780.00m in 2024.
In Eastern Asia, the demand for innovative and advanced medical devices in the Other Medical Devices market is rapidly increasing, driven by the region's growing aging population and the government's focus on improving healthcare infrastructure.

Key regions: United Kingdom, China, Netherlands, Europe, Italy

Market

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Currency

Analyst Opinion

The Other Medical Devices market in Eastern Asia is experiencing significant growth and development due to several factors. Customer preferences in the market are shifting towards more advanced and innovative medical devices. With the increasing awareness and demand for better healthcare services, customers in Eastern Asia are seeking medical devices that are technologically advanced, efficient, and provide accurate results. This has led to a rise in the demand for cutting-edge devices such as robotic surgical systems, wearable medical devices, and remote patient monitoring systems. Customers are also looking for devices that are user-friendly, portable, and cost-effective, which has further fueled the growth of the market. Trends in the market indicate a growing focus on preventive healthcare and home-based medical devices. As the healthcare systems in Eastern Asia evolve, there is a greater emphasis on preventive healthcare measures to reduce the burden on hospitals and healthcare providers. This has led to an increased demand for home-based medical devices such as glucose monitors, blood pressure monitors, and sleep apnea devices. These devices enable individuals to monitor their health conditions from the comfort of their homes, reducing the need for frequent hospital visits. Additionally, there is a growing trend towards telemedicine and remote patient monitoring, which further drives the demand for medical devices that can facilitate these services. Local special circumstances in Eastern Asia also contribute to the development of the Other Medical Devices market. The region is home to a large aging population, which has led to an increased demand for medical devices that cater to the specific needs of elderly individuals. This includes devices such as mobility aids, hearing aids, and assistive devices for daily living. Furthermore, the rising prevalence of chronic diseases such as diabetes and cardiovascular diseases has created a need for specialized medical devices to manage these conditions. This has resulted in a surge in the demand for insulin pumps, pacemakers, and other implantable devices. Underlying macroeconomic factors such as increasing healthcare expenditure, rapid urbanization, and technological advancements are driving the growth of the Other Medical Devices market in Eastern Asia. Governments in the region are investing heavily in healthcare infrastructure and are promoting the adoption of advanced medical technologies. The growing middle-class population with higher disposable incomes is also contributing to the market growth as individuals are willing to spend more on healthcare and medical devices. Technological advancements in the field of medical devices, such as miniaturization, wireless connectivity, and artificial intelligence, are enabling the development of innovative and efficient devices that cater to the evolving needs of customers in Eastern Asia. Overall, the Other Medical Devices market in Eastern Asia is witnessing significant growth and development driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The market is expected to continue expanding as healthcare systems in the region continue to evolve and customers demand more advanced and personalized medical devices.

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.