Asia-Pacific medical device market soared to $15 billion in 2017
Recently, a survey showed that the medical device market in Asia (not counting the Japanese market share) will see a blowout situation in the next few years. It is predicted that the market share of medical devices in 2017 will reach as much as 15 billion US dollars, and in 2012 this figure is only about 2 billion US dollars. Research and Markets, a well-known market research company, surveyed that in the next few years, the Asian biomedical device market will grow at an annual rate of more than 10% to meet the growing demand for medical devices in the Asian market.
Research and Markets made this prediction after investigating the trend of the top 100 medical device companies in Asia. In addition, Research and Markets has analyzed the three major medical device markets in India, Japan and South Korea. The Japanese market is the second largest medical device market in the world after the United States.
As a well-established medical device market, the Japanese market will maintain a growth rate of 2.9% in the next few years, which will increase the market share of the Japanese medical device market from $32 billion in 2012 to around $34.9 billion.
The Korean medical device market, which is second only to Japan and China in the Asian market, reached a market share of US$5.1 billion in 2013. It is expected that the country's market will grow at a rate of 7.7% per year by 2018.
India, known as the "Third World Pharmacy", will also seize this growth opportunity in the coming years. Despite the impact of the domestic rupee depreciation and other factors, India's medical device development is relatively lagging behind, but due to the extremely high demand for medical devices in India, it is expected that this growth trend will be considerable in the next few years.