Asia Pacific’s Best-Selling Medical Equipment
We’ve already covered in other stories the rapid growth of the Asia Pacific (APAC) market in several areas, such as overall healthcare (including hospitals, EMRs and medical tourism), and also broke down which medical devices/equipment are growing in specific markets like China, India and Japan.
But that’s not the only area in which Asia Pacific is growing. “Med-tech” or medical technology is another major growth market for the region. Now, med-tech is an umbrella term used by industry analysts to encompass a wide range of technologies used in a healthcare setting, including disposables, capital equipment, biomaterials, implant technology and even surgical procedure innovations, among others.
And it’s getting huge in APAC. In 2015 the med-tech market in Asia Pacific was valued at $1.8 billion but it’s projected to reach a value of $2.6 billion by 2020 — 44% growth.
We drilled down a bit further below to highlight 4 key categories with strong demand in APAC that may well present excellent sales opportunities.
#1 Wound Care
Wound care has changed a lot in recent years to the point where advanced wound care involves innovative new devices and technologies, and that market has been expanding strongly in the APAC region. In fact, the wound care market in Asia Pacific has a projected annual growth rate of 10.4% through 2025, growing from a value of $1.65 billion in 2017 to $3.65 billion by 2025.
#2 Healthcare Analytics
Though it’s often not thought of in terms of traditional medical devices, the computers and software that are responsible for healthcare analytics are a huge and growing business in this region. These tools are used to analyze the financial and operational aspects of hospitals, medical centers and other areas of health care and seek out efficiencies and cost savings. Given that the amount of hospitals is growing massively in APAC markets such as China, it’s no surprise that the healthcare analytics market in the Asia Pacific region is expected to grow from $14 billion in value to $50.5 billion by 2024: this represents an annual growth rate of 28.3% for healthcare analytics in the Asia Pacific region.
#3 Medical Imaging Equipment
For this category, the available projections cover specific segments: between 2018 and 2026, it’s projected that the medical imaging instrument market in Asia Pacific will grow with a CAGR of 6.23%. (It’s important to note that this figure covers five specific markets: India, China, Japan, South Korea and Australia.)
In addition, another projection indicates that the 3D medical imaging in Asia Pacific will grow with a CAGR of 9.98% between 2018 and 2026.
#4 Respiratory Devices
Respiratory devices, which include varied equipment such as nebulizers, inhalers, humidifiers, CPAP machines and more, have been growing steadily around the world. Globally, this market is expected to deliver an annual growth rate of 10.8% through 2023. And APAC is a major player in this area: the respiratory devices market in the Asia Pacific region is growing at a healthy annual rate of 9.5%.
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