Asia Pacific's Medical Devices Market to Witness Steady Recovery

The Asia Pacific medical devices market is making a steady comeback after the global recession of 2009. Frost & Sullivan forecasts a CAGR of 10.2 percent from year 2009–2012, with this sector being worth USD62.3 billion in APAC by 2012, a contribution of 25.8 percent of the global market.

Simranjit Singh, Director, Healthcare Practice, Frost & Sullivan says that the APAC medical devices market is transitioning toward a mindset more focused on patient monitoring. An increased demand for safety, accuracy, efficiency and cost from healthcare service providers will consequently also drive the silver industry devices, whilst the convergence of devices and pharma products will be a trend more commonly witnessed especially so in drug delivery. These factors will drive medical device manufacturers to increase R&D budget to develop newer and better products to meet market demands and customer requirement standards.

"Whilst globally, CAGR from 2009 to 2012 is expected to be at 5.8 percent, APAC will see a CAGR of 10.2 percent, and revenues in this segment are set go up to USD62.3 billion by 2012, capturing 25.8 percent of the global market revenues" Singh states.

Technological convergence between diagnostic, monitoring and treatment devices will be another major driver as medical professionals view the merging of technology as the next big step in accurately delivering drug treatments on time and in specific doses while conducting regular diagnostic and monitoring procedures. Doctors are actively prescribing medical devices such as the Insulin Pump & Blood Glucose Monitor for Type 1 Diabetic patients to help patients to monitor blood glucose level and administer regulated insulin at the same time.

"As indicated, it is likely that by 2015, the medical devices industry in APAC will be looking at a growth rate almost double that of the rest of the world, signifying exciting times ahead indeed for Asia Pacific," says Singh.

"Some of the market restraints that APAC will have to address include regulatory and reimbursement hurdles, lack of sufficient distribution networks and inadequate training/certification for allied staff," Singh explains.

Given the right incentive and the right timing, investors may be well placed to capture and capitalize on the abundant opportunities that may be reaped in the medical device industry within Asia Pacific, concluded Frost & Sullivan.

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