Asia-Pacific Medical Devices Market, By Product (Ventilator, Spirometers, Oxygen Concentrators, Anesthesia Machines, CPAP/BIPAP), Mode (Portable, Tabletop, Standalone), Application (Diagnostic and Therapeutic), Facility (Large, Small and Medium), End User (Hospital, Ambulatory Surgical Centres, Specialty Clinics, Long Term Care Centers, Rehabilitation Centers, Homecare Settings), Distribution Channel (Direct Sales, Third Party Distributor), Country (China, Japan, India, South Korea, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific) Industry Trends and Forecast to 2028
Market Analysis and Insights : Asia-Pacific Medical Devices Market
The medical devices market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 7.1% in the forecast period of 2021 to 2028 and is expected to reach USD 3,718.71 million by 2028. Increasing respiratory disease burden and growing demand for better medical devices are the major drivers which drives the demand of the medical devices market in the forecast period.
Medical devices are any appliance, machine, implement, apparatus, instrument, implant and reagent for in vitro usage, material, software or another related or similar article, intended by the manufacturer to be utilized, separately or in consolidation, for any healthcare purpose. Medical devices are utilized for alleviation, treatment, monitoring, prevention or diagnosis of disease. Additionally, medical devices are also utilized for support, modification, replacement or investigation of the physiological process or anatomy.
Growing healthcare expenditure is significantly affecting on the development of new diagnostic tests and new surgical tools. Hence, huge health care expenditure is a favourable factor for the growth of the medical devices market. The increasing side effects of medical devices is acting as a restraint and hampering the demand of the medical devices market. The new product launches is the tremendous opportunity for the medical devices market players to elevate their business growth in the medical devices market. Growing number of recalls by major and niche market players across the world is anticipated to constrict the demand of medical devices, consequently, it may challenge the future medical devices market growth.
The medical devices market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the medical devices market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Medical Devices Market Scope and Market Size
The medical devices market is categorized into six notable segments which are based on the product, mode, application, facility, end user and distribution channel. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of product, the medical devices market is segmented into ventilator, spirometers, oxygen concentrators, anesthesia machines and CPAP/BIPAP. In 2021, ventilator segment holds the highest share in the medical devices market as the large number of patient pool is suffering from respiratory diseases and COVID-19.
- On the basis of mode, the medical devices market is segmented into portable, tabletop and standalone. In 2021, portable segment is dominating the medical devices market due to growing demand for highly advanced and efficient medical devices for treatment.
- On the basis of application, the medical devices market is segmented into diagnostic and therapeutic. In 2021, therapeutic segment is dominating the medical devices market due to growing number of surgeries.
- On the basis of facility, the medical devices market is segmented into large, small and medium. In 2021, large segment is dominating the medical devices market due to increasing number of wealthy hospitals across the world.
- On the basis of end user, the medical devices market is segmented into hospital, ambulatory surgical centres, specialty clinics, long term care centres, rehabilitation centres and homecare settings. In 2021, hospital segment is dominating the medical devices market because most patients are suffering from COVID-19 disease so they would be seen in the hospital to get proper diagnosis and treatment.
- On the basis of distribution channel, the medical devices market is segmented into direct sales and third party distributor. In 2021, direct sales segment is dominating the medical devices market due to having full control over the sales and revenue process as well as direct interaction with your customers.
Asia-Pacific Medical devices Market Country Level Analysis
Asia-Pacific medical devices market is analysed and market size information is provided by the country, product, mode, application, facility, end user and distribution channel as referenced above.
The countries covered in the Asia-Pacific medical devices market report are the China, Japan, India, South Korea, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines and rest of Asia-Pacific.
Asia-Pacific is expected to grow with the fastest CAGR in the forecast period as in the Asia-Pacific’s countries, the demand for medical devices is increasing very rapidly due to rapidly increasing population and increasing healthcare expenditure. China is expected to dominate in Asia-Pacific medical devices market as China is one of the leading countries in the Asia-Pacific which utilize advanced medical devices in treatment as well as screening of disease.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of Asia-Pacific brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Strategic Initiatives by Manufacturers is Creating New Opportunities for Players in the Medical Devices Market
The medical devices market also provides you with detailed market analysis for every country growth. Moreover, it provides detailed data regarding growth in medical devices sales, partnership, acquisition, distribution agreement among the medical devices market players of Asia-Pacific region. The data is available for historic period 2011 to 2019.
Competitive Landscape and Medical Devices Market Share Analysis
The medical devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to medical devices market.
The major players covered in the Asia-Pacific medical devices market reports are GE Healthcare, Koninklijke Philips N.V., Medtronic, Drägerwerk AG & Co. KGaA, Vyaire Medical Inc., Nidek Medical Products, Inc., Getinge AB, Smiths Medical Inc. (a subsidiary of Smiths Group plc.), ResMed, Invacare Corporation, TEIJIN LIMITED, GCE Group, Teleflex Incorporated, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., MGC Diagnostics Corporation, Hill-Rom Services, Inc., Drive DeVilbiss International, Midmark Corporation, CAIRE Inc., Fisher & Paykel Healthcare Limited, SCHILLER among other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many contracts and agreements are also initiated by the companies’ worldwide which are also accelerating the medical devices market.
For instance,
- In August 2020, Koninklijke Philips N.V. announced the supply contract with the U.S. Department of Health and Human Services to deliver 43,000 bundled EV300 ventilator configurations to Health and Human Services is the fundamental aim of this supply contract. This supply contract anticipated to accelerate profit growth of the company.
Collaboration, joint ventures and other strategies by the market players is enhancing the company impression in the medical devices market which also provides the benefit for organisation to improve their sales growth.
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