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% from year 2009 – 2012, with this sector being worth 62.3 billion in APAC by 2012, a contribution of 25.8% of the global market.
Experts say 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%, APAC will see a CAGR of 10.2%, and revenues in this segment are set go up to USD62.3 billion by 2012, capturing 25.8% of the global market revenues”.
“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.”.