The medical device markets in the U.S. and the European Union are growing slowly, and Western device companies are facing increasing cost pressures. However, the markets in developing countries are growing quickly, with some countries achieving high double digit growth. (Click the image to download in full size.)
The developing world is experiencing more Western diseases as they consume more Western products such as fast food, leading to a rise in the cardiology, orthopedics, and cancer rates. This means that the developing world is seeing a growing demand for devices to manage Western diseases. A significantly tougher FDA is also encouraging medical device companies to launch overseas before the U.S., and a weaker dollar is making it easier to export medical devices.
More local medical device manufacturing is taking place in developing countries, and these local manufacturing companies can now make more sophisticated, higher quality medical devices than before. However, there is still an emphasis on cost-effective devices with fewer bells and whistles for the developing countries’ markets.
For more information about the Asian medical device market sizes and stats, please see our Target Asian Markets pages.
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