The Asia Pacific (APAC) medical devices market will grow more than 10% over the next three years. This is higher than the projected global sector growth of 6%. APAC’s growth in medical devices will be driven by healthcare service providers’ demand for safe, reliable and cost-effective medical treatments, as well as consumers demanding better medical products.
The APAC medical devices market is estimated at $55 billion. This is about a quarter of the global medical devices market, valued at more than $230 billion. Medical devices manufacturers are expected to increase revenues in APAC from diseases related to diabetes, cardiovascular, orthopedic and infectious diseases.
To facilitate the growth of medical devices market, most APAC countries are gradually adopting more stringent regulatory policies for production registration and quality local medical devices manufacturing.
An example is Malaysia, which established its first set of medical device regulations under the Medical Device Bill in 2008. Registration of medical devices is not mandatory in Malaysia. Over time, however, more regulations regarding the production and importation of medical devices are expected to increase. The medical devices market in Malaysia is medium-sized and is worth about $600 million. 90% of Malaysia’s medical devices are imported. Most of these are from the US, which accounts for more than 25% of the total medical device imports.