Changing landscape of medical device industry in APAC region
Changing landscape of medical device industry in APAC
This thought leadership highlights the massive potential that APAC holds and how the medical device market is increasingly focusing on strengthening their regulations along with building a unique distribution network across the APAC region.
APAC is home to seven of the world’s 10 most populous countries and over 60 percent of the global population. The region is characterized by a diverse population with a wide range of cultural, demographic and economic backgrounds. The sheer magnitude of the population, coupled with strong economic indicators, means that the healthcare market in the region is forecast to grow tremendously in the future. If forecasts hold true, the region will soon outpace the US and Europe when it comes to driving healthcare demand.
In order to get a holistic idea of the market, it is important to analyze countries ranging across the spectrum. This would include mature markets of Japan and Australia, countries with growing population such as China and India, and emerging markets including Malaysia and Thailand.
Understanding the nuances of each country’s value chain and regulations might seem daunting, however, is extremely crucial for any international company to understand, particularly those aiming to establish a network in APAC. It is imperative for these global players to keep an eye on APAC for the massive opportunities and talent it holds; be it from the perspective of growing demand or as the hub of innovation that the region is gradually becoming.
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