Over the last 20 years, Western medical device makers have had a boom in device exports to Asia. During that time, most Asian countries’ populations have gotten wealthier, seen more government investment in healthcare, seen new, more and advanced healthcare insurance programs implemented, etc. As many of the Asian countries experience rapidly aging populations and chronic diseases proliferate, the Asian medtech export business will continue to grow.
At the same time, over the last ten years, local domestic medical device manufacturing companies have sprung up in many countries. China has seen the most device development and is now a real competitor to Western device manufacturers in many sophisticated device areas. For example, 15 years ago, foreign Western drug-eluting stent companies captured 75% of the China market. Today, however, Western drug-eluting companies only have a 15% market share – with local Chinese drug-eluting stent manufacturers taking 85% of the market. In addition to China (and besides Japan), device product manufacturers and start-ups have grown significantly in Korea, Taiwan, Singapore, and other Asian markets as well. According to Global Data’s APAC Medical Device Industry Landscape 2022 report, 2,200 medical devices are in development in Asia with over 500 devices being approved in the next 12 months. IVDs, cardiovascular, general surgery, and neuro devices make up the majority of locally made Asian products. An upcoming Singapore device conference called Medical Manufacturing Asia (with another event called Medical Fair Asia) will have close to 200 device exhibitors from 24 countries.
Written by: Ames Gross – President and Founder, Pacific Bridge Medical (PBM)
Mr. Gross founded PBM in 1988 and has helped hundreds of medical companies with regulatory and business development issues in Asia. He is recognized nationally and internationally as a leader in the Asian medical markets. Mr. Gross has a BA degree, Phi Beta Kappa, from the University of Pennsylvania and an MBA from Columbia University.