The medical device market in Asia is worth about $55 billion and is growing at more than 10% each year. With a population over 4 billion people, there is a strong demand for medical devices in Asia. Japan and China are the two largest Asian markets for medical devices, accounting for about 60% of Asia’s total. Avance's medical device consultants are active in 12 Asian countries - China, Japan, India, Korea, Taiwan, Hong Kong, Singapore, Malaysia, Indonesia, Thailand, the Philippines and Vietnam. We have helped many international companies with product registration, business strategies, partner searches, joint ventures and setting up local manufacturing facilities in Asia’s medical device market.
Generally, the demand for medical devices in Asia is driven by increases in government and private healthcare spending, improving healthcare standards, as well as increasing incomes throughout much of Asia. While some countries such as Indonesia continue to have low healthcare spending, others such as Malaysia have a growing affluent population that encourages sales of more sophisticated medical devices.
Foreign imports of more complicated devices dominate the Asian medical device market. These products are mainly from the US and Europe, which account for at least 60% of Asia’s medical device imports. More advanced Asian countries such as Japan also export sophisticated medical devices to its neighboring Asian countries as well as other parts of the world. Most of Asia’s local medical device manufacturers produce lower-end devices such as syringes, needles, surgical gloves and diagnostic kits. Nevertheless, Asian countries with skilled labor and well-developed infrastructure such as Singapore and Korea attract foreign investments in high-tech medical device manufacturing. International medical device companies looking to expand their presence in Asia can approach Avance's for professional guidance.
To succeed in Asia’s medical device market, it is important for foreign companies to understand each country’s healthcare regulations. Some countries, such as Japan, have comprehensive guidelines and policies to govern the Japanese medical device market. Other less developed countries, such as Vietnam and India are just beginning to formulate more stringent regulations for medical devices. Medical device companies need to know the different roles of each health authority in each Asian country. Companies that are unfamiliar with Asia’s healthcare regimes can turn to Avance's for regulatory advice.
Avance is focused on achieving our clients’ business and regulatory goals. With years of experience, we possess the knowledge and expertise to help you succeed in this market.