NewswireToday - /newswire/ -
London, United Kingdom, 2007/07/13 - Report Buyer, the online destination for business intelligence for major industry sectors, has added a new report which forecasts that Asia's medical device market will continue to expand.
The new report, “Asian Medical Device Markets”, projects that in five key Asian countries, imports of medical instrumentation are expected to rise from USD $30.43 billion in 2006 to USD $43.08 billion by 2010.
Authors of the report say that Australia, China, India, Japan, and South Korea import diagnostic and imaging equipment heavily- sometimes up to 90% of the number that is in use in the countries. The report predicts that this is a trend that seems here to stay. The report states that over the next four years, the market for medical devices is definitely expected to grow, making the Asia Pacific an important ancillary market even though it is the smallest market of the three geographic regions. market.
A key factor supporting the prediction for growth is that Japan, Australia and South Korea already possess a sizeable aged population. Analysts maintain that people in this age bracket typically spend four times the amount on healthcare that people under 65 do. Japan, the largest of the markets under study is also the most saturated, and is likely to experience the least growth at 1.5%. This is despite the fact that Japan has a high life expectancy of 81 years which makes it possible that its over 65 age group could account for almost 22% of the population in four years.
Imports in China and India are not linked to ageing populations, but to rising incomes and a growing awareness of Western healthcare practices. China presently imports almost 70% of the instrumentation it uses. A growing demand for high-technology medical equipment which meets international standards is expected to further boost the compounded annual growth in the country to nearly 24%.
The report also outlines the way markets in Asia are structured as well as what regulations and certifications new entrants need to bear in mind in order to compete. The study has extensive background information on Asian spend in the healthcare and features the companies that have been successful marketing devices in the region.
“Asian Medical Device Markets” is available from Report Buyer. For more information, please visit the website.
Report Buyer product ID: KAL00020
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