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Southeast Asia: Region On The Rise For The
MedTech Industry
Asia–Pacific region accounts for half of the world’s
population. In recent times, there has been an increasing need for better access
to modern MedTech in tandem with the growing demand for healthcare due to
demographic shifts in income, population, disease burdens, and general awareness
of health issues. Supported by topical findings by McKinsey & Company, the
prevalent demand for Medical Technology in Asia–Pacific is in proportion to the
region’s growing silver population which will top 857 million come 2050.
According to Medical Device and Diagnostic Industry, the trend is reflected in
receipts as the MedTech market in Asia-Pacific is expected to reach US$133
billion by 2020, outstripping the European Union as the second-largest MedTech
market in the world.
Echoed by Dr. Thomas Roland Dietrich, Chief
Executive Officer of the IVAM Microtechnology Network, he shared that within
ASEAN, there are numerous opportunity gaps to be filled in meeting the
healthcare needs of its increasing population. Government-led investment
programs are channels to tap on for ASEAN nations to match up to European
standards. Dr. Thomas also commented that, “the global move towards mobile
diagnostics is important for ASEAN countries too, as it means heightened market
potential for local and foreign MedTech companies looking to venture into the
region.”
Asia-Pacific-The Fastest-Growing Market For
Medical Plastics
The Asia-Pacific region is the fastest-growing
market of medical plastics, in terms of value and volume. High economic growth
rate, growing manufacturing industries, cheap labor, increasing medical plastics
patents, expansion, and global shift of consumption and production capacity from
the developed markets to the emerging markets are few factors leading to the
growth of medical plastics in this region.
China dominates the medical plastics market in
Asia-Pacific. The growing middle class and the aging population, increasing
purchasing power of people, improvement in living standards and demand for
medical devices, technology upgradation in hospitals, requirements for higher
quality products, and the development of China’s western regions are the major
reasons that are driving the medical devices market in China.
The study has been conducted with various industry
experts globally & sources have been divided in 3 categories: by company type;
by designation; and by region. The by company type category states the company’s
position in the market, that is Tier 1, Tier 2, or Tier 3. By designation refers
to the position that the primary expert holds in the specific industry, and is
divided in 3 subcategories: C-Level (CXO’s), Director Level, & Others managers,
analysts, R&D experts, etc.) By region involves the Asia-Pacific, North America
& Europe medical plastics markets for this study.
The report also provides company profiles &
competitive strategies adopted by the major market players, such as Phillips-Medisize
Corporation, Freudenberg Medical, Nolato AB, Röchling Engineering Plastics, West
Pharmaceutical Services, Inc., Parker Hannifin Corporation, MedPlast Inc., GW
Plastics, etc.
( Ref:
http://www.kptv.com/story/31307337/medical-plastics-market-bytype-by-application-and-by-region-forecast-to-2020
)
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