The Asia-Pacific (APAC) region is rapidly emerging as a powerhouse in the global medtech market. According to our Global Market Analysis and Projections (MAP) Database, APAC is the second largest regional medtech market, boasting an estimated market size of $131 billion in 2023. This impressive figure is made more notable by the region's rapid growth, with our medtech market intelligence team projecting APAC to experience nearly double the compound annual growth rate (CAGR) of both the United States and Europe. Specifically, APAC is projected to grow at a robust CAGR of 8.4% from 2023 to 2028.
Several key factors are contributing to growth. Primarily, the increasing population size, improved access to healthcare services, and an aging demographic play significant roles. These elements collectively drive demand for various medical procedures, particularly in core markets such as orthopedics, cardiology, and general surgery.
The core procedure markets, including orthopedic, cardiovascular, and general surgeries, are experiencing accelerated growth. These markets are benefiting from the confluence of demographic shifts and healthcare advancements. Notably, several specific procedures are growing at remarkable rates, reflecting advancements in medical technology and rising healthcare needs.
According to LSI’s Global Procedure Volumes Database, multiple specific procedures in the APAC region are exhibiting over 10% CAGR, including:
Transcatheter Valve Replacements: Minimally invasive procedure gaining traction due to its effectiveness and reduced recovery times.
CRT-D Implants: Used for managing heart failure, these devices are becoming increasingly prevalent.
Tracheostomies and Radical Neck Dissections: Critical procedures essential for patients with severe respiratory conditions and head and neck cancers.
Laparoscopic Procedures: Laparoscopic appendectomies, hernia repairs, and bariatric surgeries are growing rapidly, minimally invasive by nature and offering quicker recovery periods in many cases.
Neurostimulation Implants: Increasingly more common in managing chronic pain and neurological disorders.
Orthopedic Surgeries: Procedures such as revision hip arthroplasties, total hip and knee replacements, and extremity fracture repairs are seeing significant growth in an aging population.
Spine Surgeries: Vertebroplasty, kyphoplasty, cervical spine decompressions, discectomies, fusions, and disc replacements are increasing as more individuals seek relief from chronic back pain.
Extracranial stereotactic radiosurgery: Advanced, noninvasive treatments that apply high doses of radiation to treat tumors in organs outside of the brain.
Therapeutic Endoscopies: Particularly bladder endoscopies, these are becoming more prevalent as diagnostic and therapeutic techniques improve.
LSI is officially bringing the emerging medtech summit series to Asia, with the launch of LSI Asia ‘25 in Singapore on June 10th to 13th. Building on our strong global community and new partnerships in Singapore, China, Korea, Japan and more, LSI Asia will convene hundreds of emerging medical technology companies, venture capital and private equity investors, global strategics, and more.
For more global medtech market research, LSI offers a comprehensive suite of medtech market intelligence solutions provided by our in-house team of career-Medtech insiders. Our Global Medtech MAP and Global Procedure Volumes Databases provide trusted coverage of 200+ medtech market segments, and 200+ diagnostic and therapeutic procedures in 12 major categories across 37 countries, respectively. Visit our website to see how our products and services can help you say goodbye to overpriced, bloated market reports forever.
Schedule an exploratory call
Request Info© 2024 Life Science Intelligence, Inc., All Rights Reserved. | Privacy Policy
