The medical technology (MedTech) industry in Asia is expected to see revenues grow about 10 per cent this year.
This is according to industry experts who expect growth to be driven by higher demand for medical devices in the region.
They added that this will provide ample growth opportunities for medical device manufacturers in the region.
Medical devices such as pacemakers, X-ray machines, blood sugar monitors, and artificial hearts will drive growth in the MedTech sector.
Experts said the MedTech sector is now worth about US$336 billion globally in annual worldwide revenues.
And in the Asia Pacific market, the medical devices sector is estimated to be worth US$62.3 billion by 2012, according to business research & consulting firm Frost & Sullivan.
Market experts expect the market to grow at about 10 per cent this year driven by soaring demand for medical devices in economies such as China and India.
They added that these are the markets with strong investment potential as well.
“We see huge growth in China but it shouldn’t come as any surprise. The same would be true for India but a lot of it depends on our understanding of how devices are going to be regulated there. The picture for now seems to be slightly clearer in China,” said Dr Lim Jui, MD-Director of Singapore-Stanford Biodesign.
In Singapore, manufacturing output in the MedTech sector exceeds US$1.62 billion annually.
More than 6,200 workers are employed in this sector which makes up 62 per cent of the total jobs in the Biomedical Sciences manufacturing cluster.
“I think Singapore is very well positioned to address the needs of greater Asia. Most of the major races are representing Singapore. We have a unique proposition; we have a unique connection with both East and West, so I think we are exceptionally positioned,” said Dr Lim.
Experts said there’s a bright future for MedTech companies and are upbeat on potential returns on investments in the sector.
“It will bring more vibrant activities throughout. I think the next big thing will be how to improve and help people take care of the ageing population. People are getting older, and those are the places in the market which more people will be focusing on,” said Lu Yoh-Chie, Chairman of Biosensors International Group.
Despite the rosy outlook, market players also warn of potential challenges in the industry such as pricing pressures of medical devices as well as quality control.
CNA
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