The Asian medical device market is seeing unprecedented growth on every end, lower tech, and higher tech
As we face an increasingly difficult economic time domestically, it’s good to see that markets for diagnostic imaging are only gaining strength, at least overseas. According to sources, the Asian medical device market is seeing unprecedented growth on every end, lower tech, and higher tech. It’s little surprise that the market is growing so highly when you consider the fact that China, a BRIC country, is a major part of the Asian region.
The numbers in the Asian market are mind boggling. In 2012, the Asian market was worth close to 8 billion dollars. A projected growth of 10%, according to market reports, means a worth of close to 12 billion by 2017. This type of news bodes well for providers attempting to make an incursion into foreign markets. While manufacturers are cashing in by creating training and manufacturing facilities, small providers are looking at a broad region in which to expand their business.
The service industry, which is also expanding, may be able to benefit as a result of this particular development. The service sectors for diagnostic imaging is getting stronger and as sales in various markets continue to grow. Part of what’s spurring the growth in the Asian sector is as a result of time passing. As people get older, the demand for X-ray, MRI, and CT scan equipment grows.
In the Asian region alone one-third of the population is of elderly age. With so many complex conditions requiring diagnostic imaging procedures, it’s important to be able to give people the right treatment. Age is not just making the market; the wealth of the Asian population is driving it as well. Acquiring equipment is becoming easier and an indicator of what’s what.
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Japan is more than likely the strongest driver with a reported worth of well over 4.5 billion dollars. Japan is currently responsible for over 56% of the Asian markets 8 billion dollars. It will be interesting to say how the American export and service market will play into future sales and service growth. With the re furbished market growing as well, the eventual ultimate growth over the next few years may well be underestimated.
If you have any questions about diagnostic imaging equipment please feel free to give us a call. Our team of experts here at Amber Diagnostics looks forward to answering any questions that you may have.
