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Reportlinker Adds The Outlook for Medical Devices in North East Asia
Date:6/21/2011

population has burdened the healthcare system both in terms of funding and facilities. As a result, payments made by the government to medical institutions have been slashed.

-The growing number of patients requiring long-term care and the advent of the elderly health insurance system offers great potential within the market.

-Japan has the most expensive medical equipment in the world. It should however be borne in mind that some of the reasons for this lie with a distribution system that hikes up retail prices with hidden costs.

-An awkward regulatory system, a slow approval process and cultural differences have often put off some overseas investors, although recent legislation has attempted to address many access difficulties.

Taiwan

-Along with South Korea, Taiwan is one of the richer 'Asian Tiger' economies. Per capita GDP is similar to New Zealand, and behind only Japan, Singapore, Hong Kong and Australia in the region.

-Provision of healthcare is generally in the private sector. There is considered to be widespread overuse of services such as outpatient consultations and drug prescriptions. The government is looking at reducing this, in a further attempt to control health insurance bills.

-Imports supply around 75% of the medical equipment market. There is a growing domestic industry, which is becoming more sophisticated. However, local production remains fragmented and largely geared to supplying export markets.

-Taiwan's medical device regulation is bureaucratic and opaque. Regulations are broadly based on a US/Japanese risk-based approach, but the process can be unpredictable.

South Korea

-Espicom estimates the South Korean medical market to achieve an annual growth of 7%. Based on this rate, the market will be worth US$4 billion by 2013. This makes it one of the world's top 15 markets.

-South Korea has the highest healthcare expenditure of all the 'As
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SOURCE Reportlinker
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