DUBLIN--(BUSINESS WIRE)-- Research and Markets (http://www.researchandmarkets.com/research/csgqw2/the_outlook_for) has announced the addition of the "The Outlook for Medical Devices in North East Asia" report to their offering.
Japan, China, South Korea and Taiwan are ranked among the biggest medical device markets in the world. In 2011, these four countries collectively spent an estimated US$30.9 billion, representing 18.7% of the world market.
These countries are currently undergoing different phases of development, both in overall terms and more pertinently, in the growth of their respective medical device markets.
Japan, South Korea and Taiwan represent highly-developed medical device markets with advanced healthcare systems and high levels of spending, both in the private and public sector. This has inevitably placed a strain on governments, who have in recent years tried to temper escalating spending by introducing various cost containment strategies, including periodical price cuts/reimbursements for medical devices and equipment.
However, spending has continued to rise; key factors being the ageing demographic and the high standards of healthcare the population has grown to expect.
Japan and South Korea, in particular, have strong domestic manufacturing capabilities, especially for modern high-tech medical devices, but these countries continue to rely heavily on imports to meet demand.
- South Korea
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Source: Research and Markets