Medical Device Markets in Southeast Asia
Southeast Asia’s booming medical device markets
At Andaman Medical we cover the 6 major ASEAN markets of Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam totalling over half a billion people. The medical device markets in these countries alone are expected to be worth over US$10 billion in 2022 and with growing populations which are increasingly ageing whilst experiencing positive growth in gross domestic product these are attractive markets for medical device manufacturers and distributors.
|Medical device market size to 2022/2023||US$3.0 billion (2020)||US$2.0 billion||US$0.88 billion||US$1.0 billion||US$2.0 billion||US$1.8 billion||US$10.68 billion|
|CAGR to 2022||5.8% (2020)||7.5%||8.8%||8.4%||7.5%||9.6%||7.9% average|
|Population||273.5 million||32.7 million||109.5 million||5.7 million||69.8 million||97.3 million||588.5 million|
|GDP growth in 2021||6.1%||7.8%||7.4%||5.0%||4%||6.7%||6.16% average|
What’s more, these 6 ASEAN markets give you access to the wider Asia-Pacific medical device market following the creation of the world’s largest trading bloc in November 2020, the Regional Comprehensive Economic Partnership (RCEP).
The RCEP accounts for one-third of the global economy and includes the 10 ASEAN member states plus Australia, New Zealand, China, Japan and South Korea. The RCEP agreement includes tariff reductions or their elimination and standardized customs procedures for a freer movement of products and services among participating countries. RCEP countries stand to benefit from cheaper access to medical devices amongst others.