Status and Trend of the Global Medical Device Market
According to BMI Research, in 2021, the size of the global medical device market reached 438 billion US dollars and grew by 2.4% owing to the continuous increase in the demand for epidemic prevention medical products, including personal protective equipment, thermometers, test kits, and medical catheters as well as regular medical equipment, devices and home-care products. The medical device market is expected to reach 475 billion US dollars in 2022, due to the significantly increased demand for elderly care, eHealth, and preventive healthcare. ICT applications, such as telehealth and personalized medicine, will transform traditional medical service systems, leading to the creation of a new decentralized medical and healthcare ecosystem.
Advantages and Development of Taiwan’s Medical Device Industry
The biotech and medical industry is one of the six core strategic industries that can transform Taiwan into a critical force in the global economy. The Taiwanese government has been taking substantial actions of regulation reform and policy making to support the biotech & medical industry. In the meantime, Taiwan possesses comprehensive industry chains of machinery, semiconductor and ICT, as well as sufficient hospital facilities and biotech talents to carry our clinic trials. These factors have ensured Taiwan’s capability to deliver innovative medical products and solutions to global partners.
Taiwan builds healthcare ecosystem for the new normal
Taiwan’s export value of medical devices, whose main export markets are the U.S, EU, and Japan, was 3.77 billion US dollars in 2021. Contact lenses, blood glucose monitoring devices and diagnostic reagents are Taiwan’s major export product categories. Taiwan also have integrated supply chains of epidemic prevention products like face masks, protective clothing, thermometers, test kits to build an “anti-epidemic ecosystem” and offered immediate assistance to its global partners during the pandemic since 2020.
In an era where COVID-19 and the contactless economy are the new normal, Taiwan has taken the initiative and has prioritized the development of three key areas (preventive medicine, telehealth, and smart healthcare) to meet the demand of the emerging healthcare ecosystem market. Digital technologies have been widely used in automated detection, genetic testing, and portable and wearable devices in the clinical fields. With the power of innovation and cross-industry strengths, Taiwan is committed and able to bring new value to its global partners and the healthcare ecosystem worldwide.
1.Preventive Medicine
Taiwan offers multiple solutions that are integrated with RT-PCR, rapid test kits and equipment to meet the constant demand of epidemic detection technologies. Taiwan’s genetic testing can also support early prevention facilities in local markets overseas.
2.Telehealth
Mobile 5G networks will soon be utilized to benefit Taiwan’s medical imaging and information systems particularly in diagnostic and clinical interpretations. When 5G networks are enabled on portable devices such as ECG and ultrasound, they can allow real-time medical services to be provided without geographic restrictions.
3.Smart Healthcare
Taiwan can provide smart ward and healthcare solutions that cover vital sign analysis and monitoring to improve the management of patients especially in elderly and postoperative care. Automated sensing technology is also widely used in wearable devices and mobility aids to create a superior home care experience.
More information and details of Taiwan's medical & healthcare you could find if visit our new one-stop online platform - The Taiwan Healthcare Hub (THH) website launched in April this year.