BURLINGTON, Mass., June 17, 2015 /PRNewswire/ -- Decision Resources Group finds that the laparoscopic device market in the Asia Pacific region—including Australia, China, India, and South Korea—will grow at a much stronger rate compared to the market in the US and Europe through 2023. Growth will be primarily driven by expansion in China and India, which are underpenetrated. Economic expansion, government investment in health care, and improving training will lead to the growing adoption of laparoscopic procedures in both of these markets. By 2023, the Asia Pacific market will be approximately one-third of the size of the US market.

Other key findings from Medtech 360 reports covering the laparoscopic device markets:

  • There is high demand for lower-cost domestically manufactured products in the Asia Pacific region, where many procedures are still funded out-of-pocket by patients. This is especially true in China and India, where universal health care coverage is lacking and where there are still high poverty rates, especially among rural populations.
  • This has created opportunities for companies such as Om Surgicals in India and Hangzhou Kangji Medical Instruments in China, which perform well in the low-tech surgical consumables markets, such as the access device, hand instrument, and clip applier segments.
  • In order to compete, multinational corporations (MNCs) are considering developing "super value" mid-tier products. By contrast, their focus in the US and European markets is much more on developing high-tech and specialized products, such as multifunctional advanced direct energy devices and 3-D laparoscopes.
  • Laparoscopic morcellators, which are not covered for the Asia Pacific region, have attracted significant attention in the US after the Food and Drug Administration warned against the use of these products in 2014. This has caused a sharp decline in the use of morcellation in the US, and by 2023, these products will only be used in a small number of cases.

Comments from Decision Resources Group Analyst Xi Chen:

  • "The preference for reusable versus disposable devices varies strongly throughout the Asia Pacific countries. Reusable devices are particularly popular in India; in fact, industry sources indicate that disposable clip appliers are rarely purchased. Reusable devices are also used in China, especially in less developed regions and lower-tier hospitals, where cost constraints have been a major limiting factor."
  • "By contrast, reusable devices are much less popular in more developed markets, such as South Korea and particularly Australia. In fact, the very high use of disposable devices in Australia has a major positive impact on the market relative to the other Asia Pacific countries because these devices generate higher per-procedure revenue."

Additional Resources:

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About Decision Resources Group
Decision Resources Group offers best-in-class, high-value data, analytics and insights products and services to the healthcare industry, delivered by more than 700 employees across 15 global locations. DRG companies provide the pharmaceutical, biotech, medical device, financial services and payer industries with the tools, insights and advice they need to compete and thrive in an increasingly complex and value-based marketplace. DecisionResourcesGroup.com.

Media contact:

SHIFT Communications
Rosie Hale
617.779.1893
dresources@shiftcomm.com

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SOURCE Decision Resources Group

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