Clearstate estimates that it will take until early 2024 to see elective surgery volume in Asia-Pacific (APAC) returning to pre-pandemic levels.

Australia’s government continues to invest in strengthening the country’s response to infectious diseases. Additional funding for programmes aim to eliminate public health threats by 2030, targeting diseases including HIV, viral hepatitis and sexually transmitted infections (STIs). 

South Korea will continue to invest in its laboratories to prepare for future public health crises. However, with affordability concerns weighing on healthcare budgets and a relatively established infectious disease testing infrastructure, companies need to look harder to find growth prospects in the market.

Infectious disease testing is highly accessible in Japan. The country continues to focus on managing infectious diseases through prevention programmes, providing reimbursement for a comprehensive range of diagnostic tests. More recently, the government has stepped up screening activities for respiratory infections.

Global healthcare spending growth in 2022 has slowed despite rising costs. Healthcare spending has also fallen in real terms, as it fails to keep pace with high inflation; and this trend is expected to continue in 2023.

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In the past two years Asia-Pacific’s surgical device sector has experienced shifts and developments. The pandemic’s far-reaching impact across economies and healthcare systems has affected everything from elective surgery volumes to hospital capacities. As covid-19 becomes endemic, surgical device companies are reassessing their priorities based on future growth opportunities and challenges.

Opportunistic growth opportunities from covid-19 have helped fuel rapid growth for Chinese companies not just domestically, but also in overseas markets. However, according to data from Clearstate’s IVD Gateway, in the first half of 2022 growth rate has slowed compared with 2021, indicating the difficulty in sustaining growth.

Growth opportunities for surgical device companies are shifting to Asia-Pacific (APAC), a region that is expected to be more resilient against headwinds as global economic recovery comes under threat. In 2021, 65% of global surgical device company executives say Asia will be the biggest source of growth in the next five years—almost half see “emerging Asia”, which includes India and South-East Asia, as a priority market.

One of the largest IVD multinational companies plans to launch a new clinical chemistry assay in markets worldwide. To shore up their go-to-market strategy, the company needed to ensure that marketing will be tailored to achieve maximum impact in each market.

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China’s government is increasing efforts to improve access to surgical care in lower-tier cities. With the increasing market penetration of Chinese medtech firms into lower-tier cities, and new procurement practices and reimbursement policies reshaping market dynamics and impacting device prices, only businesses that can locate and capture emerging opportunities will stay ahead in this fast-evolving market.