Brazil is the largest medical device market and among the top 10 in the world. The widening coverage of Brazil’s public healthcare system and expansion of its private health insurance sector has resulted in higher demand for improved medical care and increase in spending on medical devices.
The Indian medical device market is the fourth largest in Asia with 700 medical device manufacturers, and ranks among the top 20 in the world, as per data provided by the India Semiconductor Association. India’s medical device market is estimated to be worth USD 3.2 billion and is likely to be among the world's fastest growing markets over the next five years. The need for sophisticated medical devices and equipment is being driven by an increase in the number of hospitals and higher demand for healthcare facilities.
China’s medical device market has been growing at a rate of around 20 percent since 2009, led by a rise in discretionary income and a fast aging population. China’s medical device market is ranked the second largest in the world and achieved a total size of USD 34.68 billion in 2013 for the first time in history.
Turkey is an attractive location for the manufacture and marketing of medical devices due to its available infrastructure and large number of healthcare institutions. Turkey’s medical device market is the largest in the Middle East and Africa, and figures among the top 20 largest in the world in value terms.
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Poland is the second largest economy in Central & Eastern Europe and its population of 38 million makes it one of the biggest health care markets in the region. Poland’s aging population is expected to lead to a higher incidence rate of various diseases and greater demand for top quality specialists, rehabilitation services and long term care, thereby driving the demand for medical devices.
Korea ranks among the world's leading economies and has the highest healthcare expenditure among all the 'Asian Tigers.' The country’s growing older population, rising average income, growing demand for sophisticated medical technology and dependence on imports for high-end products creates significant opportunities for medical device companies.