A survey of the top 100 makers of medical devices in Asia indicates the industry will reach the $15 billion mark in 2017, a huge leap from a market of just $2 billion in 2012.
In addition to the top 100, Research and Markets also focused individually on the device markets in India, Japan and South Korea, all three major ones. Japan, in fact, has the second largest in the world, behind only the United States.
As for Asia, the research company said the overall device market was growing by more than 10% a year to meet the demand driven by higher incomes and living standards in several of the leading countries on the continent.
In Japan, the device market is expected to increase by a compound annual growth rate of 2.9%, its value rising from $30.2 billion just two years ago to $34.9 billion in 2018.
South Korea has Asia's third largest market for devices, behind Japan and China, but is expected to expand by a compound rate of 7.7% by 2018, up from $5.1 billion in 2013.
India has one of the globe's 20 largest device markets despite a per capita spending rate of less than $3 for the products. The industry's value has suffered because of the depreciation of the rupee, the national currency, but in actual growth terms is expected to be one of the world's fastest growing over the next 5 years.