Eastern Asia: Medical Instruments Market 2024

Medical Instruments Market Size in Eastern Asia

In 2022, the East Asian medical instruments market decreased by -1.4% to $X for the first time since 2019, thus ending a two-year rising trend. The market value increased at an average annual rate of +4.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2021, and then dropped slightly in the following year.

Medical Instruments Production in Eastern Asia

In value terms, medical instruments production dropped slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 25%. Over the period under review, production reached the peak level at $X in 2021, and then shrank slightly in the following year.

Medical Instruments Exports

Exports in Eastern Asia

In 2022, the amount of instruments used in medical sciences exported in Eastern Asia rose to X tons, with an increase of 2.2% compared with the previous year's figure. Total exports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +71.9% against 2012 indices. The growth pace was the most rapid in 2020 with an increase of 11% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, medical instruments exports amounted to $X in 2022. Total exports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +91.4% against 2012 indices. The pace of growth was the most pronounced in 2020 when exports increased by 15%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

China dominates exports structure, resulting at X tons, which was approx. 76% of total exports in 2022. Japan (X tons) held a 7.2% share (based on physical terms) of total exports, which put it in second place, followed by Hong Kong SAR (5.8%), Taiwan (Chinese) (5.7%) and South Korea (5.3%).

China was also the fastest-growing in terms of the instruments used in medical sciences exports, with a CAGR of +7.5% from 2012 to 2022. At the same time, Taiwan (Chinese) (+6.2%) and Hong Kong SAR (+4.5%) displayed positive paces of growth. Japan experienced a relatively flat trend pattern. By contrast, South Korea (-3.7%) illustrated a downward trend over the same period. China (+13 p.p.) significantly strengthened its position in terms of the total exports, while Japan and South Korea saw its share reduced by -4.3% and -8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest medical instruments supplier in Eastern Asia, comprising 58% of total exports. The second position in the ranking was held by Japan ($X), with a 21% share of total exports. It was followed by South Korea, with a 9.6% share.

In China, medical instruments exports expanded at an average annual rate of +12.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (+0.7% per year) and South Korea (+4.8% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, almost unchanged from the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2021 an increase of 5.2% against the previous year. Over the period under review, the export prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+8.8%), while the other leaders experienced more modest paces of growth.

Medical Instruments Imports

Imports in Eastern Asia

In 2022, the amount of instruments used in medical sciences imported in Eastern Asia was estimated at X tons, therefore, remained relatively stable against the previous year. Total imports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +55.8% against 2012 indices. The growth pace was the most rapid in 2015 with an increase of 8.1% against the previous year. The volume of import peaked in 2022 and is likely to continue growth in the immediate term.

In value terms, medical instruments imports expanded slightly to $X in 2022. In general, imports posted a buoyant increase. The most prominent rate of growth was recorded in 2021 when imports increased by 18% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

In 2022, Japan (X tons), distantly followed by Hong Kong SAR (X tons), China (X tons), South Korea (X tons) and Taiwan (Chinese) (X tons) represented the major importers of instruments used in medical sciences, together constituting 100% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by China (with a CAGR of +9.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constitutes the largest market for imported instruments used in medical sciences in Eastern Asia, comprising 52% of total imports. The second position in the ranking was held by Japan ($X), with a 25% share of total imports. It was followed by South Korea, with a 10% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to +13.9%. In the other countries, the average annual rates were as follows: Japan (+2.5% per year) and South Korea (+4.7% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, approximately reflecting the previous year. Over the last decade, it increased at an average annual rate of +2.8%. The pace of growth appeared the most rapid in 2021 when the import price increased by 12% against the previous year. Over the period under review, import prices hit record highs in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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