Medical Device Sector in Taiwan Primed for Seven-Percent Growth
A new study by the Taiwan Industry of Economic Affairs’ Industry and Technology Intelligence Services (ITIS) projects the country’s medical device industry to grow to $2.71 billion in 2013, an increase of more than seven percent.
According to the ITIS and BioSpectrum, the increase in Taiwan’s medical device sector will be driven primarily by demand for contact lenses and blood glucose monitors in the country. These two products will buy the entire medical device sector despite a nearly seven-percent decline between Q4 2012 and Q1 2013. The IT IS expects medical device sector growth of nearly 17% from Q1 to Q2 2013.
For foreign firms considering medical device registration in Taiwan, these ITIS projections suggest commercialization would be a good idea—particularly for manufacturers of eye care and diabetes management products.