Medical devices ranging from common medical supplies such as latex gloves and syringes to advanced imaging equipment and implantable devices, are expected to reach a global market of an estimated USD 409.5 billion by 2030, with a CAGR of 4.5%. This growth is mainly driven by global healthcare expenditure, technological development, and a rise in chronic diseases.
The ASEAN medical device market growth, heavily influenced by its growing population, rapidly aging population and strong economic growth, is expected to reach USD 8.5 billion by 2020 with a CAGR of 10%. In view of this potential, a significant number of global medical device manufacturers have embarked on expansion plans into this market by actively engaging local healthcare institutions and other key stakeholders.
A growing population and a public sector led medical care establishment which faces strong competition from a dynamic private sector means Sri Lanka is an optimal location for manufacturers looking to supply a growing local market while establishing operations in a country with favorable market & logistical access to Asia and Europe.