With the recent visit of Nvidia chief executive officer Jensen Huang (黃仁勳) to Taiwan causing a surge of “Jensanity” in the artificial intelligence (AI) field, and subsequent collaborations with National Taiwan University Hospital and Chang Gung Memorial Hospital unveiling a new chapter in Taiwan’s AI healthcare, a wave of enthusiasm has inevitably swept through the medical equipment industry. Taiwan, as a significant participant, has also made its mark in this wave.
Data compiled by Fortune Business Insights showed that the global medical equipment market was worth about US$555 billion in 2021, and is estimated to reach US$850 billion by 2030, with a compound annual growth rate of about 5.5 pecent from 2022 to 2030. As for Taiwan’s medical equipment market, based on data from the Industrial Technology Research Institute (ITRI), it was about NT$143.7 billion (US$4.4 billion) in 2022, a 7.4 percent increase year-on-year, and it was projected to reach NT$146.6 billion last year, an annual growth rate of about 2 percent.
The global and Taiwan’s medical equipment markets are experiencing positive growth trends, with future estimated values being particularly noteworthy. As a significant component of Asia’s medical equipment industry, Taiwan’s position in the global market is increasingly prominent, and it is expected to continue to seize growth opportunities.
However, despite Taiwan’s achievements in the medical equipment sector, it also faces pressures from global competition, diminishing original equipment manufacturer (OEM) profits and increasing costs. These are the real challenges facing the nation’s medical equipment industry. To survive and thrive in such an environment, companies must innovate, enhance added value and seek competitive advantages.
Despite these challenges, Taiwan’s medical equipment industry is full of potential. With aging populations growing, the demand for high-quality medical equipment is rising. Taiwan’s advantages in cost-effective manufacturing, coupled with its world-class capabilities in biomedical research and electronics, provide a solid foundation for the development of its medical equipment industry.
However, to break free from the OEM fate, Taiwan’s medical equipment industry must undergo significant transformation and upgrades. By seizing emerging trends such as smart medical devices and precision medicine, along with measures to break through overseas listing regulations, establishing clinical settings in hospitals and exploring international markets, Taiwan can overcome the challenges in medical equipment exports.
These challenges and opportunities would shape the medical equipment industry. Only through continuous innovation and transformation can Taiwan stand out in the global medical equipment market, and make greater contributions to the health and quality of life of people worldwide.
Gary Chen is a former associate research fellow in the Department of International Affairs at the Taiwan Institute of Economic Research.
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