打造全球冠军：亚太地区的下一波医疗技术浪潮

With the right strategic commitments, the Asia-Pacific regioncould become a central exporter of medical innovation. Authors and acknowledgments This report was jointly produced in partnership between Bain & Company, Agency for Science,Technology and Research (A*STAR), Enterprise Singapore (EnterpriseSG), J.P. Morgan, SG GrowthCapital (SGGC) and the Singapore Economic Development Board (EDB). Fabio La Mola,Partner, SingaporeBain & Company Vikram Kapur,Partner, SingaporeBain & Company Kevin Chang,Partner, Hong KongBain & Company Dhruv Sukhrani,Partner, MumbaiBain & Company Mei Young,Associate Partner, SingaporeBain & Company Mark Foo,Healthcare Sector Lead, Asia PacificGlobal Corporate Banking, J.P. Morgan This work is based on secondary market research, analysis of financial information available or provided to Bain & Company and a range ofinterviews with industry participants. Bain & Company has not independently verified any such information provided or available to Bainand makes no representation or warranty, express or implied, that such information is accurate or complete. Projected market and financialinformation, analyses and conclusions contained herein are based on the information described above and on Bain & Company’s judgment,and should not be construed as definitive forecasts or guarantees of future performance or results. The information and analysis herein doesnot constitute advice of any kind, is not intended to be used for investment purposes, and neither Bain & Company nor any of its subsidiariesor their respective officers, directors, shareholders, employees or agents accept any responsibility or liability with respect to the use ofor reliance on any information or analysis contained in this document. This work is copyright Bain & Company and may not be published,transmitted, broadcast, copied, reproduced or reprinted in whole or in part without the explicit written permission of Bain & Company. Contents Executive summary2Moving up the innovation ladder4Where innovation sits today4Four archetypes are shaping Asia-Pacific medtech innovation6Two routes to global scale7Five gaps holding medtechs back9Stakeholder playbooks12The 2030 vision20Conclusion21 At a Glance Many medtech companies in the Asia-Pacific region are building novel, globallycompetitive products `For innovations to expand internationally, companies must move beyond manufacturingefficiency and toward clinical and regulatory mastery `Five structural gaps—underfunding, scarce talent, late-stage intellectual property strategies,infrastructure deficits, and reimbursement delays—block regional medtechs from achievingglobal scale `These gaps reveal clear priorities for the next 12–24 monthsWith the right strategiccommitments across the ecosystem, the Asia-Pacific region could become a leadingmedtech exporter Executive summary Traditionally, the Asia-Pacific medtech industry has absorbed global innovations. Now, it’s creating,validating, and exporting them. A structural change is afoot, broadening the region’s capacity andgeography for meaningful innovation. This paper covers the full spectrum of medical devices, fromcapital equipment and implantable devices to software as a medical device (SaMD) and digital healthplatforms. It excludes in vitro diagnostics (IVD), which follow a distinct development andcommercialization path. Over the past 20 years, Japan and Australia have led the region in product development, supported byregulatory maturity and deep clinical infrastructure. Without those advantages, the rest of the regionwas forced to compete on cost and execution alone. Recently, however, that equation has changed. China and India have moved beyond volume manufacturing and incremental adaptation, and South Koreahas emerged as a credible engine for software-only medtech innovation. Meanwhile, Singapore hasestablished a strong medtech ecosystem, combining its advanced regulatory standing and clinicaltranslation infrastructure with precision engineering and end-to-end productization platforms. From thisfoundation, Singapore is turning promising prototypes into globally validated devices. Across the region, medtechs are running global trials, securing regulatory approvals in the US and the EU,and attracting significant institutional capital. Rather than replicating or incrementally improving existinginnovations, Asia-Pacific medtechs are creating novel, globally competitive products of their own. The region has also become one of the most important demand centers. Its share of global medtechdemand is expected to reach USD $132 billion by 2030, growing at a 6.9% CAGR—well ahead of the global Building Global Champions: The Asia-Pacific Region’s Next Medtech Wave rate (5.5%). Today, the region represents approximately 16% (USD $94 billion) of the USD $583 billionglobal medical device market (as defined in the BMI Asia Medical Devices report, excluding IVD andlaboratory equipment). Demand is being driven by aging p