This press release was issued by Bain & Company.
- Region’s medtech demand growing at 6.9% CAGR, to reach US$132 billion by 2030
- Only 10% (US$2.3 billion) of 2025 APAC PE buyout value were medtech related – mostly focused on large and already-scaled platforms
Asia-Pacific medtech companies are increasingly creating novel, competitive products and expanding beyond their home markets. As they pursue the next phase of growth, some are navigating challenges in achieving global scale. A new report by Bain & Company, developed in partnership with the Agency for Science, Technology and Research (A*STAR), Enterprise Singapore (EnterpriseSG), J.P. Morgan, SG Growth Capital and the Singapore Economic Development Board (EDB) aims to strengthen the region's ability to produce globally scaled medtech leaders and the next generation of global champions.
According to the report, Building Global Champions: The Asia-Pacific Region's Next Medtech Wave, Asia-Pacific is becoming one of the world's most important demand centers. The region's share of global medtech demand is expected to reach US$132 billion by 2030, growing at 6.9% annually – faster than the global market. As demand and innovation capabilities continue to grow, the next phase of growth for Asia-Pacific medtech will depend not only on innovation, but also on strengthening capabilities in clinical evidence generation, regulatory strategy, commercialization and market access.
"For a long time, Asia-Pacific's role in medtech was largely defined by manufacturing excellence, adaptation and execution. Now, we are entering a different phase of development," said Kevin Chang, head of Bain & Company’s Healthcare & Life Sciences practice in Greater China. "The region is no longer simply a market for innovation – it is increasingly becoming a source of it. The next decade will be defined by how effectively companies convert that innovation into enduring global businesses."
Despite holding meaningful advantages, few Asia-Pacific medtech companies have launched globally competitive, commercially viable products at scale. The report identifies five structural areas that presents key opportunities to strengthen the region’s ability to achieve global scale:
- Funding: Capital in most Asia-Pacific countries remains concentrated at either end of the funding spectrum. According to venture data from 2025, Seed and Series A rounds totaled only US$2.2 billion across 124 rounds, while just 10% (US$2.3 billion) of Asia-Pacific buyout value was attributed to medtech deals, with most funding directed toward large, already-scaled platforms. As a result, many emerging medtech companies face a funding gap as they seek to move from innovation to commercial scale.
- Regulatory and clinical talent: Companies may lack access to professionals with experience navigating global regulatory pathways, managing international clinical trials and building quality systems required for expansion into major markets.
- Intellectual property protection: Delayed global filing strategies and gaps in patent coverage can constrain licensing, partnership and acquisition opportunities as companies seek to scale internationally.
- Infrastructure: Companies may not have built the commercialization capabilities, market-entry support, channel infrastructure and key opinion leader networks needed to compete beyond their home markets.
- Reimbursement and evidence: Regulatory approval is often only the beginning of the commercial challenge. Companies increasingly need stronger clinical and health-economic evidence to support adoption, reimbursement and revenue generation.
Despite these challenges and gaps, many of the foundations for global scale are already in place. Asia-Pacific is building stronger regulatory environments, growing clinical capabilities and expanding access to capital. Increasingly mature innovation ecosystems across the region are creating the conditions for more Asia-Pacific medtech companies to compete internationally.
Over the past two decades, Japan and Australia have led the region in product development, supported by regulatory maturity and deep clinical infrastructure. Today, China and India have moved beyond volume manufacturing and incremental adaptation, South Korea has emerged as a credible engine for software-driven medtech innovation, while Singapore has strengthened its position as a hub for clinical translation and productization.
Demand is also being driven by aging populations, an expanding chronic disease burden and healthcare workforce shortages across many markets – creating new opportunities for innovation and growth in Asia Pacific.
