Summary
Espicom's in-depth medical device market reports are ideal for executives wanting to understand the key drivers in medical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data and essential industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year.
Along with South Korea, Taiwan is one of the richer 'Asian Tiger' economies. Per capita GDP is similar to New Zealand, and behind only Japan, Singapore, Hong Kong and Australia in the Asia-Pacific region.
A system of universal health insurance was created in 1995. It has always operated at a loss, however, and the government has been repeatedly forced to either raise premiums or contribution thresholds, the last time in February 2005. Such moves are increasingly controversial for the government. Late payments between healthcare providers are also a problem. Provision of healthcare is generally in the private sector. There is considered to be widespread overuse of services such as outpatient consultations and drug prescriptions. The government is looking at reducing this, in a further attempt to control health insurance bills.
Imports supply around 80% of the medical equipment market. There is a growing domestic industry, which is becoming more sophisticated. Taiwan in particular is a major manufacturer of wheelchairs. However, local production remains fragmented and largely geared to supplying export markets. The market is therefore dominated by overseas companies, principally from the USA and Japan.
Medical device regulation in Taiwan is bureaucratic and opaque. Regulations are broadly based on a US/Japanese risk-based approach, but the process can be time consuming and unpredictable. Despite being geographically close, Taiwan has few direct links with the Chinese mainland. There is a small amount of medical device trade between the two, but it remains difficult for people to travel between Taiwan and the Peoples Republic, and there is little chance of any meaningful political dialogue in the foreseeable future.
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