This is a best prospect industry sector for this country. Includes a market overview and trade data.
Overview
|
2019 |
2020 |
2021 |
2022 (est.) |
---|---|---|---|---|
Total Local Production |
$4,008,635 |
$4,346,666 |
$4,520,532 |
$5,062,995 |
Total Exports |
$2,410,754 |
$2,591,560 |
$2,695,222 |
$3,040,210 |
Total Imports |
$2,676,060 |
$2,833,947 |
$2,947,304 |
$3,124,148 |
Imports from the U.S. |
$867,764 |
$918,962 |
$955,720 |
$937,244 |
Total Market Size |
$4,273,941 |
$4,589,053 |
$4,772,614 |
$5,144.933 |
Exchange Rate: USD1 |
30.11 |
30.11 |
27.89 |
29.784 |
Total Market Size = (Total Local Production + Total Imports) – (Total Exports)
Sources: Total Local Production: Taiwan Ministry of Economic Affairs; Total Exports: Customs Administration, Taiwan Ministry of Finance; Total Imports: Customs Administration, Taiwan Ministry of Finance; Imports market: Taiwan Ministry of Economic Affairs and Business Monitor International Report; Exchange rates: U.S. Treasury Department
Leading Sub-Sectors
- Computed tomography apparatus
- Ultrasonic scanning apparatus
- Ozone therapy, oxygen therapy, aerosol therapy, artificial respiration
- Magnetic resonance imaging apparatus
- Ophthalmic instruments and appliances
- Artificial joints
- Cardiovascular equipment
- Catheters
- Chromatographs and electrophoresis instruments
- Endoscopes
- Hemodialysis apparatus
- Prepared diagnostic and laboratory reagents
- Shock wave lithotripsy apparatus
- X-rays apparatus for dental uses
Opportunities
Population demographics in Taiwan present opportunities for healthcare companies. Approximately 24 percent of Taiwan’s 23.37 million population was over the age of 60 in 2021. Ministry of Health and Welfare (MOHW) reports indicate that the senior proportion of the population will continue to grow, underscoring the importance of affordable, long-term care. National Health Insurance (NHI) expenditures are also projected to grow through this period and into the future.
With high demand for high-end medical device imports, the importance of Taiwan’s National Health Insurance (NHI) program will grow, as many of the more advanced medical devices are too expensive for the NHI system to reimburse its users. In such cases, a self-pay category is utilized, especially for items such as coronary stents, artificial ceramic hip joints, artificial intraocular lenses, and metal-on-metal artificial hip joints.
As living standards rise throughout Asia, the demand for medical care will continue to rise. Taiwan is within the transportation hub of the Asia-Pacific region, making it an ideal location from which to enter the emerging markets of Asia, especially mainland China.
Trade Shows
- Bio Asia Taiwan 2023, Taipei Date: July 27 – 30, 2023 (https://expo.bioasiataiwan.com/en/)
- Medical Taiwan 2023, Taipei, June 8 – 10, 2023 (https://www.medicaltaiwan.com.tw)
- Healthcare+ Expo Taiwan 2022, Taipei, Dec. 01 – 04, 2022 (https://expo.taiwan-healthcare.org/en/)
Relevant Authorities
- Customs Administration, Taiwan Ministry of Finance (MOF)
- Taiwan Food and Drug Administration (TFDA)
- Taiwan Ministry of Economic Affairs (MOEA)
- Taiwan Ministry of Health and Welfare (MOHW)
- Taiwan National Health Insurance Administration (NHIA)
- Business Monitor International (BMI) Research
- U.S. Census Bureau
U.S. firms interested in learning more about the medical devices market and seeking to expand their export opportunities to Taiwan are encouraged to contact CS Taiwan Commercial Specialist Grace Tao at Grace.Tao@trade.gov.