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Pharmaceuticals and Medical Equipment in Asia Pacific

December 2022

In 2021, Asia Pacific ranked first globally in terms of production output of pharmaceuticals and medical equipment, with a turnover of USD857 billion. Over 2021-2030, the region is expected to record the fastest production growth globally, underpinned by its sizeable population, expanding access to healthcare, improving business environment and major investments into research and development.

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This report comes in PPT.

Key findings

Asia Pacific to maintain global leadership

Although turnover growth of Asia Pacific pharmaceuticals and medical equipment companies is expected to witness a considerable slowdown in 2020, the industry’s long-term outlook remains positive due to surging volume demand in China and increasing manufacturing capabilities in Indonesia and India. The region is expected to remain the primary driver of global medical products’ growth over 2019-2030.

China to continue driving growth

Following the Coronavirus pandemic in 2020, China’s pharmaceutical and medical device production growth is expected to be slightly subdued, yet, maintain a strong growth, in line with the continuously improving business environment and government-mandated push towards innovation.

Japan and South Korea’s growth subdued due to government regulations

South Korea and Japan are poised for steady yet slower development, in comparison to regional peers, as the governments continue to implement regulatory pricing pressures. However, the two countries are anticipated to maintain their positions as world experts in innovative solutions, and raise exports value, capitalising on surging global demand for biologics.

Supply chains disturbed due to the health crisis

One of the major outcomes from the Coronavirus (COVID-19) pandemic is set to be severe disturbances to global supply chains. The lockdown in China caused waves of supply process inefficiencies around the world, with Asia Pacific not immune. For example, India’s production of generic drugs was disturbed due to the drop in China’s API manufacturing. Over the forecast period, supply chains are anticipated to be restructured, alongside the countries implementing more protectionist policies.

US-China trade war and COVID-19 crisis push international companies to transfer production

Regional pharma companies are to suffer as multinationals are expected to transfer production to secure supply chains and minimise dependence on China. Whereas, the expected drop in foreign direct investment is likely to leave the industry vulnerable to external shocks.

Key findings
Asia Pacific to dominate global pharmaceuticals and medical equipment output
Expanding access to healthcare to continue driving industry’s growth within Asia Pacific
China to lead drugs and devices production growth within the region
Rising investment flows and improving business environment to support production
China to remain a major API producer, while Japan and Indonesia to rely on anti-infectives
Extensive elderly population to drive demand for pharmaceuticals in Japan
Relatively high industry fragmentation in global standards due to prevalence of SMEs
Small firms remain the most prevalent, yet large ones account for most of the production
Asia Pacific lags behind in exports as most drugs and devices are consumed domestically
Production localisation trend subdues import potential
China: Production context
China: Foreign trade landscape
Japan: P roduction context
Japan: Foreign trade landscape
South Korea: Foreign trade landscape
Taiwan: P roduction context
Taiwan: Foreign trade landscape
Hong Kong, China: P roduction context
Hong Kong, China: Foreign trade landscape
Singapore: Production context
Singapore: Foreign trade landscape
Philippines: P roduction context
Philippines: Foreign trade landscape
India: P roduction context
India: Foreign trade landscape
Thailand: P roduction context
Thailand: Foreign trade landscape
Vietnam: P roduction context
Vietnam: Foreign trade landscape
Malaysia: P roduction context
Malaysia: Foreign trade landscape
Indonesia: P roduction context
Indonesia: Foreign trade landscape
Kazakhstan: P roduction context
Kazakhstan: Foreign trade landscape
Uzbekistan: P roduction context
Uzbekistan: Foreign trade landscape
Azerbaijan: P roduction context
Azerbaijan: Foreign trade landscape


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