As the global pandemic winds down, the medical industry’s capacity to focus on non-emergency medical projects that were sidelined during the epidemic will gradually recover, as will the demand for a wide range of medical products. According to BMI Research, the global market for medical devices was valued at US$454.3 billion in 2021, a 6.3% increase from 2020, and is expected to reach US$535.2 billion by 2024, with a CAGR of approximately 5.6% from 2021 to 2024.
The Taiwan External Trade Development Council (TAITRA) stands to benefit from the expansion of the medical supplies industry. Medical Taiwan, one of the B2B trade shows organized by TAITRA, will be held at Taipei Nangang Exhibition Hall 2 from June 8 to June 10, 2023. It will focus on professional assistive devices, digital healthcare, medical devices and equipment, medical parts and supplies, medical materials, and medical services. For both domestic and international medical equipment manufacturers, it is the premier global business and marketing platform.
The New “Digital Health” Area Advances Medical and Health Technology
The pandemic has pushed medical and nursing industries to adopt and develop with cutting-edge technologies like AI and VR. Medical practice has gradually transitioned from focusing on hospitals to focusing on individuals and their families. Digital health applications are also rising due to the pervasiveness of technological applications in daily life.
A strong optical, ICT, and precision manufacturing industry chain complements Taiwan’s well-established medical network. As such, Taiwan is an ideal location for the digital health sector to find technology partners, test commercialization models, and generate cross-industry networking. Next year, Medical Taiwan will launch a new “Digital Health” exhibition area, which will bring together companies specializing in wearable devices, personal mobile health technology, health monitoring equipment, smart sports, smart long-term care, health information technology, and communication technology. It aims to target the international precision health and personalized health monitoring markets, and to help exhibitors capitalize on international business opportunities.
With Borders Reopening, TAITRA Extends its Invitation to Buyers to Stimulate Global Trade Relations
More than 6,000 visitors are anticipated to attend Medical Taiwan. The top 10 foreign buyers from China, Japan, Vietnam, Thailand, the United States, Korea, Malaysia, Singapore, the Philippines, and Australia in 2019, consisting of FairPrice, the largest chain of distributors in Singapore; the medical device associations in Kyushu and Kagoshima, Japan; Medline, the largest private distributor of medical materials in the United States; and the Enterprise Europe Network(EEN) medical industry cluster procurement group.
As borders have been reopened, top-tier buyers are anticipated to return to visit the trade show. Additionally, TAITRA will continue to promote the exhibition and extend buyer invitations through its global network of more than 60 overseas offices.
Complete Industry Chain and Key Events of Medical Taiwan Seize Future Business Prospects
To establish a comprehensive supply chain for medical materials, Medical Taiwan 2023 will set up eight exhibition areas: Hospital/ Clinic Equipment, Disposables and Consumables/ Textiles, Elder Care, Healthcare and Beauty, Smart Medical, Digital Health, Manufacturing & Components, and Startups. Events such as “One-on-One Procurement Meetings,” “Industry Forums,” and “New Product Launches” will be held during the exhibition to assist exhibitors in analyzing industry trends and expanding market opportunities. Applications for booth space at Medical Taiwan 2023 are currently open. All interested businesses are encouraged to sign up and take advantage of the possibilities!