Taiwan’s Opportunities in the Medical Industry

08-Aug-2016

No country in the world is as readily equipped for a change or a smooth move into the medical industry as Taiwan is.

“The nation’s medical device industry is expected to grow as much as 8.5 percent this year to a record high, supported by demand for medicare devices from a steadily aging population worldwide,” said the Industrial Economics and Knowledge Center (IEK).

The above statement is supported by some solid facts. Taiwan is a world leader when it comes to supplying high-end OEM components to the electronics industry, not to mention those companies’ manufacturing capabilities.

The medical appliances currently used in many hospitals are outdated and somewhat temperamental at times. Given the fact that most of the equipment has been built to last very long and be just as reliable, the shift of technology towards a more digitized era and the emergence of IoT has made this change even more necessary and urgent.

One can only imagine what opportunities this urgency and necessity brings, where most industrialized countries need to cope with this shift and build replacements for the aging and obsolete equipment but may not be able to keep up with the production know-how with short and quick turnovers.

And the fact that Taiwan has a clear advantage being expert in the OEM industry with backgrounds well versed in these product categories helps the country to keep up with the advances made in the LED and CPU technologies, or even in IoT, and shift the promising business sectors to the medical industry.