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Taiwan to invest NT$2bn in medical equipment industry

13 April 2017 | News

Singaore: A move that will provide a boost to Taiwan’s burgeoning medical equipment industry, the country’s Department of Industrial Technology of the Ministry of Economic Affairs (MOEA) announced that it will be investing NT$2 billion (US$ 6.53 million) by 2020. With this investment the Ministry aims to increasing the industry’s value to NT$200 billion by 2020.

Mr Lo Ta-Sheng, deputy director-general, MOEA, said, “In 2016, Taiwan's biomedical industry total market value reached NT$447 billion. The medical equipment market business alone amounted to nearly 32 percent of the total value at NT$144 billion.”

As the world’s population is aging, the global demand for advanced medical equipment, precise high-level medical imaging equipment, such as ultrasound images, digital x-rays, and Magnetic Resonance Imaging (MRI) to detect and address chronic diseases is increasing. Internationally, advanced medical imaging equipment have a 60 percent share in the medical equipment market, stated the ministry.

Eyeing this large market potential, MOEA intends to build on Taiwan’s advantages in the intensive therapy unit (ITU) industry, and use multidisciplinary approaches to integrate and develop total health equipment solutions that are portable, multi-functional, faster and more precise at detecting diseases, or even capable of conducting diagnosis of diseases in real-time.

The ministry integrated upstream and downstream segments of Taiwan’s sophisticated medical equipment industry, accumulating 117 technology transfers from research institutes to industry, attracting investments from 182 companies and partnered with 18 hospitals to develop new medical equipment.

In a recent press conference that took place at the MOEA headquarters, more than 18 advanced medical imaging devices developed byIndustrial Technology Research Institute(ITRI) and some of its partner companies including iXensor, AmCad BioMed Corporation, Episonica  and others were showcased. MOEA estimates investments from companies in its medical equipment project totaled NT$3.79 billion market value, and related market value is projected to peak to NT$31.8 billion.

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