PA Department of Community and Economic Development
The mission of the Department of Community and Economic Development (DCED) is to foster opportunities for businesses to grow and for communities to succeed and thrive in a global economy. Our mission is to improve the quality of life for Pennsylvania citizens while assuring transparency and accountability in the expenditure of public funds.
400 North Street Harrisburg Pennsylvania 17120 United States
Overview of the sector in each of these markets with a focus on sales and partnership opportunities for Pennsylvania medical and healthcare suppliers.
Australia: Australia and New Zealand are both major US export destinations for advanced medical technology and services. The US is one of 3 major exporters of medical devices to Australia with exports from the US estimated to have equaled $1.7 billion in 2019. $5.5 billion has been allocated to new health infrastructure and service projects in the Australian State of New South Wales alone, through to 2023, and demand is rapidly growing for telehealth and remote patient monitoring solutions. In New Zealand’s most recent budget, a funding boost of $2.5 billion, over four years, was announced for hospitals and health services. In summary, significant opportunities exist in Australia and New Zealand for exporters of enabling medical technology and services.
India: Today healthcare is one of the largest sectors in India, both in terms of revenue and employment. It is growing rapidly and is projected to reach $372 billion by 2022. Some of the drivers include rising income levels, rising life expectancy, increasing insurance penetration and positive policy initiatives of the Government.
Medical device sector is projected to grow to $65 billion by 2024. In fiscal year 2018-19, India imported medical devices worth $6.2 billion and exported $2.1 billion during the same period. Overall import dependency of medical equipment is 75 – 80% and more than 90% of sophisticated devices will continue to be imported. The US is a major exporter of high-end medical equipment.
Additionally, there are opportunities for big data companies. Healthcare data and health-IT upgrades will be required to improve AI functionality for diagnostic and treatment devices. Current consumer trend is towards wearable devices. There are opportunities for wearable devices such as: Glucose monitors, exercise trackers, wearables for mental health, boosting home-based healthcare.
Vietnam: Demographic changes, the rise in disposable income, and a strong economic growth has led to a growing demand for healthcare services in Vietnam. 90% of its medical equipment and 55% of its pharmaceutical products are now imported annually, and healthcare expenditure is estimated to grow from around $17 billion in 2019 to $43 billion by 2028.
“Opportunities in Vietnam’s Healthcare Sector” will provide an overview of the Vietnamese healthcare sector and opportunities for Pennsylvania suppliers of medical products and services in Vietnam. The webinar will also touch on the medical product registration process, and what Pennsylvania companies should be aware of when doing business in Vietnam.
Presented by Pennsylvania’s Authorized Trade Representatives