Press release
SINGAPORE—July 7, 2026 —Asia-Pacific medtech companies are increasingly creating novel, competitive products and expanding beyond their home markets. As they pursue the next phase of growth, some are navigating challenges in achieving global scale. A new report by Bain & Company, developed in partnership with the Agency for Science, Technology and Research (A*STAR), Enterprise Singapore (EnterpriseSG), J.P. Morgan, SG Growth Capital and the Singapore Economic Development Board (EDB) aims to strengthen the region's ability to produce globally scaled medtech leaders and the next generation of global champions.
According to the report, Building Global Champions: The Asia-Pacific Region's Next Medtech Wave, Asia-Pacific is becoming one of the world's most important demand centers. The region's share of global medtech demand is expected to reach $132 billion by 2030, growing at 6.9% annually – faster than the global market. As demand and innovation capabilities continue to grow, the next phase of growth for Asia-Pacific medtech will depend not only on innovation, but also on strengthening capabilities in clinical evidence generation, regulatory strategy, commercialization and market access.
"For a long time, Asia-Pacific's role in medtech was largely defined by manufacturing excellence, adaptation and execution. Now, we are entering a different phase of development," said Kevin Chang, head of Bain & Company’s Healthcare & Life Sciences practice in Greater China. "The region is no longer simply a market for innovation – it is increasingly becoming a source of it. The next decade will be defined by how effectively companies convert that innovation into enduring global businesses."
Despite holding meaningful advantages, few Asia-Pacific medtech companies have launched globally competitive, commercially viable products at scale. The report identifies five structural areas that presents key opportunities to strengthen the region’s ability to achieve global scale:
- Funding: Capital in most Asia-Pacific countries remains concentrated at either end of the funding spectrum. According to venture data from 2025, Seed and Series A rounds totaled only $2.2 billion across 124 rounds, while just 10% ($2.3 billion) of Asia-Pacific buyout value was attributed to medtech deals, with most funding directed toward large, already-scaled platforms. As a result, many emerging medtech companies face a funding gap as they seek to move from innovation to commercial scale.
- Regulatory and clinical talent: Companies may lack access to professionals with experience navigating global regulatory pathways, managing international clinical trials and building quality systems required for expansion into major markets.
- Intellectual property protection: Delayed global filing strategies and gaps in patent coverage can constrain licensing, partnership and acquisition opportunities as companies seek to scale internationally.
- Infrastructure: Companies may not have built the commercialization capabilities, market-entry support, channel infrastructure and key opinion leader networks needed to compete beyond their home markets.
- Reimbursement and evidence: Regulatory approval is often only the beginning of the commercial challenge. Companies increasingly need stronger clinical and health-economic evidence to support adoption, reimbursement and revenue generation.
Despite these challenges and gaps, many of the foundations for global scale are already in place. Asia-Pacific is building stronger regulatory environments, growing clinical capabilities and expanding access to capital. Increasingly mature innovation ecosystems across the region are creating the conditions for more Asia-Pacific medtech companies to compete internationally.
Over the past two decades, Japan and Australia have led the region in product development, supported by regulatory maturity and deep clinical infrastructure. Today, China and India have moved beyond volume manufacturing and incremental adaptation, South Korea has emerged as a credible engine for software-driven medtech innovation, while Singapore has strengthened its position as a hub for clinical translation and productization.
Demand is also being driven by aging populations, an expanding chronic disease burden and healthcare workforce shortages across many markets – creating new opportunities for innovation and growth in Asia Pacific.
“Asia-Pacific's medtech ecosystem is reaching a new stage of innovation and capability, creating greater opportunities for cross-border growth and global success. At EDBI, we are committed to anchoring globally competitive businesses in Singapore. Our role goes beyond capital. We combine deep sector expertise with hands-on value creation to connect high-value companies with world-class talent, clinical networks and strategic partners, enabling them to scale from Singapore to global markets,” said Jolene Ooi, Partner, Healthcare, EDBI (arm of SG Growth Capital, the investment platform of EDB and EnterpriseSG).
Amy Tan, Asia Pacific Head of Tech and Innovation Economy, Global Corporate Banking at J.P. Morgan, said: “We are committed to empowering Medtech entrepreneurs as we support them in transforming global healthcare through the scale, network, and capital of the J.P. Morgan Innovation Economy.”
For multinational corporations, the report highlights growing opportunities to partner with, invest in and co-develop innovations originating from Asia-Pacific. For emerging medtech companies, success will increasingly depend on building clinical, regulatory and commercial capabilities alongside product development. For ecosystem builders – including governments, investors, development agencies, academic institutions and incubators – the priority is strengthening the infrastructure that helps promising innovations move from concept to commercialization and global scale.
“Asia-Pacific is emerging as a significant source of medtech innovation, and Singapore’s strengths in clinical translation and productization position us well to support this shift. At A*STAR, we translate research into globally investible technologies, enabled by strong talent and commercialization platforms that accelerate ventures through productization, regulatory approval, reimbursement and market adoption. These efforts help more innovations progress from lab to market to bring benefit to patients globally,” said Ms. Irene Cheong, Assistant Chief Executive (Innovation & Enterprise) at A*STAR.
"Bringing medtech innovation from the lab to the global market is a long journey. It takes strong capabilities, strategic partnerships, access to capital and market opportunities to scale successfully. Enterprise Singapore works closely with local and international partners to support Singapore companies in building these foundations, strengthening Singapore's medtech ecosystem and enabling more companies to deliver innovative healthcare solutions to patients worldwide," shared Wong Zeng Yi, Assistant Managing Director (Manufacturing) at EnterpriseSG.
Looking ahead, Asia-Pacific's ability to produce global champions will depend on how effectively stakeholders close the structural gaps between innovation and commercialization. Enablers are already compounding, and investments made over the next 24 months will determine the region's role in the global medtech landscape. With the right strategic commitments, the region could emerge as a leading exporter of medical innovation by 2030.
Ms. Cindy Koh, Executive Vice President (Advanced Manufacturing) at EDB, said: “Leading medtech companies have anchored significant commercial, manufacturing, and R&D activities in Singapore, supported by an established ecosystem of clinical, regulatory and research partners, a strong talent pool, and a trusted network of local suppliers. This positions Singapore as a hub for global medtech multinationals to access innovation arising from Asia-Pacific and develop solutions for global markets. EDB works closely with the industry to strengthen this ecosystem and ensure Singapore remains at the forefront of medtech manufacturing and innovation while creating good job opportunities.
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Ann Lee (Singapore) — ann.lee@bain.com
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Dan Pinkney (Boston) — dan.pinkney@bain.com
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