Indonesia is one of the newest Asian markets to present foreign mid and smaller size medical device companies with significant opportunities largely due to their medical device regulatory and importation requirements becoming more transparent in recent years. Indonesia offers medical device manufacturers a lucrative, developing market where foreign brands and market share are more up for grabs than neighboring markets of similar size. The Indonesia Ministry of Health (MoH) oversees the island nation’s medical device industry, which serves 264 million people, with expected yearly growth of nearly 10% to $1.5 billion by 2022. Some of the major players in the market include Siloam Hospitals, Omni Group, Mayapada Group and Sinar Mas Group.
As in other developing Asian countries, Indonesia is facing an increase in “Western” health issues such as diabetes where they rank among the top 10 countries afflicted. Given the geographical challenges Indonesia faces, medical device manufacturers that can provide services to people in remote areas will have the opportunity to expand throughout the country as the government invests in expanded, quality healthcare to all of their citizens. When combined with the lack of local manufacturers and expected growth in medical device imports of up to 40% per year, Indonesia is one of the next unexplored frontiers for mid to small size medical device manufacturers around the world.