The china medical devices is expanding rapidly. Up until 2017, GlobalData provided reports on the country’s major trends and opportunities.
The Chinese market for medical devices is experiencing phenomenal expansion, which is anticipated to continue in the coming years. According to “China Medical Devices Industry – A Market Snapshot and Key Company Profiles,” a report from market analysis company GlobalData, the Chinese medical device industry grew at a CAGR of 8.9% over the past seven years, which is higher than the growth rate of the medical devices markets in many developed economies. The market for medical devices in China was valued at $14.8 billion in 2010. As a result, in terms of revenue, it is currently ranked second in the Asia-Pacific region and fourth globally.
There are domestic and international multinational players operating in China’s medical device sector. While domestic manufacturers outnumber foreign multinationals by a wide margin, foreign firms dominate the market with 70% of the total value. The capital- and technology-intensive markets for cardiovascular devices and imaging technology are dominated by foreign multinationals.
On the other hand, local manufacturers enjoy a strong presence in markets such as wound-care management, surgical equipment and in vitro diagnostic reagents, specifically in the less technology-intensive areas such as the manufacturing of disposables, bandages and surgical instruments. A healthy reversal of this trend is gradually being seen, with the growing presence of Chinese companies – such as Mindray Medical International, Shandong JW Medical Products Co, Shandong Weigao Group Medical Polymer Company and Neusoft Medical Systems – in highly technological intensive segments like cardiovascular equipment, diagnostic imaging devices and healthcare IT.