China’s Medical Device Market Sees Rapid Growth
With China’s rapid economic growth and improvement in people’s living standards, China’s healthcare industry is also developing quickly. The Chinese government attaches great importance to healthcare and has increased investment in medical devices and other healthcare-related areas. The scale of China’s medical device market is expanding continuously and has become the second largest medical device market globally after the United States.
Currently, the total value of China’s medical device market has exceeded 100 billion RMB, with an average annual growth rate of over 20%. It is estimated that by 2025, the scale of China’s medical device market will exceed 250 billion RMB. The main consumer group of medical devices in China is large hospitals. With the development of primary healthcare institutions, there is also great potential for growth in primary-level medical device consumption.
Supportive Policies to Promote the Medical Device Industry
The Chinese government has introduced a series of policies to support the development of the medical device industry. For example, encouraging innovation and R&D of medical devices to improve diagnostic and treatment capabilities; simplifying the registration and approval process for medical devices to shorten the time to market; increasing the coverage of high-value medical consumables by medical insurance to reduce patient usage costs. These policies have provided policy dividends for the rapid development of China’s medical device companies.
At the same time, the in-depth implementation of China’s healthcare reform policies has also created a good market environment. Internationally renowned investment institutions such as Warburg Pincus are also actively deploying in China’s medical device field. A number of innovative medical device companies are emerging and starting to expand into international markets. This further highlights the huge potential
Post time: Aug-31-2023