China’s medical device market is expected to reach $218.2 billion in 2030, up from $92.8 billion in 2020, according to GMR Data, as the country’s pharmaceutical sectors continue to grow.
According to a MarketResearch.com blog post from last year, “a mix of circumstances are projected to enhance the pharmaceutical business in China.” According to our analysis, the Chinese pharmaceutical business will grow greatly over the next decade for a variety of reasons, including:
- A burgeoning affluent populace
- Access to foreign markets and closer regulatory harmonization
- An increasing number of people aged 65 and above —
- According to official Chinese projections, 40% of China’s population would be over 65 by 2030, up from 6.9% in 2000.
- According to WHO figures, China has one-third of the world’s diabetes and 4 million new cancer cases each year.
All of these factors, we believe, will boost revenue for Chinese medical equipment manufacturers.
The Impact of COVID-19 on the Chinese Medical Device Industry
During the previous 18 months, we’ve observed an increase in COVID spending across the medical device sector in terms of goods procured, increased research and development, and production site expansions.
The WHO’s encouragement of social distancing has affected numerous businesses, including wearables and telemedicine, and has influenced the China medical device industry in 2020. For example, patients are more at comfortable video contacting healthcare professionals, which is becoming more affordable. According to Nikkei Asia in China, “rates vary per doctor,” but “a 15-minute video appointment generally costs about 50 yuan ($7.80).”
Enabling Regulatory Framework
China’s medical device sector has long been known as a “low-cost” maker of “low-end” medical equipment, with “high-end” medical devices imported from other countries. Due to government purpose and a more liberal regulatory environment, several local Chinese medical device companies have gone into and provided locally built “high-end” medical devices during the last decade.
Representatives we spoke with for our report The China Medical Devices Market to 2030 expressed a growing willingness to confront the sector’s barriers and restraints, such as a complex regulatory environment, frequently disparate reimbursement policies for domestic and foreign medtech companies, and a fragmented market.
Key Sub-Markets for Medical Devices in China
To have a deeper grasp of the industry and to represent development patterns more accurately, we outlined the main sub-markets in the China medical devices market as follows:
Diagnostic medical devices are predicted to grow at a 9.9% compound annual growth rate (CAGR) until 2030.
By 2030, therapeutic medical devices are estimated to produce $32.7 billion in annual sales.
COVID Implants have been linked with a significant increase in growth. The revenue for this significant sub-market was $22.4 billion in 2020.
Where can I learn more?
For additional details, see GMR Data Ltd.’s newest report, The China Medical Devices Market through 2030. With over 95 pages and over 30+ charts, tables, figures, and graphs, this dedicated professional study will ensure you keep prepared and properly informed to succeed in this competitive sector.