China's Medical Device Market
China is the Top 4 Medical Device Market in the World.
* Factors that drive the market growth:
Fast economic growth (~9% GDP growth for the past 20 years)
Rapidly increased disposable income
Government investment in healthcare spending
Aging population (~8.4% in 2011, expected to be 12% by 2020)
Its medical device market is estimated to be US 8.9bn in 2011, becomes the fourth-largest and one of the fastest growth market in the world, with very low per capita expenditure – indicating a still underdeveloped market
China's Medical Device Market is Estimated to Reach RMB 60bn in 2011
Foreign Manufacturers Dominated High-end Market
China medical device market highly depends on import, which made up of 74% of China market.
For the high-tech products, such as diagnostic imaging and orthopaedic products, the dependence is even more heavy (85% and 93%, respectively).
China's medical device market is fairly structured, with more than 70% of medical device products falling into one of four categories: diagnostic imaging devices, medical supplies, orthopedics & implanted medical devices, and dental. All other products together comprise approximately 27% of China's medical device industry.
Each of these categories can be further divided, and is generally divided into high, mid and low-end products, based upon the sophistication and complexity of the products.
Medical Device Trade
China's medical device market relies largely on imports, with the United States as the major supplier, followed by Japan and Germany. The most in-demand imported products are those that utilize the most advanced technology. Indeed, 90% of value-added high-tech devices, which account for 70% of China's medical device market, are foreign-made. Many Tier-III, first class hospitals specifically require imports to serve wealthier clients who are willing to pay large sums to be treated with the best medical equipment, especially for cancer, cerebrovascular disease, and cardiovascular disease.
Sales force covers both medical devices (Class I to Class III) and IVD products.
Bearing capability on marketing, distribution, and technical support. Special trained technicians according to different product provide 24/7 support to our customers.