What have been the trends and what are the prospects for the medical device industry in China?

What have been the trends and what are the prospects for the 

medical device industry in China?

The medical device market continues to grow steadily as global health care costs continue 

to rise, combined with an aging population and rising disposable income. The market demand

of Europe, America, Japan, and other developed countries is dominated by upgrading with a large

market scale and stable growth rate. In China and other emerging markets, the superimposed 

penetration rate of upgrading demand is increasing, and the growth rate is higher than the global

average. According to Evalute MedTech, the global medical device market has grown from$352.9 

billion to $433.7 billion in 2011-2018, with a CAGR of 3.0% and is expected to rise to $594.5 billion

in 2024, with a CAGR of 5.4%. In the long term, the industry will maintain steady growth.

China's medical device market has maintained rapid growth and has now become the second-largest

market in the world. According to the data of Blue Bood Of Medical Devices released by the China 

Medical Supplies Association and China Society of Drug Administration, the market size of medical 

devices in China has increased from 17.9 billion yuan in 2001 to 530.4 billion yuan in 2018, with a CAGR

of 22.1%. It is expected that the market size will reach nearly 1 trillion yuan in 2022, and the CAGR will 

be about 17.1% in 2018-2022. China's medical device market will maintain rapid growth, and there is 

still greater room for growth compared with the international market.

China had 26456 medical device manufacturers at the end of Auguest, up 40 percent year-on-year, offical

data showed. To cope with the raging COVID-19 epidemic, Chinese authorities accelerated the approval

of medical devices, according to the National Medical Products Administration. In a bid to encourage

innovation and enhance industrial competitiveness has made solid progress in promoting reforms in the 

medical device registration system.