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China

China Country Info Market Info

Country Infomation

China has been among the world’s fastest growing economies and achieved a GDP of 7.7 percent in 2013. The country’s healthcare reform for improving its healthcare infrastructure began in 2009, when a healthcare stimulus of $120 billion was provided with the aim of achieving universal healthcare for its citizens by 2020. This has resulted in huge investments in China’s healthcare infrastructure and provided significant business opportunities for manufacturers of medical devices. Currently, there are more than 16,000 hospitals in China, out of which 85 percent are publicly-owned.
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Market Info

China’s medical device market has been growing at a rate of around 20 percent since 2009, led by a rise in discretionary income and fast aging population. China’s medical device market is ranked the second largest in the world and achieved a total size of USD 34.68 billion in 2013 for the first time in history, according to a report by Medical Device Branch, China Pharmaceutical Materials Association.
China has thousands of local medical device manufacturers, out of which 90 percent produce low-tech products. The country is heavily dependent on imports to fulfill its requirement for medical devices, particularly high-tech, high-price products. Around 75% of China’s medical device market is catered to by imports, mostly from the U.S., Germany and Japan. Among the high-tech medical devices used in China, 80 percent of CT scanners, 90 percent of ultrasound equipment and 90 percent of MRI equipment are imported. Over the period 2008-2013, China’s imports of medical devices grew at a CAGR of 21.8%, while its exports of medical devices grew at a CAGR of 12.5% in US dollar terms.
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