The Latest China Medical Device Industry Statistics Explained
By 2023, the China medical devices market is expected to reach $96.3 billion.
The statistic ‘By 2023, the China medical devices market is expected to reach $96.3 billion’ indicates the projected growth and size of the medical devices industry in China. This forecast suggests that the market for medical devices in China is expected to significantly increase in value by 2023, reaching $96.3 billion. This growth may be driven by factors such as increasing healthcare expenditure, advancements in technology, rising demand for healthcare services, and an aging population. The statistic highlights the opportunities present in the Chinese medical devices market and underscores its importance for both domestic and international companies operating in the healthcare sector.
In 2019, China was reported to have imported $26.43 billion worth of medical devices.
The statistic states that in 2019, China imported medical devices valued at $26.43 billion. This figure indicates the total monetary value of medical devices that were brought into China from foreign countries during that year. The significant dollar amount highlights the scale of China’s reliance on imported medical devices to meet its healthcare needs. The statistic could be used to understand China’s healthcare infrastructure, access to advanced medical technology, and its healthcare expenditure in relation to medical devices. Additionally, it may serve as a point of comparison with previous years or with other countries to assess China’s position in the global medical devices market.
The demand for medical devices in China is expected to grow at a CAGR of 18.8% from 2020 to 2027.
The statistic stating that the demand for medical devices in China is anticipated to grow at a compound annual growth rate (CAGR) of 18.8% from 2020 to 2027 signifies a rapid and substantial increase in the market size of medical devices over the specified time period. This growth rate suggests that the demand for medical devices is projected to nearly double every four years, highlighting a significant expansion in the healthcare market within China. The forecasted CAGR provides valuable insights for stakeholders, investors, and policymakers, indicating potential opportunities for investment, innovation, and market development in the medical device industry in China.
China witnessed a decline of 3.5% in imports of U.S. manufactured medical devices in 2019.
The statistic indicates that in 2019, China experienced a decrease of 3.5% in the amount of manufactured medical devices imported from the United States. This decline suggests a reduction in the demand for U.S. medical devices within the Chinese market during that period. Possible factors contributing to this decrease could include shifts in trade policies, changes in consumer preferences, economic conditions, or competition from other manufacturers. Analyzing this statistic could provide insights into the dynamics of international trade relationships and market trends within the medical device industry between China and the United States.
China’s in-vitro diagnostics market is expected to reach $3.6 billion by 2024.
This statistic indicates that the market for in-vitro diagnostics in China is forecasted to grow significantly over the next few years, with an expected value of $3.6 billion by the year 2024. In-vitro diagnostics refer to medical tests performed on samples such as blood or tissue taken from the body, used for detecting diseases or monitoring health conditions. The projected growth in this market suggests an increasing demand for such diagnostic tests in China, possibly due to factors such as improving healthcare infrastructure, rising prevalence of chronic diseases, and a growing emphasis on preventive healthcare. This statistic highlights the significant opportunities for growth and investment in the in-vitro diagnostics sector in China.
The therapeutic devices segment holds the largest share of more than 38% in the China medical devices market.
In the China medical devices market, the statistic stating that the therapeutic devices segment holds the largest share of more than 38% indicates that a significant portion of the market is dominated by products used for therapeutic purposes. This suggests a high demand for medical devices designed to treat or manage various health conditions in China. The prominence of therapeutic devices in the market may reflect the country’s increasing focus on healthcare and medical advancements, as well as the growing prevalence of chronic diseases and aging population. This statistic highlights the importance of therapeutic devices within the medical devices market in China and implies opportunities for manufacturers and stakeholders in this segment.
In 2019, sales volume of patient monitoring equipment in China reached RMB 16.76 billion.
The statistic states that in 2019, the total sales volume of patient monitoring equipment in China amounted to RMB 16.76 billion. This figure reflects the amount of revenue generated from the sales of various monitoring equipment used in the healthcare industry to monitor patients’ vital signs and health status. The statistic indicates a significant market demand for patient monitoring equipment in China, suggesting a growing emphasis on healthcare and medical technology within the country. The sales volume also serves as a key indicator of the size and growth of the medical device market in China, highlighting opportunities for manufacturers and businesses operating in this sector.
Cardiovascular devices are the fastest growing segment in the Chinese medical device market.
The statistic that cardiovascular devices are the fastest growing segment in the Chinese medical device market indicates a significant trend towards increased demand and utilization of cardiovascular medical technology within China. This growth may be attributed to various factors such as an aging population, changing lifestyles leading to higher prevalence of cardiovascular diseases, and advancements in medical technology bolstering the development and availability of innovative cardiovascular devices. The rising focus on preventive and interventional cardiology, along with improved healthcare infrastructure and access to medical services, likely drive the expansion of the cardiovascular device market in China. Given the importance of addressing cardiovascular health concerns, this statistic underscores the evolving landscape of healthcare in China and the growing significance of cardiovascular devices in meeting the healthcare needs of the populace.
By 2028, China’s orthopedic devices market is projected to reach $6.36 billion.
The statistic indicates that the orthopedic devices market in China is expected to significantly grow and reach a market value of $6.36 billion by the year 2028. This projection suggests a strong demand for orthopedic devices within the Chinese healthcare industry, likely driven by factors such as an aging population, increasing prevalence of orthopedic disorders, advancements in medical technology, and improving healthcare infrastructure. The projected growth in the market reflects opportunities for companies operating in the orthopedic devices sector to expand their presence in China and capitalize on the increasing market potential. Additionally, the statistic highlights the importance of monitoring and understanding market trends and dynamics for stakeholders in the orthopedic devices industry to strategically position themselves for future growth and success.
China’s medical device market has grown from $8.7 billion in 2012 to over $78.81 billion in 2018.
The statistic indicates a substantial growth in China’s medical device market over a six-year period, with the market size increasing from $8.7 billion in 2012 to over $78.81 billion in 2018. This growth signifies a nearly nine-fold increase in total market value, reflecting a significant advancement in the country’s healthcare industry. Such robust expansion may be attributed to various factors such as increasing healthcare awareness, improving healthcare infrastructure, rising government investments in healthcare, and an aging population with greater healthcare needs. The remarkable growth in the medical device market suggests a thriving healthcare sector in China, presenting opportunities for both domestic and international medical device manufacturers to tap into this rapidly growing market.
As of 2019, China has registered 26,851 medical device enterprises in the country.
The statistic stating that as of 2019, China has registered 26,851 medical device enterprises in the country indicates the significant presence and diversity of companies in the medical device industry within China. This number reflects the scale of the market and the level of competition in the country’s healthcare sector. It suggests a vibrant and dynamic landscape with numerous players involved in the development, manufacturing, and distribution of medical devices. The existence of a large number of enterprises also highlights the potential for innovation, collaboration, and investment in the medical technology sector in China.
China’s medical device market was estimated to be the world’s second-largest, with measurable per capita expenditure of $74 in 2019.
The statistic indicates that in 2019, China had the world’s second-largest medical device market, measured by the total amount of spending on medical devices within the country. The average per capita expenditure on medical devices in China was $74, suggesting that, on average, each person in China spent $74 on medical devices in that year. This statistic highlights the significant size and spending power of China’s medical device market, reflecting the country’s growing healthcare infrastructure and the increasing demand for medical devices among its population. The data underscores the importance of the medical device industry in China and its potential for further growth and development in the future.
The country has shown a modest fall of around 9% in the export of medical devices in 2019.
The statistic indicates that the country experienced a moderate decrease of approximately 9% in the export of medical devices in 2019 compared to the previous year. This decline suggests a decrease in the volume or value of medical devices being sold to international markets. While a 9% decrease is considered modest in comparison to more significant drops, it still signifies a notable shift in the export performance of the country’s medical device industry. Factors such as changes in global demand, economic conditions, trade policies, and competition could have contributed to this decline. Understanding the reasons behind this decrease and identifying potential strategies to address it would be important for policymakers and industry stakeholders to sustain and improve the export performance of the medical devices sector.
The x-ray apparatus was one of the leading medical devices exported by China in 2019, equaling around $2.7 billion.
The statistic indicates that in 2019, China exported x-ray apparatus as one of its prominent medical devices with a total value of approximately $2.7 billion. This highlights the significant role of the x-ray apparatus in China’s medical device export industry, reflecting the country’s capabilities and competitiveness in producing and selling advanced medical equipment globally. The substantial value of these exports also suggests a strong market demand for Chinese-made x-ray apparatus, further emphasizing China’s position in the global healthcare technology sector.
The surgical and medical instrument manufacturing industry in China is expected to increase at an annualized 7.6% over the five years through 2021.
This statistic indicates that the surgical and medical instrument manufacturing industry in China is predicted to grow at a rate of 7.6% per year on average over the five-year period ending in 2021. This suggests a positive and steady expansion in the industry’s market size and production output, driven by factors such as increasing demand for healthcare services, technological advancements, and potentially favorable government policies. The projected growth rate of 7.6% signifies a healthy and robust performance, providing opportunities for business expansion, investment, and job creation within the industry. Additionally, it implies that the industry is likely to outpace inflation and potentially outperform the overall economy in China during this period.
In 2018, the number of Class III medical device applications accepted by NMPA China was 2,949.
In 2018, the National Medical Products Administration (NMPA) in China accepted 2,949 Class III medical device applications. Class III medical devices are considered to have a high level of risk and are subject to stringent regulatory approval processes to ensure their safety and effectiveness for intended use. The acceptance of nearly 3,000 Class III medical device applications suggests a robust market and industry for advanced medical technologies in China during that year, indicating a significant level of innovation and demand for such products in the healthcare sector.
The domestic companies in China are largely concentrated in low to mid-end market segments, such as disposables and medical imaging equipment.
The statistic suggests that the majority of Chinese domestic companies operating in the medical equipment industry target the low to mid-end market segments, specifically focusing on products like disposables and medical imaging equipment. This concentration implies that these companies might not be prioritizing high-end or more technologically advanced products, potentially competing on price rather than innovation. It could also indicate that these companies cater to a broader customer base that prefers more affordable and basic medical equipment options. Overall, this trend indicates a specific market positioning and strategic focus of Chinese domestic companies in the healthcare sector.
References
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