JIANGSU CHANGFENG MEDICAL INDUSTRY CO., LTD

Add:Touqiao Town Industrial Park, Guangling District, Yangzhou City, Jiangsu Province, China
Mob:+86 137-7340-2098
Tel:+86 0514-87485777
E-mail:381192841@qq.com
Web:http://www.jscfyx.com

Analysis on the market development of global and Chinese medical device industry

1. Development of the global medical device industry

(1) Global medical device industry continues to grow rapidly

With the development of the economy, the growth of population, the improvement of social aging degree, and the continuous enhancement of people’s awareness of health care, the global medical device market demand continues to grow rapidly, and the medical device industry is one of the fastest-growing industries in the world.

According to the statistics of the European Commission on medical devices, the total sales volume of the global medical device market has rapidly increased from the US $187 billion in 2001 to the US $435.3 billion in 2011, with a compound annual growth rate of 8.82%. The growth rate of the global medical device market exceeds the GDP growth rate of the same period.

The global medical device industry is highly concentrated ‚ the sales of the top 25 medical device companies account for 60% of the total global medical device sales (data source: European medical device Commission). With the gradual breakthrough of the core technology difficulties and relative advantages such as labor cost, Asia has gradually become the most potential market in the world. The medical device industry in emerging Asian countries, represented by China and India, performed well. The compound annual growth rate was even more than 20%, which was significantly higher than the growth level of developed countries.

(2) The global medical device market is in great demand

The development of the medical device industry in developed countries and regions such as the United States, Europe, and Japan is early ‚ the living standard of domestic residents is high ‚ the technical level and quality requirements of medical device products are high ‚ the market demand is mainly the upgrading of the latest products ‚ the market scale is huge ‚ the demand growth is stable.

China, India, and other Asian countries, as well as Mexico, Brazil, and other Latin American countries, Russia, and other Eastern European countries have developed rapidly in the medical electronic equipment market. At the same time, there is a large demand for equipment popularization and upgrading. At the same time, the popularization rate of conventional medical electronic equipment has gradually increased rapidly, and the market demand for high-end medical electronic equipment products has also maintained rapid growth. The medical electronic equipment market in Africa and other regions is still in the primary market ‚ the product function is single ‚ the equipment penetration rate is less than 20% ‚ but the growth potential is large.

(3) China has gradually become the global medical device manufacturing center

Under the background of economic globalization, it is increasingly urgent for enterprises to strengthen international cooperation and to allocate resources on a global basis. With abundant resources, low labor cost, and huge market potential, China is becoming the “manufacturing factory of the world”. Many global medical device industry giants set up subsidiaries in China or move their manufacturing and R & D departments to China. In the process of competition with international enterprises, China’s high-quality medical device enterprises grow rapidly and gradually have the comprehensive strength and technical level to participate in international competition.

2. Development of medical device industry in China

Since the reform and opening-up, China’s medical device industry has developed rapidly. From 2000 to 2012, the overall scale of China’s medical device industry increased by 10.34 times, the annual compound growth rate was 21.50%, and the proportion of industrial added value in national GDP increased steadily.

After 30 years of sustained and high-speed development, China’s medical device industry has initially established an industrial system with complete professional categories, a perfect industrial chain, and a strong industrial foundation, and has also become the basic industry and leading industry of China’s national economy. Although the overall development of China’s medical device industry is fast, it is still unable to fully meet the domestic market demand, and there is still a gap between developed countries. China’s total medical and health service expenditure accounts for about 5% of GDP, while that of developed countries is about 10%, of which 16% is in the United States; the consumption ratio of medical devices and drugs in China is only about 1:10, while that in developed countries has reached about 1:1. There is still a big gap in China’s medical device industry, and the market development space is very broad.

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