Destination China: Opportunities for the medical technology industry
The Chinese medical device market: Facts and figures
(Source: China: Accessing the Medical Device Market. Espicom Business Intelligence, July 2007 )
According to a study of the medical devices market in China, conducted by the Episcom Business Intelligence Unit in 2006: • In 2011, the Chinese medical devices market is forecast to have a value of $23.2 billion, an increase of 69% since 2006. The compound annual growth rate of the market in the period 2006-2011 is predicted to be 11.1%. • The Chinese medical devices market displays a moderate degree of buyer power. Customers include hospitals, medical centres and wholesale distributors. Brand identity is of little importance to buyers, who are more concerned with product quality and price, which combined with negligible switching costs favours buyer power. Areas of opportunities for Canadian and other foreign medical device companies to explore include: computed radiography and X-ray systems; magnetic resonance imaging (MRI) contrast media agent; diagnostic devices for cardio-pulmonary disease, diabetes, and neurological disorders; HIV monitor test kits; test kits for gynaecologic cytology smears preparation system; home-based or self care equipment such as massagers, body-massindex calculators, body-fat scales, ionizers, wheelchairs, geriatric seating, positioning aids, commode chairs, shower chairs, walkers, canes, crutches and patient lifts; microminiature and remote surgery techniques, DNA-based diagnostics, tissue-engineered organs; advanced information technologies which provide solutions to some of the most persistent and debilitating healthcare problems; dental units with accessories.
The Chinese medical device market showed strong growth with two digits annual growth rate during the first half of the decade. • • China produced 34.4% of the Asia-Pacific market's value. The Chinese medical devices market grew by 12.9% to...