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China's Medical Device Market Will Exceed 760 Billion Yuan By 2020
- Jun 06, 2018 -

         Medical apparatus and instruments refers to directly or indirectly for human instrument, equipment, instruments, in vitro diagnostic reagents and calibration objects, materials, and other similar or related products, including the required software, is mainly used for medical diagnosis, monitoring and treatment of medical apparatus and instruments product variety, according to the end customer and product characteristics, general can be divided into household medical equipment and medical medical apparatus and instruments, this paper discusses the main medical medical apparatus and instruments.

         Despite the sluggish global economic growth in recent years, the medical device industry has continued to grow steadily.In 2016, the global sales volume of medical devices was 387 billion us dollars. From 2011 to 2016, the global sales volume of medical devices steadily increased, with a compound annual growth rate of 1.91%;The global medical device market is estimated to be 522 billion us dollars in 2022, and the compound growth rate of 2016-2022 is 5.1%, a relatively mature industry.

         Compared with developed countries in Europe and America, China's medical device market has a slow start.According to the released forward-looking industry research institute for medical devices industry market demand forecast and investment strategy planning and analysis report, according to data since 2000, under the background of national policy and market demand, the domestic medical equipment industry as a whole into the stage of rapid development.The sales volume of China's medical device market increased from 17.9 billion yuan in 2001 to 370billion yuan in 2016. Excluding price factors, the sales volume increased by about 20 percent in 16 years.67 times, the annual compound growth rate of China's medical technology and medical device industry in 2011-2016 is as high as 20.70 per cent, well above the global average.

        The proportion of medical device and drug consumption is abnormal. From the overall market pattern, the development of domestic medical device industry still lags far behind that of the drug market.The development mode of "heavy drugs and light equipment" in China is one of the major factors causing the lagging development of domestic medical device industry.

        According to the market pattern of domestic and foreign medical industry, the global medical device market scale in 2016 is roughly 50 of the global pharmaceutical market scale.39 percent, compared with 24 percent in China.71%. It is expected that China's medical device industry will maintain a rapid growth rate in the next three years. If the growth rate is estimated at 20%, the overall size of China's device market will exceed 760 billion by 2020.

         Increased consumption of healthcare products and services has been driven by rising living standards and increased awareness of health care.Residents pay more attention to life and health related medical treatment and health care spending, the selection of medical equipment is more and more advanced, the function is more and more diversified, medical consumption concept also gradually from the treatment to disease prevention and health care.It can be predicted that China's aging trend will be the internal driving force for the long-term rapid growth of medical devices.