Five factors drive the development of China's medical device industry
Nov 24, 2021
National policies to promote industrial development
The report points out that China has paid more attention to medical and health undertakings in recent years, and its investment in medical and health care has also increased. According to the Research Report on healthy China 2020 strategy, seven major medical system projects involving an amount of up to 400 billion yuan will be launched in the next eight years. Of the 400 billion yuan investment plan of the Ministry of health, 109 billion yuan will be used for the construction of county hospitals. It can be seen that there will be a huge market space for medical devices, including primary medical care, in China in the next few years.
Economic development and health awareness drive demand
With the improvement of people's living standards, it is also required to improve medical and health care accordingly. It is reported that medical devices are an important part of medical and health care and auxiliary devices for disease diagnosis and treatment. Therefore, the demand for medical devices will also increase. In addition, people pay more attention to the prevention of diseases. Through sphygmomanometers, thermometers, blood glucose meters and other instruments, we can quickly master physical indicators, so that diseases can be prevented and treated in advance.
Huge export demand potential
The report said that in recent years, the domestic demand for medical devices has increased rapidly, and the export is also growing. With the continuous improvement of the technical level of China's medical devices, the cost advantage gradually appears, so it can be more competitive under the same quality conditions and promote the sustained and rapid growth of exports.
According to the report data, in 2013, China's total trade in medical devices reached US $34.31 billion, a year-on-year increase of 14.13%, an increase of 1 percentage point over 2012; Among them, the export volume was 19.335 billion US dollars, a year-on-year increase of 9.92%, down 2 percentage points from 2012; The import volume was US $14.975 billion, a year-on-year increase of 20.07%, an increase of 5.5 percentage points over 2012; The trade surplus was US $4.36 billion, a year-on-year decrease of 14.8%.
Population aging expands market
The report revealed that the intensification of population aging has greatly increased the elderly population, and put forward higher requirements for elderly medical care. Diseases related to the elderly, such as hypertension and diabetes, are seriously plaguing people's lives. While improving the research and development of medicine, these diseases related medical devices should also be used. At present, the number of patients with diabetes and hypertension in China is over one hundred million and three hundred million respectively. Even if the average number of people needs a corresponding blood glucose meter and sphygmomanometer, the market is huge.
Product obsolescence generates renewal demand
China's medical devices are in urgent need of upgrading. According to statistics, about 15% of the medical devices in China's grass-roots medical and health institutions are products before and after the 1920s, and about 60% are products before the mid-1980s. According to the report, product upgrading will generate a large demand for new medical devices, which will be gradually reflected in the next five to ten years.
