China's medical device market prospects analysis, the market will exceed 760 billion in 2020

Medical devices are instruments, devices, instruments, in vitro diagnostic reagents and calibrators, materials, and other similar or related items that are used directly or indirectly in the human body, including the required software, primarily for medical diagnostic, monitoring, and therapeutic medical devices. A wide variety of products, according to the end customer and product characteristics, can be generally divided into home medical equipment and medical medical equipment, this article is mainly about medical medical equipment.

Despite the weak global economic growth in recent years, the medical device industry continues to grow steadily. In 2016, the global medical device sales volume was 387 billion US dollars. The global medical device sales scale grew steadily in 2011-2016, with a compound annual growth rate of 1.91%. The global medical device market is estimated to be 522 billion US dollars in 2022, 2016-2022. The compound growth rate is 5.1%, which is a relatively mature industry.

The scale of the global medical device market in 2009-2022

中国医疗器械市场前景分析 2020年市场将超7600亿

Source: Prospective Industry Research Institute

Compared with developed countries in Europe and America, China's medical device market started slowly. According Preview Industrial Research Institute released "medical device industry market demand forecasts and investment strategic planning analysis report" data show that since 2000, under the national policy and market demand-driven context, the domestic medical equipment industry as a whole entered a stage of rapid development . The sales volume of China's medical device market increased from 17.9 billion yuan in 2001 to 370 billion yuan in 2016. Excluding the impact of price factors, it increased by about 20.67 times in 16 years. The income of China's medical technology and medical device industry in 2011-2016 The average annual compound growth rate is as high as 20.70%, which is much higher than the global average growth rate.

中国医疗器械市场前景分析 2020年市场将超7600亿

Source: Prospective Industry Research Institute

The proportion of medical equipment and medicine consumption is abnormal. From the overall market structure, the development of the domestic medical equipment industry still lags far behind the pharmaceutical market. A major factor contributing to the relative lag in the development of the domestic medical device industry is the development model of domestic “heavy drugs and light instruments”.

From the market structure of the domestic and international medical industry, the global medical device market in 2016 is roughly 50.39% of the global pharmaceutical market, while China's ratio is only 24.71%. It is expected that China's medical device industry will be in the next three years. It will still maintain a relatively fast growth rate. If it is estimated at 20% growth rate, the overall size of China's equipment market will exceed 760 billion by 2020.

With the improvement of living standards and health care awareness, the consumption of health care products and services has increased. Residents pay more attention to medical and health care related to life and health. The selection of medical devices is more and more advanced, functions are becoming more diversified, and the concept of medical consumption is gradually shifting from disease treatment to disease prevention and health care. We can foresee that the trend of aging in China will surely be the internal driving force for the long-term rapid growth of medical equipment in China.

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