China will speed up the development of its Chinese medical device industry. It will also promote wider use of local products effectively control increases in the cost of medical care.In this way Chinese gov want to reduce the burden on patients from the very costly medical services. The country’s health ministry said in a statement posted on its website on Monday Aug 18, 2014.
Now a days China’s $9 billion Chinese medical device market is growing very fast .Chinese medical device market will grow between 15%-20% annually over the next five years.It is now become the sixth largest medical device market in the world,which is very good news for China medical device market.A $120 billion healthcare stimulus given by the China gov in 2009 has increased the investment in the country’s healthcare infrastructure.In this way gov creates tremendous business opportunities for manufacturers of home made medical devices.
Competition for Chinese medical device market is very tough. More Chinese medical device manufacturers enter the market every day, and local companies like Mindray, Microport and Lepu have quickly grown in size.In the past, Chinese medical device manufacturers produced mostly Class I and Class II devices. But now, they are entering in the market of more sophisticated Class III devices.
Chinese made medical devices as it looks to stimulate the local market and reduce soaring healthcare costs.In order to compete with Chinese medical device, international device manufacturers need to offer basic, low-cost versions of their premium medical products. To do this, some of them have set up their own China-based manufacturing facilities. Others have to acquired Chinese companies with large product portfolios and decent market shares.Which is again a good news for Chinese economy.
By 2025, China will have nearly 300 million senior citizens requiring medical services. and its middle class already surpasses the entire U.S. population. Demand for access to quality healthcare and the technology that makes home made medical device market grow accordingly. Although local manufacturers are increasingly moving up the value chain and developing and manufacturing more sophisticated class III medical devices.