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China's medical device market contains great potential
In March 27th, China Medical Supplies Association released the "2015 China Medical Equipment Industry Development The Blue Book" in Beijing.
According to the sampling survey statistics from China Medical Supplies Association medical devices branch , the annual market size of China medical devices in 2015 is about 308 billion yuan, 52.4 billion more than the one of 2014 which was 255.6 billion yuan. The average growth rate is about 20.05%. The blue paper pointed out that the Chinese medical device market size has increased from 17.9 billion yuan in 2001 to 255.6 billion yuan in 2014, this is an increase of about 14.28 times for 14 years excluding the factor of commodities prices. Among the China medical device market size of about 308 billion yuan in 2015, the hospital market holds about 70% which is 215.5 billion; the rest 30% is from retailing market which is 92.5 billion.
The Blue Book also pointed out that the sales of pharmaceutical and medical device from the developed countries are almost similar, but the sales of China medical equipment equals only 1/3 of the one of pharmaceutical, even lower than the world average level. This result shows the situation that devices are neglected while pharmaceuticals are more valued in China.
With the help of the guidance of the national health care reformation policy and the demand of upgrading for the domestic medical and health institutions, China has became a huge consumer market for medical equipment. By the stimulation of the market demand and the support of the stable growth of Chinese economy, China's medical equipment industry has developed rapidly, the important position among the whole medical industry is increasingly prominent. The medical industry is now paying more attention to device than pharmaceuticals and well developing into the way which the developed countries is now working with.
China's medical device market has great potential and will keep active for quite a long time.
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