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Market Analysis of China's Imported Medical Device Industry

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Market Analysis of China's Imported Medical Device Industry

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Market Analysis of China's Imported Medical Device Industry

 

 

As the world's second-largest healthcare market, China offers opportunities for U.S. exporters in many medical fields. For foreign companies, medical devices are still one of the most dynamic and promising industries in China. At present, China's high-end and technology-intensive medical equipment is still mainly imported, while domestic brands dominate the mid-to-low-end market.


China's public hospitals are major buyers of medical equipment. According to the official website of China's National Health Commission, as of 2020, China had 35,394 hospitals, providing more than 7.1 million beds and receiving 3.32 billion patients. Among them, public hospitals provided 71.4% of hospital beds and received 84% of patients.


China's medical device market is expected to grow at a CAGR of 6.2% to reach $38.4 billion by 2025. Imported medical devices accounted for more than two-thirds of the Chinese market, at $19.2 billion in 2019, of which U.S. suppliers accounted for 28.5% of China’s imported medical devices, reaching $5.46 billion, with outstanding performance in diagnostic equipment and high-value consumables.


As far as China's medical device market is concerned, diagnostic imaging and consumables account for about 50% of the market share.

 

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Since January 2021, China's National Medical Products Administration (NMPA, the US FDA counterpart) has implemented Unique Device Identification (UDI) for selected Class III medical devices. By March 1, 2022, this measure will be expanded to cover all Class III medical devices. The industry believes that the implementation of UDI will harmonize China's medical device regulations with international standards and enforcement, and improve the safety of medical devices by enhancing traceability and post-market supervision.


U.S. exporters should also be aware of Chinese policies that may affect their long-term plans, such as volume-based procurement (VBP) and Diagnosis Related Groups (DRG) pricing. In addition, public hospitals are now facing increasing pressure from government departments to restrict their purchases of imported medical devices and medical equipment.

 

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Pub Time : 2022-04-29 13:21:23 >> News list
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