The global medical device market main driver for growth is sourced from the Chinese market as GDP growth attains a rate of nearly 10% with the majority of high value medical devices imported from the more developed and stagnant medical device markets. Large multinational companies or MNCs are benefiting from this increased demand especially for companies based in the United States, Germany and Japan. The three largest importers of medical devices in China are United Staes, Germany and Japan.
Local, domestic manufacturers mainly produce low-end, disposable and mass market equipment although this is set to change as the larger foreign companies establish a greater presence in the China market and establish partnerships and joint ventures with local medical device producers.
Medtronic, the largest medical technology company globally, has just established a partnership with Shandong Weigao, a local manufacturer and distributor of single-use medical devices. This represents a key development for other large multinationals to follow and provides an opportunity for local manufacturers to gain knowledge and raise their R&D capability.
Global medical manufacturing component makers and plastic companies, are now paying attention to Chinese government plans to spend US$125 billion to provide access to basic medical care to much of the country by 2020. This new policy is forecast to drive increased growth in the medical devices market and has highlighted a key area of growth in a market which has seen stagnant conditions in the more developed markets.
By 2022, the china medical device market is forecast to attain revenues of US$45.0 billion
China medical device market to hit $45.0bn by 2022. The leading companies providing medical devices in China are Medtronic; Mindray Medical; Johnson & Johnson; Shandong Weigao; Abbott; MicroPort Medical; Baxter; Golden MediTech; Becton Dickinson & Company; GE Healthcare; Philips Healthcare; Roche; Siemens Healthcare and Stryker.
For more information on the China medical device market, see the latest research: China Medical Device Market
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