The Chinese medical device market has surpassed 900 billion yuan and is expected to become the world's largest

According to the report of "The Developments and Trends of China's Medical Device Industry" released by Roland Berger, a world leading management consultancy, the Chinese medical device market exceeded 900 billion yuan in 2022. It is projected to exceed 2.2 trillion CNY (about 320 billion USD) by 2030, making China potentially the largest medical device market globally.

Chen Hongyan, Secretary-General of the Medical Supplies and Cooperation Community of International Travel Healthcare Association, said, "The Chinese medical device companies are gradually being recognized and accepted in the global market. Policy support will accelerate the construction of public hospitals at all levels. In addition, the promotion of hierarchical medical allows primary healthcare institutions to have corresponding medical resources and supporting facilities. Medical devices companies will achieve breakthroughs in this segmented market based on their cost-effectiveness and policy support."

Qiu Jie, Director of the Medical Engineering Department at Peking Union Medical College Hospital, also mentioned in an interview that domestic medical devices have two main advantages. Firstly, they have a price advantage, and secondly, the research and characteristics of domestic medical devices are more in line with the diagnostic and treatment needs of domestic medical institutions and patients. They also have faster technological improvements and iterative speeds in response to clinical issues that are identified.

According to the Blue Book of Medical Device Industry, the Chinese medical device industry can be divided into four main segments: medical equipment, high-value consumables, low-value consumables, and in vitro diagnostics. Chen Hongyan told, "Medical devices refer to instruments, equipment, apparatus, in vitro diagnostic reagents and calibrators, materials, and other similar or related items directly or indirectly used on the human body, including the necessary computer software."

The Chinese medical device industry has consistently had a large market size and continued growth. According to the Annual Report on the Development of Medical Device Industry in China 2021, the market size of China medical device industry was 629 billion yuan in 2019, doubling from 308 billion yuan in 2015. In 2020, driven by the impact of the pandemic, the industry's revenue surged to over 800 billion yuan. With the continuous development of the market, the number of related domestic enterprises has also increased. According to Deloitte Consulting, the market share of domestic brands in the high-end medical consumables segment has grown from around 20% to approximately 30% over the past decade.

In Chen Hongyan's view, the continuous growth of the Chinese medical device market is influenced by multiple factors. "First, there is a large population with chronic diseases. Second, the number of medical clinics and hospitals has increased significantly. According to statistics from the National Health Commission, as of the end of October 2021, there were 36,000 hospitals nationwide, including 12,000 public hospitals and 24,000 private hospitals. Third, the public's health awareness has improved, leading to a continuous increase in demand for healthcare services."