China medical devices market to reach $30.4 bn in 2018

The medical devices market in China is forecast to grow at a Compound Annual Growth Rate (CAGR) of 11%, from $14.3 billion in 2011 to reach $30.4 billion in 2018, according to a new market research report, “Medical Devices Market in China to 2018 - Government Reforms Aimed at Strengthening the Healthcare System and Expanding Access will Accelerate Growth”, by GBI Research.

A large population with a high percentage of elderly people, the rising incidence of chronic diseases and the country’s improving healthcare infrastructure are major driving factors for the medical devices market in China. Chinas healthcare reforms are focused on improving the countrys healthcare services, with emphasis on improving the rural healthcare system. Improvements in the country’s healthcare infrastructure due to healthcare reforms and stimulus spending are expected to drive the market growth for both international and domestic companies. Growth drivers include factors such as improved affordability and accessibility of healthcare services, and increased demand for medical devices and equipment due to an increase in the number of hospitals. As the new insurance policies aim to increase the reimbursement ratio for a number of diseases, an expanding patient base will result in significant growth opportunities for the medical device manufacturers in the country.

Healthcare reforms a major driving force

The establishment of healthcare reforms through an initiative called Opinions on Deepening the Health Care System Reform, also known as the New Health Care Reform Plan, by the Chinese State Council and the Communist Party of China (CPC) Central Committee, is the major driving factor for the healthcare sector in China. The series of initiatives planned by the government were aimed towards providing a health service system for both the urban and rural population. These initiatives work towards addressing the limitations of the market-oriented Chinese economy and strengthening the countrys healthcare system.

These policies are instrumental not only in improving the healthcare system in China, but are also providing huge growth opportunities to medical device companies that expect to utilize the market potential offered by the lucrative Chinese medical devices market.

Ophthalmic devices and In Vitro diagnostics sectors

China’s medical devices market is dominated by the ophthalmic devices and In Vitro Diagnostics (IVD) sectors, accounting for a significant market share in the medical devices market in China.

Increasing life expectancy and growing incidence of ophthalmic diseases, especially in the elderly population, are major factors driving the demand for ophthalmic devices in the country. China has a large population of patients suffering from cataractNike Air Max 1 For Sale