In July, OrthoStreams, a daily orthopedic news and commentary website, reported that China became the second-largest medical device market in the world, trailing only the U.S., although other reports put Japan in the number-two position.
“China is home to nearly one-fifth of the world’s population, and with 1.3 billion people and an expanding middle class, it has witnessed an almost unbelievable rise in healthcare consumption,” said the OrthoStreams article. “More citizens are spending more money on healthcare, including sophisticated medical devices. No wonder U.S. companies want to play the import/export game with this rising star.”
The Freedonia Group’s August 2013 “World Medical Device Packaging” report noted, “In the developing world, China will provide the largest and broadest sales opportunities for medical device containers and related accessories due to burgeoning domestic and export markets for its medical goods. Spurred by rising investment, China is evolving into a leading worldwide developer and supplier of technologically advanced medical products.”
Research and Markets’ website noted that GBI Research’s Feb. 2013 report, “China Pharmaceutical Market Outlook—Government Incentives, Healthcare Reform and a Rapidly Aging Population Provide Strong Stimulus for Growth” said, “The Chinese pharmaceutical market has the world’s largest manufacturing capabilities, producing more than 4,500 drugs and exporting various pharmaceutical products to the global market. Recent healthcare reforms have been driving the pharmaceutical market by increasing public access to drugs. In addition, recent population changes such as a majority move from rural to urban China, a rapidly aging community, and an increasing overweight population are driving the value of the Chinese pharmaceutical market.”
More information comes from BCC Research in its report “The Chinese Market for Medical Polymers.” The report notes, “The Chinese market for medical polymers was valued at $1.7 billion in 2011 and at $1.9 billion in 2012.” The report forecasts total market value to surpass $4 billion in 2017, after increasing at a five-year compound annual growth rate (CAGR) of 16.1%.
“The Chinese medical polymer market is growing quickly due to its close relationship with the pharmaceutical and medical device industries in China. The medical polymer market has grown steadily over the last 20 years and BCC Research predicts that this growth will continue over the next five years.
