China Medical Device Market: Size, Trends and Forecasts (2020-2024)
Scope of the Report
The report entitled “China Medical Device Market: Size, Trends and Forecasts (2020-2024)” provides an in-depth analysis of the medical device market in China including detailed description of market sizing and growth. The report provides an analysis of China’s medical device market by value, by product, by sales channel, etc.
The report also assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall China medical device market has also been forecasted for the period 2020-2024, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
The major players dominating the medical device market in China are MicroPort Scientific Corporation, Mindray Medical International Limited, Medtronic plc, and Boston Scientific Corporation. The four companies have been profiled in the report providing their business overview, financial overview and business strategies.
MicroPort Scientific Corporation
Mindray Medical International Limited
Boston Scientific Corporation
A medical device refers to any instrument or machine, which is required to be used for the treatment, cure, prevention or diagnosis of different kinds of diseases. The main purpose of the medical devices is to help the healthcare professionals in improving the way they diagnose patients, in helping patients overcome sickness or diseases, or in improving the patient’s quality of life.
Medical devices are categorized into three classes based on the risk level of the device from low to high: Class I (low-risk devices), class II (intermediate-risk devices), and Class III (high-risk devices). The main applications of medical devices include orthopedics, minimally invasive, cardiology, ophthalmology, wound care, patient monitoring, audiology, respiratory-anesthesia, uro-gynecology, neurology, aesthetics, robotics-navigation and others.
Medical devices market can be segmented on the basis of product (Consumables, Diagnostic Imaging, Dental Products, Orthopaedics & Prosthetics, Patient Aids, In-Vitro Diagnostics, and Other Medical Devices); and Sales Channel (Hospitals, and Retail Sales Channel).
China medical devices market has increased at a significant CAGR during the years 2015-2019 and projections are made that the market would rise in the next four years i.e. 2020-2024 tremendously. The medical devices market is expected to increase due to growing geriatric population, rising affordability, escalating prevalence of diseases & disorders, rapid urbanization, increasing healthcare spending, increasing penetration of Percutaneous Coronary Intervention (PCI) procedures, etc. Yet the market faces some challenges such as high cost involved, stringent government regulations, complicated reimbursement policies, etc.
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