Medical Devices - China | Statista Market Forecast

China's Medical Devices market market is expected to achieve a revenue of US$37.61bn in 2024.
Among the various markets, Cardiology_Devices holds the largest market share with a projected volume of US$4.09bn in the same year.
The industry is anticipated to display a Compound Annual Growth Rate (CAGR) of 8.16% between 2024 and 2029, leading to a market volume of US$55.67bn by 2029.
In comparison to other countries, the United States is forecasted to generate the highest revenue, amounting to US$181.00bn in 2024.
China is experiencing a surge in demand for advanced medical devices due to its rapidly aging population and increasing healthcare spending.

Definition:
The Medical Devices market includes instruments and machines helping for the prevention, diagnosis, and treatment of diseases. This market is further broken down into 6 submarkets according to medical specialties or types of application. Medical devices that treat the heart, such as pacemakers, can be found in the Cardiology Devices market. The Diagnostic Imaging market covers machines and instruments for diagnosis of many different kinds of conditions. Devices for orthopedic applications, such as joint implants, are included in the Orthopedic Devices market. Ophthalmic Devices are devices used for conditions related to the eye. The General & Plastic Surgery Devices covers many different products required for surgeries. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Johnson & Johnson, Siemens Healthineers.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Active medical devices (i.e., operating with electrical energy)

Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Products for laboratory testing (IVD)

The Medical Devices market in China is experiencing significant growth and development.

Customer preferences: Chinese consumers are increasingly seeking high-quality and innovative medical devices to meet their healthcare needs. With rising disposable incomes and an aging population, there is a growing demand for advanced medical devices that can provide accurate diagnoses and effective treatments. Additionally, consumers are becoming more health-conscious and are willing to invest in devices that can help them monitor their health and well-being.

Trends in the market: One major trend in the Medical Devices market in China is the increasing adoption of digital health technologies. This includes wearable devices, remote monitoring systems, and telemedicine platforms. These technologies enable patients to track their health conditions, receive personalized healthcare advice, and consult with healthcare professionals remotely. The convenience and accessibility of digital health technologies are driving their popularity in China. Another trend is the growing focus on precision medicine. With advancements in genomic research and personalized healthcare, there is a shift towards developing medical devices that can provide tailored treatments based on an individual's genetic makeup. This includes genetic testing devices, targeted therapy devices, and personalized monitoring systems. Precision medicine is seen as a promising approach to improving healthcare outcomes and reducing healthcare costs in China.

Local special circumstances: China has a large and rapidly aging population, which presents unique challenges and opportunities for the Medical Devices market. The aging population requires more healthcare services and medical devices to manage chronic conditions and age-related ailments. This has created a demand for devices such as glucose monitors, blood pressure monitors, and mobility aids. Additionally, the Chinese government has implemented policies to support the development and adoption of medical devices, including tax incentives and streamlined regulatory processes.

Underlying macroeconomic factors: China's strong economic growth and increasing healthcare expenditure are driving the growth of the Medical Devices market. The government has been investing heavily in healthcare infrastructure and reforming the healthcare system to improve access to quality healthcare services. This has led to increased healthcare spending and a greater focus on preventive and personalized healthcare. Furthermore, China's large population and rising middle class are contributing to the expanding market for medical devices. In conclusion, the Medical Devices market in China is experiencing growth and development due to customer preferences for high-quality and innovative devices, the adoption of digital health technologies, the focus on precision medicine, the unique challenges and opportunities presented by the aging population, and the underlying macroeconomic factors of strong economic growth and increasing healthcare expenditure.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.