Analysis of the Development Status of the Medical Industry by Aobang Medical Devices

The medical device industry is a multidisciplinary, knowledge intensive, and capital intensive high-tech industry with high entry barriers. The overall level of medical equipment in Chinese medical institutions is still very low. About 15% of the medical devices and equipment in primary healthcare institutions are products from around the 1970s, and 60% are products from before the mid-1980s. The process of updating and upgrading them is also a process of demand release, which will ensure the rapid growth of the Chinese medical device market in the next 10 years or even longer.

With the deepening of reform and opening up, the continuous increase in support, and the acceleration of global integration, China's medical device industry has made rapid progress. In 2005, China had become the world's third-largest medical device market after the United States and Japan. In 2006, the import and export volume of medical devices in China exceeded 10 billion US dollars for the first time, with a total import and export value of 10.552 billion US dollars, a year-on-year increase of 17.57%, and a cumulative surplus of 3.19 billion US dollars. In 2007, the total import and export volume of medical devices in China was 12.697 billion US dollars, a year-on-year increase of 20.33%, and the annual trade surplus was 4.133 billion US dollars.

Although there is a gap between China's medical device industry and developed countries, the speed of development of Chinese medical devices has caught the attention of the world. The medical device products developed in China are also at the forefront of the medical device industry. In the next few years, China will surpass Japan and become the world's second-largest medical equipment market. By 2010, the total output value of medical devices in China will reach 100 billion yuan, accounting for 5% of the world medical device market share. By 2050, this share will reach 25%.

With the rapid increase in R&D capabilities of domestic enterprises and the shift of market focus from high-tech to popularization, the competitiveness of domestic products is gradually enhancing, providing rare opportunities for domestic manufacturers to expand their markets. It can be foreseen that the future development space of China's medical device industry is enormous.