How much more can the size of the medical device market increase?

Although China's medical device industry has developed rapidly, its proportion in the pharmaceutical field is still very low, far behind the global proportion of medical devices in the pharmaceutical field. Therefore, industry insiders assert that there is still a lot of room for improvement in this industry, at least five to six times, and favorable policies are the driving force for its growth.

There are many factors contributing to the growth of the medical device industry, such as the significant increase in demand brought about by an aging population and the indirect increase in medical device sales due to the improvement of public health awareness, among which tilted policies are an important part. As is well known, medical reform has been implemented in China for several years, and now this policy is developing in depth. The medical insurance system has basically achieved full coverage, and investment in grassroots medical institutions has been increased. The multi-point practice of physicians and the reform of private hospitals are also underway, which not only brings huge development momentum to the pharmaceutical industry, but also becomes a major driving force for its rapid development in the segmented field of medical equipment industry.

According to relevant data, in recent years, China's medical device industry has achieved a growth rate of 21.3%, and its development speed can be said to be very rapid. However, despite this, the industry only accounts for 14% of the pharmaceutical industry, while globally, the proportion of medical devices in the entire pharmaceutical industry is as high as 42%, and the gap between the two is still very large. Industry insiders predict that with the introduction of a series of tilted policies this year, the industry will further accelerate and the sales pattern will also change in the future. Currently, medical devices are mainly sold through hospitals, and retail pharmacies have very little business in this area. However, in the future, medical devices will shift to the exclusive store route, and the network will become an important sales base for medical devices. These two channels will help the rapid growth of the medical device market, and expanding the market by five to six times in the future is not a problem. Many related enterprises are very optimistic about this industry and have great potential for the future.

Source: Global Medical Device Network