As per the reports, the medical devices market in China is predicted to grow at a Compound Annual Growth Rate i.e. CAGR of 11%, from $14.3 billion in 2011 to reach upto $30.4 billion in 2018.
The Chinese government reform is improving their medical devices market and also gives support to vulnerable population.
As per the reports given by a healthcare publisher, China will provide strong healthcare infrastructure to a huge and increasing elderly population, out of which some are remotely situated in rural areas.
There are benefits to both patients and medical device companies if there is an increase of chronic and infectious diseases in this vast country. Then, the medical devices from the companies might supply to the government of China to meet their new healthcare reforms.
According to the reports, in China the healthcare reform initiative known as ‘Opinions on Deepening the Health Care System Reform’, or the ‘New Health Care Reform Plan’, represents a major driving factor for the healthcare sector and these reforms are intended to provide health services for both urban and rural population. The reforms are implemented by the Chinese State Council and the Communist Party of China i.e. CPC Central Committee.
Due to improved affordability and accessibility to healthcare services in the growing number of hospitals, healthcare infrastructure improvements are expected to drive market growth for both international and domestic companies. Even the new insurance policies are aiming to increase the reimbursement ratio for a number of diseases which will also lead to an expanding patient base.
There is a demand for medical support in elderly population in China who has chronic diseases. Because there are a lot of changes in life expectancy, it is leading to a growing occurrence of ophthalmic diseases in the elderly population as it has a high percentage of patients suffering from cataracts, with a large number of cases being added annually. Although there is a large patient pool, due to high costs, limited public awareness, and a lack of facilities in rural areas, China displays a low Cataract Surgery Rate i.e. CSR. A significant demand is expected to be seen for ophthalmic surgery devices, because of the implementation of government-backed insurance schemes that will increase reimbursement for medical treatment.
In developing countries, as populations become more urbanized and live in closer quarters to one another, infectious diseases can become more common. In China, the medical devices market is dominated by In Vitro Diagnostics i.e. IVD and determined by a large patient pool that requires volumes of tests, especially in the rising cases of infectious diseases, which claimed nearly 15,802 lives in 2011. In China through new healthcare reforms, it can improve the affordability of IVD products and is expected to boost the market.
In China, there are major changes happening in lifestyle and nutrition because of rapid urbanization and economic development, which has in turn increased diabetes and cardiovascular diseases, which require diagnostic testing and monitoring.
In this report, it gives information on key data, medical devices market analysis in China, market landscape, competitive landscape and market trends. It also provides information of ten medical devices markets which includes ophthalmic devices, In Vitro Diagnostics i.e. IVD, diagnostic imaging, cardiovascular devices, nephrology and urology devices, orthopedic devices, drug delivery devices, diabetes care devices, wound care management, and healthcare IT. This report also gives information on key trends affecting these categories, key analytical content on the market dynamics, competitive landscape, detailed analysis of pipeline products in each market and also the review details regarding important merger and acquisition deals.
Get detail information regarding this report : Medical Devices Market in China to 2018
Source : Market Research Reports . Inc