Medical Technology - China

China

The projected revenue in the Medical Technology market market in China is expected to reach €42.64bn in 2024.
Within this market, the largest market is Medical Devices, with a projected market volume of €34.88bn in the same year.
Looking ahead, the revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 7.71%, resulting in a market volume of €61.82bn by 2029.
It is worth noting that in a global comparison, the United States is expected to generate the highest revenue, reaching €195.70bn in 2024.
In China, the Medical Technology market is witnessing a surge in demand for advanced imaging devices and telemedicine solutions.

Key regions: United States, Germany, China, Japan, France

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Monnaie

Analyst Opinion

The Medical Technology market in China has been experiencing significant growth in recent years, driven by various factors such as increasing healthcare spending, a growing aging population, and advancements in medical technology. Customer preferences in the Medical Technology market in China are largely influenced by the need for high-quality healthcare services and products. Chinese consumers are increasingly seeking advanced medical technologies that can provide accurate diagnoses and effective treatment options. They are also placing a greater emphasis on personalized healthcare solutions and products that cater to their specific needs. Additionally, there is a growing demand for telemedicine services and digital health solutions, as consumers look for convenient and accessible healthcare options. One of the key trends in the Medical Technology market in China is the increasing adoption of artificial intelligence (AI) and big data analytics. AI-powered technologies are being used for medical imaging, diagnosis, and treatment planning, allowing for more precise and efficient healthcare services. Big data analytics is also being utilized to analyze large volumes of patient data, enabling healthcare providers to make more informed decisions and improve patient outcomes. Another trend in the market is the rise of wearable medical devices. These devices, such as smartwatches and fitness trackers, are becoming increasingly popular among Chinese consumers who are looking to monitor their health and fitness levels. Wearable devices are not only used for personal health tracking but also for remote patient monitoring, allowing healthcare providers to remotely monitor patients' vital signs and provide timely interventions. The Medical Technology market in China is also influenced by local special circumstances. The Chinese government has been actively promoting the development and adoption of domestic medical technologies through various policies and initiatives. This has led to the growth of domestic medical technology companies, which are now competing with international players in the market. Additionally, China's large population and vast healthcare market present both opportunities and challenges for medical technology companies. While the market potential is significant, companies need to navigate the complex regulatory environment and adapt their products to meet the specific needs and preferences of Chinese consumers. Underlying macroeconomic factors also play a role in the development of the Medical Technology market in China. The country's rapidly growing middle class and increasing disposable incomes have contributed to higher healthcare spending. Additionally, the aging population in China is driving the demand for medical technologies that can address age-related health issues. Furthermore, the government's focus on healthcare reform and the expansion of healthcare coverage have created a favorable environment for the growth of the Medical Technology market. In conclusion, the Medical Technology market in China is witnessing significant growth due to factors such as increasing healthcare spending, a growing aging population, and advancements in medical technology. Customer preferences are shifting towards high-quality healthcare services and products, personalized healthcare solutions, and digital health solutions. The market is also characterized by the adoption of AI and big data analytics, as well as the rise of wearable medical devices. Local special circumstances, such as government support for domestic medical technology companies and the complex regulatory environment, also influence the market. The underlying macroeconomic factors of a growing middle class, increasing disposable incomes, and healthcare reform contribute to the market's development.

Methodology

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.