BMI View: While the market will still offer major potential, the high growth rates of the past decade are looking increasingly unsustainable, as economic growth slows and pricing pressures increase . Even so, the market will remain one of the most attractive in the Asia-Pacific region. We believe that multinationals with well established manufacturing and R&D operations in the country will be best placed to take advantage of future opportunities.
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Latest Updates and Key Forecasts
We forecast that the market will register a 2014-2019 CAGR of 7.4% in US dollar terms, which will take the value from USD17.2bn to USD24.6bn. The market will see mid single digit growth in 2016 and high single-digit growth from 2016. The more moderate growth rate reflects slower economic growth, a more mature market in certain sectors and currency depreciation during the early part of the forecast period
We anticipate that imports will remain subdued in 2015 as a weakening economy and the recent currency devaluation weigh on performance. In 2014, imports grew by 6.9% in US dollar terms, the weakest performance since 2006 and they have continued to underperform during H115 with a rise of just 3.2%. The weak performance is largely due to a downturn in the diagnostic imaging product area.
We anticipate medical device export growth will remain in single-digit figures in 2015 following a particularly weak performance in the middle of the year, although the recent devaluation of the Chinese currency should help to bolster export performance going forward. Exports grew by 8.7% in H115, which was broadly in line with growth in 2013 and 2014.
Despite an increase in government subsidies, the ongoing public hospital reform programme will leave hospitals underfunded in 2016, forcing hospitals to operate more efficiently, which will further increase pricing pressures in the medical device market.
The China Medical Devices Report features market forecasts supported by trade, production and healthcare estimates by Espicom, a BMI Research's company. These forecasts and estimates focus on six product areas: Consumables, Diagnostic Imaging, Dental Products, Orthopaedics & Prosthetics, Patient Aids and Other Medical Devices.
Detailed product breakdown for market, trade and production data in China provides industry professionals, strategists, company executives and analysts with independent forecasts and competitive intelligence on the China Medical Devices industry.
- Benchmark BMI's Medical Devices market forecasts, which take into account macroeconomic and industry-specific forecasts for China, to test analysis as it is a key input for budgeting and strategic business planning. Use our standardised data to gain a better understanding of market performance in China.
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BMI Industry View
Provides industry, political and economic views. Briefly analyses the medical devices market, taking into account the latest industry forecasts, healthcare indicators and industry trends & developments.
SWOT analyses of the medical devices market, the political environment, the economic landscape and the business environment.
Evaluates and analyses the medical devices market in terms of historical and forecast trends, covering six product areas: Consumables, Diagnostic Imaging, Dental Products, Orthopaedics & Prosthetics, Patient Aids and Other Medical Devices. Additionally, presents annual and monthly import and export trade data.
Presents macroeconomic forecasts impacting the medical devices market.
Industry Risk Reward Index
Risk Reward Indices tool, which provides a globally comparative and numerically based assessment of the medical devices market’s attractiveness.
Assesses the medical devices market in the current year. Additionally, covers healthcare trends shaping the market, focusing on health status, healthcare system, healthcare funding, healthcare resources, healthcare activity and healthcare personnel. Includes historical healthcare data.
Industry Trends & Developments
Analyses the latest industry trends and developments shaping the market, in terms of monthly trade performance, forecast trends, production changes, regulatory developments, competitive strategies, political events and economic performance.
A focus on government healthcare reforms, epidemiological trends, mergers and acquisitions, product launches, market entries, FDI activity, R&D, biotechnology, clinical trials and supply chain issues.
Values historical medical devices production, and analyses the presence of national and multinational manufacturers operating in the market. Also, compares the presence of leading multinational company operations, either via sales & marketing, distribution or manufacture. Finally, takes into account market access drivers, including major distribution channels, trade associations and trade shows.
Carefully explains the medical devices market methodology, trade classifications, Risk Reward Index methodology and sources used in the medical devices market Report.