The global medical device market continues to maintain steady growth
The medical device industry is a knowledge intensive and capital intensive industry in the high-tech fields such as bioengineering, electronic information and medical imaging. As a strategic emerging industry related to human life and health, under the huge and stable market demand, the global medical device industry has maintained a good growth momentum for a long time. In 2020, the scale of global medical devices exceeded US $500 billion.
In 2019, the global medical device market continued to maintain a steady growth. According to the calculation of e-share medical device exchange, the global medical device market in 2019 was US $452.9 billion, with a year-on-year increase of 5.87%.
The Chinese market has a large development space and a fast growth rate
The domestic medical device market will maintain a growth rate of 20%, with huge market space in the future. The ratio of per capita consumption of medical devices and drugs in China is only 0.35:1, far lower than the global average of 0.7:1, and even lower than the level of 0.98:1 in developed countries and regions in Europe and the United States. Because of the huge consumer group, the increasing health demand and the active support of the government, the development space of China’s medical device market is extremely broad.
China’s medical device market has shown outstanding performance in recent years. By 2020, the scale of China’s medical device market was about 734.1 billion Yuan, with a year-on-year increase of 18.3%, close to four times the growth rate of global medical devices, and maintained at a high growth level. China has become the world’s second largest medical device market after the United States. It is estimated that in the next five years, the average annual compound growth rate of the market scale in the device field will be about 14%, and will exceed trillion Yuan by 2023.