MedTech company and industry leaders gathered at the MedTech Conference 2024, one of the medical technology industry’s most important global events, from October 15 to 17. Key market experts set a positive tone for the future of the medical device market in China.
According to an analysis by GlobalData, the global medical device market is expected to grow at a compound annual growth rate (CAGR) of 4.2% through 2033, while the Chinese medical device market will grow at a faster CAGR of 5.0% over the same period. 0%. . Key drivers of growth in China’s medical device market include the country’s aging population, an increasing number of chronic conditions, increasing penetration of medical devices at all levels of the healthcare system, and growing coverage by Chinese health insurers.
The general economic slowdown in China has resulted in tighter healthcare spending budgets. These financial pressures could negatively impact the growth of the medical device market as hospitals and healthcare facilities struggle to control costs. While volume-based purchasing (VBP) aims to improve efficiency and reduce the cost of healthcare expenditures, it poses challenges for manufacturers that could impact the long-term landscape of the medical device market in China. Global supply chain issues, exacerbated by geopolitical tensions and the Covid-19 pandemic, are hampering production and distribution. Moreover, China’s increasing protectionist policies aim to strengthen its domestic medical device industry, posing challenges for international companies.
Multinational companies should consider differentiated strategies to reduce operating costs and offer affordable products in China. It is essential to emphasize the overall value of products and not just their price. Emphasizing superior quality, reliability and after-sales support can differentiate products in a competitive landscape. Additionally, multinational companies can partner with local companies or distributors to increase their market knowledge, navigate regulations, and improve access to purchasing opportunities. Flexible pricing models can also be developed that can adapt to different purchasing requirements and buyer preferences, ensuring competitiveness in different segments.
“China’s Medtech Market Will Grow Strongly Despite Headwinds” was originally created and published by Medical Device Network, a brand owned by GlobalData.
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