Market Insights Health Medical Technology Medical Devices

Other Medical Devices - China

China

China is projected to witness a significant growth in revenue in the Other Medical Devices market market.
By 2024, the revenue is expected to reach a staggering €7.83bn.
This growth is anticipated to continue with an annual growth rate (CAGR 2024-2029) of 6.72%.
As a result, the market volume is projected to reach €10.84bn by 2029.
When compared globally, it is worth noting that the United States is expected to generate the highest revenue in this market.
In 2024, the United States is projected to generate a substantial revenue of €54,620.00m.
China's growing middle class and increasing healthcare spending are driving demand for innovative medical devices in the Other Medical Devices market.

Key regions: United Kingdom, China, Netherlands, Europe, Italy

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Analyst Opinion

The Other Medical Devices market in China has been experiencing significant growth in recent years.

Customer preferences: In China, there is a growing demand for Other Medical Devices due to several factors. Firstly, the aging population in China has led to an increased need for medical devices that cater to the specific needs of elderly individuals. This includes devices such as mobility aids, home healthcare equipment, and assistive devices. Additionally, there is a growing awareness and emphasis on personal health and wellness, which has resulted in increased demand for devices such as fitness trackers, smartwatches, and other wearable devices that monitor health metrics.

Trends in the market: One of the key trends in the Other Medical Devices market in China is the adoption of advanced technologies. Chinese consumers are increasingly looking for innovative and technologically advanced medical devices that can provide accurate and real-time data. For example, there is a growing demand for smart medical devices that can connect to smartphones or other devices to provide personalized health information and recommendations. Another trend is the integration of artificial intelligence (AI) and machine learning (ML) technologies in medical devices, which can help in early detection and diagnosis of diseases.

Local special circumstances: China has a large population, which presents a unique challenge and opportunity for the Other Medical Devices market. The sheer size of the population means that there is a large customer base for medical device manufacturers to target. However, it also means that there is intense competition in the market, as both domestic and international players vie for market share. Additionally, China has a complex regulatory environment for medical devices, which can pose challenges for companies looking to enter the market or introduce new products.

Underlying macroeconomic factors: Several macroeconomic factors are driving the growth of the Other Medical Devices market in China. Firstly, the Chinese government has been investing heavily in healthcare infrastructure and reforms, which has led to increased access to healthcare services for the population. This has resulted in higher demand for medical devices, including Other Medical Devices. Secondly, rising disposable incomes and an expanding middle class in China have led to increased healthcare spending, including on medical devices. Lastly, advancements in technology and manufacturing capabilities have made it easier and more cost-effective for companies to produce and distribute medical devices in China, further fueling market growth. Overall, the Other Medical Devices market in China is poised for continued growth due to changing customer preferences, technological advancements, local market dynamics, and favorable macroeconomic factors. As the population continues to age and the demand for personalized healthcare increases, the market for Other Medical Devices is expected to expand further in the coming years.

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.