BEIJING, March 2 (Xinhua) -- China's medical device industry has maintained an average annual growth rate of about 20 percent since 2015, which has brought huge opportunities for foreign companies to invest in China, reported Chinanews.com citinga white paper on China's Medical Device Industry issued Monday by international consulting firm Deloitte.
According to the white paper, the size of China's medical device market is estimated at 800 billion yuan in 2020, doubling the size in 2015. From 2015 to 2019, foreign trade of China's medical devices grew at an annual rate of nearly 10 percent, exceeding the average growth rate of global medical device trade.
The Chinese medical device market currently accounts for nearly 20 percent of the global market, which has brought huge opportunities to foreign companies in the medical device industry.
However, China's medical device market has its own unique regulatory and competitive environment. Companies need to consider how to find their best position in the market, said Jian Sihua, partner of the Life Sciences and Health Care Industry at Deloitte China.
In order to seize the huge opportunities in China's market, many foreign companies in China are implementing the "in China, for China" strategy, while responding to customer needs more quickly.
Multinational medical device companies need to look into the future, increase investment in innovative technologies, and re-examine their current business models in China in order to seize the development opportunities in the growing China's market, said McAllen, partner of Financial Consulting at Deloitte China.
(Edited by Gao Jingyan with Xinhua Silk Road, gaojingyan@xinhua.org)
A single purchase
