China is encouraging the development of the medical device industry by publishing an industry specific report.
China Market
The CDFA (China Food and Drug Administration) published “Guidelines for the Preparation of Special Reports on the Application of Innovative Medical Devices" in order to encourage medical device study and innovation, and to promote the practice of new medical device technology.
The publication was published in the attempt to help China’s medical device localisation process, and to help boost the development of the Chinese medical device industry.
The medical device industry represents a massive market in China with only 14% of the country’s local market’s share consisting of medical devices and equipment. In comparison, medical devices and equipments in developed overseas markets account for 42% of the overall market size of pharmaceuticals and devices/equipment.
China expects an average annual growth rate of more than 20%. That annual growth rate will hopefully see China’s medical device sales volume reach around 600 billion yuan in 2019.
To demonstrate the country’s developing medical device market, Medtec China will take place in September 2017, gathering more than 300 exhibitors and attracting an estimated 10,000 visitors. The exhibition aims to provide business and networking opportunities for those involved in the medical device industry.