China sold approximately $9.2 billion worth of medical equipment in 2006, an increase of 12.2% over 2005. This trend is expected to continue albeit at a reduced rate.
With a compound annual growth rate (CAGR) of 9.2%, China's medical equipment market is projected to grow from $10 billion in 2007 to $15.5 billion in 2012.
Advanced and high technology products, such as imaging diagnostic equipment (including CT, MRI, color ultrasound diagnostic apparatus and digital x-ray system) and clinical diagnostic laboratory instrument, are expected to grow at faster rates from 2007 to 2012, reaching CAGRs of 12.9% and 13.3%, respectively.
Report Code: HLC053A, Published: June 2007, Analyst: Li Baijun
INTRODUCTION
With over 1.3 billion people and steady economic growth, China has become one of fastest growing medical markets in the world and the largest medical device market in Asia (excluding Japan).
China's market is fairly parallel. Foreign players dominate the top end of the market with imports or locally produced equipment using innovative technology. Domestic products, limited in range and using less advanced technology, are more cheaply available and occupy the lower end of the market. Chinese self sufficiency in the segments of high technology and high value products, such as multi-slice spiral CT, high field superconducting MRI, digital x-ray systems, color ultrasound diagnostic apparatus, fiber-optics, and electronic endoscope, is only about 10% to 20%. Medical equipment using advanced foreign technology is in demand in China. Improving and elevating China's medical equipment industry will require huge foreign investments and an increase in the transfer of technology from foreign companies to their Chinese partners.
Rapid economic development in China has led to a corresponding increase in the medical equipment market. Almost all leading foreign industry players have formed joint ventures in the Chinese medical equipment industry, including GE, Siemens, Philips, Hitachi, and Toshiba.
This BCC report will be of interest to medical equipment producers, traders, investors, and other market stakeholders. Although China's medical equipment market is still smaller than U.S., EU, or Japan, its long-term potential is huge. China will be a large consumer in the global medical equipment marketplace, as well as a provider of opportunities for research, due to its relevantly low levels of R&D.
BCC presents a detailed analysis of high technology and other high-value products in the medical equipment market in China., and does not include the lower end products that use less advanced technologies. Market projections are provided for the period 2007 through 2012. Among the segments covered are those listed below:
computed tomography scanners (CT)
magnetic resonance imaging (MRI)
ultrasound diagnostic apparatus
X-ray apparatus
patient monitoring equipment
clinical diagnostic laboratory instrument
endoscope
dental equipment
SCOPE OF STUDY
This report contains:
An overview providing definitions, market entry strategies, best sales prospects, and important regulations for the Chinese medical equipment industry
Product types (imaging diagnostic equipment, patient monitoring equipment, and clinical diagnostic laboratory instruments), with analyses the Chinese market's dynamics, and market shares, along with company profiles.
Market projections through 2012
A discussion on end users, focusing on the Chinese population and demographics as well as an analysis of the Chinese healthcare system
International aspects of the market such as imports, exports, and international players
An analysis of China's technology and major patents.
METHODOLOGY AND INFORMATION SOURCES
The material presented is based on extensive review of secondary sources such as technical papers, industry conferences, trade publications, industry associations, company literature, and government data (e.g., customs statistics and industry yearbooks). Final analyses and projections are based the consensus of secondary sources combined with BCC Research's understanding of the impact of trends from a historical perspective. All dollar data presented in this report are based on the exchange rate of US $1 = RMB 7.8 (Yuan).
ABOUT THE AUTHOR
Baijun Li is a research analyst covering Advanced Materials, Environmental Protection and Auto Components. Mr. Li is an independent consultant in China, and has worked with BCC for 6 years. He has authored marketing/technical reports on magnetic materials, engineering plastics, environmental protection, industrial machinery and auto components. With over 13 years of research and business experience in China, he has assisted in numerous business consulting studies; market opportunity analysis; market profiles and assessment; competitive intelligence; market feasibility and market entry. He has a B.S., Materials Science from Shanghai Jiaotong University; and is a certified securities investment consultant.
Report Code: HLC053A, Published: June 2007, Analyst: Li Baijun
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Report Code: HLC053A, Published: June 2007, Analyst: Li Baijun
Table of Contents
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