According to the report "Current Situation and Trends of the Development of China's Medical Device Industry" released by the international management consulting company Roland Berger on the 22nd, the size of China's medical device market is expected to reach 958.2 billion yuan (RMB, the same below) in 2022, with a compound growth rate of about 17.5% in the past seven years, and has leapt to the second largest market in the world outside the United States.

According to the report, while the industrial scale has been steadily increasing, the concentration of the medical device industry has also been increasing. In 2022, the operating revenue of Chinese medical device manufacturers above designated size has accounted for more than 60% of the entire industry. Among them, there are more than 163 listed medical device companies, almost doubling the number compared to three years ago.

From the perspective of field division, the Chinese medical device industry is divided into four major segments: medical equipment, high value consumables, low value consumables, and in vitro diagnosis. Among them, medical equipment (referring to instruments, equipment, appliances, materials, etc. used alone or in combination for the human body) occupies the largest market share. In 2021, medical equipment accounts for about 60% of the overall market size of Chinese medical devices, with the overall market size exceeding 500 billion yuan.

From the perspective of industry development trends, the report points out that multiple factors will promote technological innovation by Chinese local enterprises, and domestic substitution will still be the main theme of the industry in the future. In terms of policies, a number of policies have been launched nationwide and around the country to provide a large amount of policy support for innovative research and development of local medical device enterprises. In terms of technological upgrading, Chinese medical device enterprises have continuously increased their research and development investment in recent years, improving their technological innovation capabilities. In recent years, China's top ten medical device enterprises have maintained an annual R&D investment growth of over 20%.

According to the report, with the development of the epidemic in recent years, Chinese local medical device companies have gradually been accepted and recognized by the global market. In 2021, China's total export value of medical devices exported overseas was US $84.73 billion, a year-on-year decrease of 36.44%. Compared with before the epidemic, there was still a significant increase, mainly due to the peak procurement demand caused by insufficient production capacity in overseas countries in 2020, which increased export data. "We look forward to the accelerated expansion of China's medical device import and export trade in 2023," said the relevant person in charge of Roland Berger.