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China Medical Device Market Advisory
China Medical Device Consulting The medical device market in China is worth about $75 billion and is growing at more than 10% each year. With a population over 1.3 billion people, there is a strong demand for medical devices in Asia. China are the largest Asian markets for medical devices, accounting for about 35% of Asia’s total. CROXXMORE medical device consulting have worked with many international clients in China. We have assisted many international companies with sales and marketing of new medical devices, component sourcing, distributor searches product registration, business strategies, partner searches, joint ventures and setting up local manufacturing facilities in China medical device market. Generally, the demand for medical devices in China is driven by increases in government and private healthcare spending, improving healthcare standards, as well as increasing incomes throughout much of China. Foreign imports of more complicated devices dominate the China medical device market. These products are mainly from the US and Europe and Japan, which account for at least 60% of China’s medical device imports. Most of China’s local medical device manufacturers produce lower-end devices such as syringes, needles, surgical gloves and diagnostic kits. To succeed in China’s medical device market, it is important for foreign companies to understand each country’s healthcare regulations. Medical device companies need to know the roles of health authority in China. Companies that are unfamiliar with China’s healthcare regimes can turn to CROXXMORE medical device consulting for regulatory advice. CROXXMORE medical device consulting are focused on achieving our clients’ business and regulatory goals. With years of experience, we possess the knowledge and expertise to help you succeed in this market. Understanding the China Medical Device Market China's spending on medical devices is relatively low, at $10 per capita. This is significantly lower than in Japan, where medical device expenditures are at $165 per capita. Nevertheless, China's multi-billion healthcare reform will spur demand for medical devices and equipment, especially in the Chinese rural and county areas. The government is expected to fund the construction of 2,000 county-level hospitals and an additional 5,000 clinics by 2015. Medical devices which are experiencing strong demand in China include diagnostic imaging, disposables, implants, as well as cardiovascular devices. Local Chinese medical device manufacturers generally focus on making low-end products with minimal research and development (R&D). Nevertheless, price competition in this segment is fierce. On the other hand, China's high-end medical device market is dominated by foreign companies, with an 80% market share. While some Chinese manufacturers are advancing towards high-tech medical devices via their own R&D or through joint ventures with Western companies, their lack of a reputable brand name sometimes makes it difficult for them to compete internationally. Companies interested in introducing their medical devices (or expanding their business) into China can contact CROXXMORE medical device consulting for guidance on the necessary procedures.
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