Value of medical equipment imports to China 2008-2019
In 2019, a total value of about 26.8 billion U.S. dollars’ worth of medical technology equipment were imported to China, indicating more than a fourfold increase compared to a decade ago. In the recorded years, this was the highest increase from the previous year in terms of value.
Current state of imports
The ever-changing Chinese regulatory system and requirements for entering the domestic market hinders many overseas manufacturers from participating in the market. However, healthcare operators across the country tend to prefer high-end imported technology products. This has resulted in a significant growth in the import of medical technology over recent years. Medical imports include medical apparatus, diagnostic equipment, and high-end consumables. The United States is among the major exporters to China with the neighboring countries of South Korea and Japan leading the market in medical equipment exports across the country.
Effects of demographics
Like most developed countries, China’s population is living longer and having fewer children, meaning that the country’s demographics are tilting towards a comparatively old age. With an older population, chronic illnesses can become more prevalent, which applies a major strain on health expenditure and the requirement for medical equipment. The Chinese medical market is dominated by domestic manufacturers and production is mainly concentrated on low tech apparatus and durables. However, the industry is reliant on high-tech equipment to maintain and improve the general quality of healthcare. With the largest population in the world, China is the most sought-after medical device market even with the aforementioned hindrances to overseas exporters.
Current state of imports
The ever-changing Chinese regulatory system and requirements for entering the domestic market hinders many overseas manufacturers from participating in the market. However, healthcare operators across the country tend to prefer high-end imported technology products. This has resulted in a significant growth in the import of medical technology over recent years. Medical imports include medical apparatus, diagnostic equipment, and high-end consumables. The United States is among the major exporters to China with the neighboring countries of South Korea and Japan leading the market in medical equipment exports across the country.
Effects of demographics
Like most developed countries, China’s population is living longer and having fewer children, meaning that the country’s demographics are tilting towards a comparatively old age. With an older population, chronic illnesses can become more prevalent, which applies a major strain on health expenditure and the requirement for medical equipment. The Chinese medical market is dominated by domestic manufacturers and production is mainly concentrated on low tech apparatus and durables. However, the industry is reliant on high-tech equipment to maintain and improve the general quality of healthcare. With the largest population in the world, China is the most sought-after medical device market even with the aforementioned hindrances to overseas exporters.
