One of the hottest health care markets in the world, China currently claims the number four spot in the global market with a $17 billion medtech industry, a market that is expected to more than double in size within the next five years. This remarkable growth is largely attributable to the country’s increasing government health care spending, underpinned by robust economic growth, which has led to improved health care access and infrastructure, as well as the ongoing expansion of public insurance coverage and infrastructure for less developed parts of the country. Beyond the growth in government spending, patients’ ability to afford better medical care has increased. The Economist Intelligence Unit Ltd. estimates that, by 2015, there will be more than 100 million households in China earning more than $15,000 per year, up from fewer than 35 million today, with growth expected to accelerate to over 40% per year.
Expanding In China’s Medtech Market: Where To Go From Here
Already the fourth largest medtech market in the world, China’s $17 billion medical device industry is expected to more than double in size in the next five years, paving the way for incredible opportunities for growth. But entering or expanding within this market is not without its challenges: identifying where the opportunities lie, navigating the tendering process, and determining the right sales and distribution models are all essential for achieving profitable gain in the Middle Kingdom.