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China Medtech: Rapid Localization, Business Model Shift And Market Restriction

 
• By Mainbayar Badarch

China's medical equipment industry is growing rapidly, driven by limited domestic presence in high-cost segments and increasing adoption of local products in areas like monitoring equipment, defibrillators, and ventilators. International giants dominate the high-end market, but domestic companies such as Neusoft Medical Systems and Mindray Medical are making significant strides.

China map
(Shutterstock)

In recent years, China’s medical equipment industry has been driven by results of the combined effect of multiple factors; a limited share for domestic companies in the high-cost market, coupled with the domestic substitution of products in the fields such as monitoring equipment, defibrillators and ventilators.

In 2022, the overall market size reached CNY574bn ($78.3bn), according to Qianji Investment Bank research, with the medical imaging equipment market size amounted to approximately CNY104

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