6month7On the same day, the Consulate General of Canada in Guangzhou held an online sharing session themed "Discovering New Opportunities in China's Medical Device Market". Frost & SullivanFrost & SullivanMao Hua, Partner and Managing Director of Frost & Sullivan's Greater China Region, was invited to attend and deliver a speech.
Mr. Mao Hua first introduced the overall development overview of the Chinese medical device market, followed by a brief analysis of opportunities foreign companies have in the Chinese medical device market. He stated that China has become the world's second-largest medical device market, but China's per capita expenditure on medical devices is only one-ninth of that of the United States. There is still tremendous growth potential in China's medical device market.
Mao Hua pointed out that compared with the market share of global and Chinese medical device sub-sectors, low-value consumables still account for a relatively high proportion in China. However, orthopedic devices, ophthalmic devices, dental devices, plastic surgery devices, etc., which have a high global market share, still have significant development potential in China.
In addition, the characteristics of China's 'economy-oriented' and 'high-end' medical device markets provide different market opportunities for import manufacturers. The 'economy-oriented' market places more emphasis on quality and value-added services under price sensitivity, while the 'high-end' market focuses more on technological innovation and solving clinical pain points. Therefore, even under the general trend of 'domestic substitution', multinational medical device companies still have growth opportunities in the Chinese market.
China has become the world's second-largest medical device market, while China's per capita medical device spending is nearly one-ninetyth that of the United States, demonstrating great growth potential. The Chinese medical device market has a low industry concentration and lacks large companies with strong brands and multi-product line layouts.
Low-value consumables still account for a relatively high market share in China, while ophthalmic devices, dental devices, orthopedic devices, and plastic surgery instruments, which account for a relatively high global share, still have great room for development in China.
The medical device market in China exhibits the characteristics of 'economical' and 'high-end', providing different market opportunities for multinational corporations.
Small foreign companies can leverage their technological advantages to target high-barrier fields and gradually establish brand advantages in the 'high-end' market.
Finally, Fred Mao said that multinational corporations can adapt to the local 'economic' markets through domestic plant construction or investment mergers and acquisitions.
