Anything that is used to detect, prevent, lessen, treat, or cure disease or other problems is considered a medical device, including machines, tools, implants, apparatuses, and in vitro reagents. Medical devices work through structural, mechanical, or physical means instead of through chemical or metabolic processes occurring within or on the body, as is the case with medications and biologics.
According to SPER market research, ‘China Medical Devices Market Size– By Type, By Function, By End-Use- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the China Medical Equipment Market is predicted to reach USD XX billion by 2033 with a CAGR of XX%.
The market for medical devices in China is expected to expand in the forecast period. The ageing population of the nation, the rise in chronic illnesses, the increasing use of medical equipment in healthcare at all levels, the expansion of Chinese health insurance funds’ coverage, and the rising spending power of the country’s middle class are the main factors driving the industry. With prospects in the hospital and homecare sectors, the Chinese medical device market appears to have a bright future. The ageing population, rising healthcare costs, technology advancements, and chronic illnesses are the main factors propelling the market’s expansion. Expanding usage of AI-optimized medical equipment, expanding acceptance of wearable medical devices, growing use of miniaturised medical devices, and growing use of 3D printing in medical devices are some emerging trends that directly affect the dynamics of the medical device market.
The previous ten years have seen significant advancements in the medical device sector, including new design changes and the application of new technology. On the other hand, the high cost of these devices results in an overall rise in device cost and ownership due to their relatively higher acquisition cost as well as subsequent maintenance expenditures. Many more parts, including chips, batteries, sensors, and other accessories, are connected to some of the most sophisticated devices and must be replaced on a regular basis. For hospitals and surgical centres, this results in a relatively greater cost of ownership. Furthermore, one problem limiting the adoption of these technologies in developing nations is the reimbursement for medical devices. Medical device adoption in emerging countries has been relatively low, which can be attributed to the aforementioned problems along with insufficient reimbursement schemes.
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Impact of COVID-19 on China Medical Devices Market
Furthermore, the technological revolution occurring in the medical device business has been expedited by COVID-19. A result of the outbreak, public health has received unparalleled attention, which has led to a rise in the need for long-term and preventative patient care tools and supplies among consumers. More data is now available to improve the quality of diagnosis, treatment, and prevention of ill health conditions because of the massive volumes of data gathered and the new digital habits developed during the COVID-19 control and preventive era. Due in large part to the new applications of upcoming technologies like 5G, the Internet of Things, and data analytics software, the industry is already bursting at the seams with potential to move from traditional product offerings to a more service-driven business model.
China Medical Devices Market Key Players:
Additionally, some of the market key players are BGI Group, Blue Sail Medical, GE Healthcare, Intco Medical, Johnson & Johnson, Lepu Medical, Medtronic, MicroPort, Philips Healthcare, Siemens, Others.
China Medical Devices Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Type: Based on the Type, China Medical Devices Market is segmented as; Cardiovascular Devices, General Medical Devices, Home Healthcare Devices, Orthopedic Devices, Surgical and Infection Control Devices, Other Devices.
By Function: Based on the Function, China Medical Devices Market is segmented as; Diagnostic and Monitoring, Surgical, Therapeutic.
By End-Use: Based on the End-Use, China Medical Devices Market is segmented as; Homecare Medical Device, Hospital and Ambulatory Care Medical Device.
By Region: This research also includes data for Eastern Region, Northern Region, Southern Region, Western Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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