Report Reveals The Chinese Medical Device Market Growing Faster Than Pharma
The medical device industry in China is experiencing rapid growth when compared to the global medtech market, as well as its pharmaceuticals industry, according to a report from China Med Device.
Between 2005 and 2015, the medical device market in China hit an annual growth rate of greater than 20%, according to the report, with demand for medical devices “expected to increase significantly.”
In 2014 the medical device industry in China hit total sales of $387.4 million (Yuan 2,556 billion), up 20% year-over-year, beating the pharmaceutical industry’s growth for the year of 13%, according to the report.
Between 2005 and 2015, the medical device market in China hit an annual growth rate of greater than 20%, according to the report, with demand for medical devices “expected to increase significantly.”
In 2014 the medical device industry in China hit total sales of $387.4 million (Yuan 2,556 billion), up 20% year-over-year, beating the pharmaceutical industry’s growth for the year of 13%, according to the report.