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.
