• The Market Is Enormous

The market has been growing at a more than 20% pace for several years, it was worth an estimated $96.3 billion in 2019, and predicted to top $200 billion by 2023.

• Going Local

More and more Western companies are considering localization strategy, which usually has the added benefit of reducing costs and enhancing market familiarity. 

• Intellectual Property Protections

According to the new regulations, Med-tech designers can cooperate with Chinese contract manufacturers without having to give up their intellectual property rights. The new regulation removes obstacles and makes it easier for medical device OEMs to outsource the decision to China and register their products in China.

• Regulatory Reform

The recent amendments to the NMPA regulations prioritize medical device innovation: as of 2018, Western medical technology companies can import innovative devices into China without providing market access certificates.

• Future Trend

The overall trend is China's medical device market will continue to grow and account for an increasing proportion of global growth. Despite fierce competition from domestic players, it will become a must-win market for MedTech worldwide.