Regulators in China are looking to promote and increase the localization and development of medical devices in the region and grow the market significantly, according to a report from industry group Medtec.
China released its 13th 5-year health strategy plan, drawing a bead on medical devices as a “main breakthrough area” for the country, according to the report.
The country is entering a “policy-intensive promotional period,” according to the medtech advocacy group, looking to support the development of high-performance medical equipment including medical imaging devices, advanced radiation therapy devices, rehabilitation equipment and gene sequencers and genome editing equipment.
China’s FDA released guidelines in December, titled “Guidelines for the Preparation of Special Reports on the Application of Innovative Medical Devices,” according to Medtec, which looks to aid medical device companies in localizing devices to the region.
Medtec touted the country as having “huge potential” for growth in the medical device industry, with the medtech market in the region accounting for only 14% of the overall market size of pharma. The group reported that in developed overseas market, medical devices and equipment account for 42% of the overall market size of pharmaceuticals.
The group reiterated the possible potential of the Chinese market, saying that medical device sales volume increased from $17.5 billion (CNY ¥120 billion) to $44.8 billion (CNY ¥308 billion) between 2010 and 2015, with an annual growth rate of 20% expected in the coming years. Medtec said it expects medical device sales volume to reach $87.3 billion (CNY ¥600 billion) by 2019.