China medical supplies market was valued at 53,963.2 million in 2021 and the valuation is projected expand to $73,228.7 million by 2027 at a CAGR of 5.2% during the forecast period, 2022–2027.
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About a decade ago, the demand for medical supplies in China was barely noticeable. However, in the past 10 years, the demand for medical supplies in China has exponentially increased. According to a recent report, there has been an increase of 331% in medical supplies imports from China between 2016 and 2021.
A big part of China medical supplies market increase is likely due to the Chinese government’s policies regarding social healthcare. Since 2013, the Chinese government has been providing free or discounted medical services for its citizens. As a result, people are now more likely to need medical treatments, which leads to an increased demand for medical supplies. Despite being the world second largest healthcare market, the Chinese market is still relatively new and not well developed, which means that there is a lot of room for growth.
In addition to increased demand from Chinese citizens, companies that produce medical supplies are seeing an increased demand from businesses in other countries as well. For example, Medtronic recently announced that it plans to open a manufacturing plant in China specifically designed to produce cardiac care devices. This is likely because the China medical supplies market is growing rapidly and there aren’t enough high-quality cardiac care devices available yet.
Market Dynamics
Drivers
The China medical supplies market has seen tremendous growth in recent years, thanks in part to the increasing demand for quality medical care in China and around the world. This highly specialized industry provides a wide range of products and services to hospitals, clinics, and other medical facilities.
One of the primary drivers behind demand for China medical supplies is the rising incidence of chronic diseases and associated health problems. In China alone, there are an estimated 350 million people who suffer from chronic illnesses such as diabetes, hypertension, and heart disease. By providing healthcare solutions that address these issues head on, the China medical supplies market is making a considerable contribution to improving the quality of life for its customers.
China’s healthcare industry is one of the country’s key economic engines and is expected to grow at a rate of around 5.2% annually through 2022, driven by rising population and ageing demographics, as well as an increasing demand for quality medical services. Over the past decade, the country’s medical supplies market has experienced robust growth, fueled in part by the government’s efforts to improve public healthcare infrastructure.
Apart from government initiatives, other factors driving demand for medical supplies in China include growing awareness of personal health and safety concerns, as well as rapidly developing pharmaceutical and medical device industries. In addition, China’s mushrooming middle class is increasingly seeking high-quality health care options that are affordable. Moreover, many Chinese manufacturers are expanding into new medical supplies markets such as surgical equipment and diabetic supplies.
Restraints
- The limited availability of medical supplies. Many medical supplies are only available in specialized stores or pharmacies, and are not always available when patients need them. This has caused some hospitals to run out of essential items, resulting in long wait times for patients seeking treatment.
- The government’s restriction on the importation of medical supplies. The Chinese government has placed restrictions on the amount of medical supplies that can be imported into the country, which has hindered the growth of the medical supply industry.
Competitive Landscape
The China medical supplies market is constantly growing due to the increasing demand for medical services and products. The market is forecast to grow at a CAGR of 5.2% from 2022 to 2027, according to a report by Astute Analytica. The China medical supply industry has become one of the most prominent and promising markets in the Asia-Pacific region. There are a number of factors that contribute to the growth of this market, including the aging population, increasing geriatric patient population, and rising investment in healthcare across countries in the region.
Johnson and Johnson, one of the leading players in the medical supplies market has been operating in China for over 30 years and has a strong distribution network. It is currently the country’s largest supplier of medical supplies and equipment. It has been aggressive in expanding its product line and portfolio, strategies that have helped it maintain a dominant position in the market.
One of the biggest competitors in China medical supplies market is Germany-based Siemens AG. The company has been aggressively expanding its presence in China over the past few years and now operates nine factories across the country. Siemens’ main product line is medical equipment, such as cardiac monitors, dialysis machines, and surgical supplies. However, the company also sells a wide range of other products, such as hospital beds and MRI scanners.
Another German manufacturer that has been making significant inroads into China’s medical supply market is Medtronic Plc. The company has two factories in China – one in Wuhan and the other in Suzhou – and sells a wide range of medical devices, including cardiac monitors, endoscopes, and ultrasound systems.
Segmental Analysis
Type Analysis
By type, catheter is holding the largest share of the China medical supplier market. Despite the high cost of medication and other medical expenses in China, there is still a high demand for medical catheters. This is primarily due to rising incidences of chronic diseases such as heart disease and diabetes, which are typically treated with regular use of medical catheters.
As a result, Chinese manufacturers have been able to keep pace with the growing demand for medical catheters by expanding their production capacities.
However, despite being able to meet the increasing demand for medical catheters, Chinese manufacturers face several challenges. For one thing, some of the key components used in the manufacturing of medical catheters are imported from foreign countries at a higher price than in China. This is likely to continue to be a major challenge for Chinese manufacturers in the future.
By Application
By application, cardiology segment is dominating the China medical supply market. As the world’s second-largest economy, China has a population of over 1.3 billion people and is home to over 700 million medical patients. According to statistics released by the Chinese Association of Cardiology (CAC), in 2021, the number of patients visiting cardiology clinics was reportedly 54 million, up 18 percent from 2016. Meanwhile, the total expenditure on cardiology treatments was estimated to be US$2.8 billion last year, an increase of 10% from 2019.
This demand has created a boon for suppliers, and has led to increased prices for medical supplies such as electrocardiographs (ECGs), stents and other medical equipment. In addition, after years of development and increasing adoption of advanced health care technologies, Chinese hospitals are now using more ECGs than ever before. While this has led to an increase in the demand for ECGs, it also poses challenges for suppliers. China is home to a number of large OEMs that produce ECG machines, which makes it difficult for new entrants to capture market share. In addition, Chinese hospitals frequently prefer to buy ECGs from domestic suppliers due to their familiarity with the local market. As a result, competition in the Chinese ECG market is intense and prices are high.
Market Segmentation
By Type:
- Advanced Wound Dressings
- Catheters
- Diagnostic Supplies
- Dialysis Consumables
- Disinfectants
- Infusion & Injectable Supplies
- Intubation & Ventilation Supplies
- Personal Protective Equipment
- Radiology Consumables
- Sterilization Consumables
- Surgical Wound Care
- Traditional Wound Care
- Wound Care Consumables
- Other Medical Supplies
By Application:
- Cardiology
- Infection Control
- Radiology
- Respiratory
- Urology
- Wound Care
- Other Application
By End User:
- Hospitals
- Clinics
- Ambulatory surgical centers
- Other end users
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