In August 2024, the 2024 Beijing Health Conference, hosted by the International Exchange and Cooperation Center of the National Health Commission, was held in Beijing. The globalization of domestic medical devices emerged as a hot topic at the conference.
According to Percedence Research, the global medical device market was valued at approximately $570 billion in 2022 and is projected to reach $884.8 billion by 2030, with a compound annual growth rate (CAGR) of 5.8%. Additionally, Frost & Sullivan reported that the market size of China's medical devices reached 957.3 billion yuan (about $133 billion) in 2022, accounting for approximately 23.3% of the global market. The medical device market developed regions such as Europe and the U.S. hold significant global shares. In 2024, with ongoing medical anti-corruption measures, continued bulk procurement, execution of medical insurance inspections, and the initiation of replacement policies, the domestic medical instrument market experienced a 3.2% decline. To expand their market reach, domestic medical device companies must achieve breakthroughs in international markets.
In this circunstances, domestic companies are actively pursuing international markets and have achieved notable results. However, expanding overseas presents significant challenges, including global registration and regulatory issues, varying distribution modes, and competition from international companys. Unlike the pharmaceutical industry, which has developed specialized CROs (Contract Research Organizations) like WuXi AppTec, the medical instrument sector has fewer specialized outbound service providers. Domestic enterprises need to enhance their product capabilities to successfully pursue international development.
According to Chinese Customs data, from 2018 to 2023, China's medical instrument exports experienced a compound annual growth rate of 14.15%. In the first half of this year, the export trend continued. The China Chamber of Commerce for Import and Export of Medicines and Health Products reported that, during this period, the total value of China's medical instrument trade was $40.649 billion, a slight decrease of 0.49% year-on-year, while exports grew by 3.12% to $22.976 billion.
Despite numerous challenges, Chinese medical device companies are making steady progress in global expansion. Success relies not only on technological innovation and product quality but also on adapting to local regulatory environments and consumer demands. By collaborating closely with global partners and leveraging support from specialized outbound service providers, Chinese medical device companies can better navigate the complexities of international markets and achieve sustainable global growth.