The Chinese medical device market is expected to grow 17 percent, according to Citigroup’s first hospital survey. Just 11 medical equipment segments are due to grow to $5 billion.
That overall growth is based on a projection of 12 percent growth in the medical equipment market and 25 percent growth in medical consumables. Strong demand from Chinese hospitals because of larger purchasing budgets and planned infrastructure upgrades are fueling the growth.
The survey also found that while multinational companies currently dominate the Chinese market, they can expect some competition from domestic players, especially inpatient monitors, anesthesia machines and radiography segments. In particular,Mindray, Wandong and Aeon are companies to watch for, according to Citi analysts.
GE led the medical equipment market, while in medical consumables, especially in orthopedics and drug-eluting stents, Medtronic, Johnson & Johnson and Stryker were ahead.
Citigroup’s survey was based on responses from 383 Chinese hospitals located across 29 provinces and cities.
Read the full report here.
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