Since the beginning of this year, with the growth of liquidity and consumption index, the speed of economic recovery and industrial revitalization has been much faster than people imagine. According to information released by the National Bureau of Statistics of China recently, as the impact of the epidemic gradually subsides and consumption promotion policies and measures in various regions have shown significant effectiveness, the consumption potential of residents is gradually released, and consumer spending is accelerating to recover. The actual growth rate of consumption has shifted from a decrease of 1.7% for the entire year last year to a growth of 3.5% in the first quarter of this year. Investment, consumption, and exports are the "three carriages" driving China's economic growth. Many foreign media outlets have expressed that the launch of China's consumption "carriage" has brought confidence to the international community.
At the spring 2023 meeting of the International Monetary Fund and the World Bank, World Bank President Marcus stated that the overall global economy is weak this year, but China will be the exception. The Chinese government has been encouraging the growth of the service industry, especially healthcare and tourism. In 2023, China's economic growth rate is expected to increase, helping global growth. The resurgence of this industry, known as the "tornado," has also swept through China's medical device industry. According to data from the National Bureau of Statistics, the total revenue of China's medical device industry in the first quarter of 2023 was 236.83 billion yuan, a year-on-year increase of 18.7%. Among them, the revenue of the medical device manufacturing industry was 127.95 billion yuan, a year-on-year increase of 23.8%.
According to statistics from the Medical Device Association, the total size of China's medical device market reached 222 billion yuan in the first quarter alone, a year-on-year increase of 23.9%. Among them, the market size of in vitro diagnostic reagents reached 12.35 billion yuan, a year-on-year increase of 28.7%; The market size of medical imaging equipment reached 16.46 billion yuan, a year-on-year increase of 14.2%; The market size of surgical instruments reached 12.35 billion yuan, a year-on-year increase of 12.8%; The market size of medical consumables reached 30.92 billion yuan, a year-on-year increase of 23.8%.
As of January 31, 2023, 31 provinces (cities, autonomous regions) in China have released the "Government Work Report" for 2023. In the field of medical and health care, the prevention of severe illness, the construction of national and provincial regional medical centers, the construction of key clinical specialties, the reform of medical insurance payment methods, the procurement of drugs and consumables in bulk, the upgrading of county hospitals, and chronic disease health management have frequently appeared, and will also become important factors driving the development of the medical industry in 2023. Fujian, Tianjin, Beijing, Yunnan, Shanghai and other provinces and cities have successively announced plans for the construction of new medical institutions. It is foreseeable that within one or two years, a large number of new medical centers and upgraded county hospitals will be established, marking the beginning of the "new medical infrastructure".
Refining into steel through multiple efforts, policy guidance promotes the simultaneous development of "quantity and quality"
The "new medical infrastructure" will bring a large number of market opportunities. What surprised practitioners was that they may have expected a recovery in China's medical device industry in 2023, but they did not expect or expect a significant rebound.
The "14th Five Year Plan for the Development of the Medical Equipment Industry" has outlined a grand blueprint for the future of the medical equipment industry, and the "notice" mentions that China's medical equipment industry faces important strategic opportunities during the "14th Five Year Plan" period. The "Notice" emphasizes that by 2025, the foundation of the medical equipment industry will be advanced and the modernization level of the industry chain will be significantly improved. Mainstream medical equipment will basically achieve effective supply, and the performance and quality level of high-end medical equipment products will be significantly improved, forming a comprehensive support capacity for public health and medical health needs. By 2035, the research and development, manufacturing, and application of medical equipment will be advanced in the world, and China will enter the forefront of innovative medical equipment countries, providing strong support for ensuring comprehensive and lifelong health services for the people.
With the rapid recovery of the economy, the "infrastructure craze" will once again begin to exert its power. And national policies are the fuel to promote the rapid development of industrial "trains", as well as the "talisman" to ensure smooth operation, ensure high-quality development of the industry, and promote the transformation of the industry from large to strong. In February of this year, the Central Committee of the Communist Party of China and the State Council issued the "Outline of Building a Quality Strong Country", emphasizing the need to accelerate the face of new situations and requirements, shift the focus of promoting development to improving quality and efficiency, cultivate new economic development advantages centered on technology, standards, brands, quality, services, etc., and promote the transformation of Chinese manufacturing to Chinese creation, Chinese speed to Chinese quality, and Chinese products to Chinese brands, We will steadfastly promote the construction of a strong quality country. At the same time, it will also accelerate the speed of medical device review and approval, open up green channels, and assist in the rapid approval and listing of innovative and key products. The 2022 Medical Device Registration Work Report shows that in the past year, 2500 first-time registered medical device products have been approved, including 55 innovative medical devices. This is the most approved year for innovative medical devices to be launched on the market since the implementation of the Special Approval Procedure for Innovative Medical Devices in 2018. And this year may reach a new high!
Subsequently, the National Drug Administration issued the "Notice on Carrying out the Special Rectification of Medical Device Quality and Safety in 2023" (hereinafter referred to as the "Notice"), deploying the implementation of the special rectification of medical device quality and safety in 2023. From the vigorous actions of regulatory authorities, it can be seen that this regulation and rectification is not just a mere talk on paper. It not only focuses on "quantity" to help market expansion and rapid growth, but also emphasizes high-quality development, increased quality and safety supervision and rectification, and strives to fly together with "quantity and quality".
A hundred birds flock to the phoenix, and international buyers embrace "China's Smart Manufacturing"
The sustained growth of exports is the best answer for policy regulation and market innovation. According to data from the General Administration of Customs, China's medical device exports have continued to grow in the past few years, with a compound annual growth rate of 10.2%, much higher than the growth rate of China's total import and export trade of all products and gross domestic product during the same period. From January to November 2022, China's total export of medical devices reached 444.179 billion yuan, a year-on-year increase of 21.9%. Among them, the product category with the highest export value is medical consumables, accounting for 30.7%. In the field of high-tech medical devices, there is also a significant growth rate, such as self-developed biochemical analyzers, magnetic resonance imaging equipment, in vitro diagnosis, etc.
International media also have deep and accurate judgments about Chinese medical device products and the Chinese market.
According to reports, the Chinese government is strengthening its supervision of the medical device industry to ensure product quality and safety. This will help improve domestic production capacity and reduce dependence on imported products.
The Financial Times reported that China's medical device market has maintained rapid growth in the past few years, and government support and investment are important factors for the development of the industry. At the same time, China is promoting the digital transformation of the medical device industry to improve production efficiency and service quality.
The Nikkei Shimbun reported that China's medical device market has maintained rapid growth in the past few years, with government support and domestic market demand being the main driving forces. At the same time, China is actively promoting the localization process of medical devices to reduce its dependence on imported products.
The 2022 Global Medical Device Industry Status and Development Trends Report analyzes and predicts the current situation, development trends, market size, competitive landscape, policy environment, and other aspects of the global medical device industry. The report points out that with the improvement of the living standards of global residents and the enhancement of healthcare awareness, the demand for medical device products continues to grow. It is expected that the global medical device industry will reach nearly 600 billion US dollars by 2024, with a compound growth rate of 5.6% from 2017 to 2024, and the industry is expected to maintain stable growth. In addition, with the basic elimination of the impact of the epidemic, the global hospital and research medical device market is expected to recover in 2023. And China's medical device products are not only popular in domestic and international markets, but also occupy an important position in international trade. With the gradual recovery of the global medical device market and the revitalization of China's industry, in the face of China's complete product structure and rapidly improving innovation level and product quality of medical devices, the confidence of "international buyers" in the Chinese medical device industry has doubled, which has also led to "international buyers" flocking to the China International Medical Device Expo (CMEF).
A hundred schools of thought contend, and spring flowers bloom to create a new era of industry
The 87th China International Medical Device Expo (referred to as' CMEF ') will be grandly held from May 14 to 17, 2023 at the National Convention and Exhibition Center (Shanghai). At that time, nearly 5000 enterprises from more than 20 countries and regions around the world will compete on the same stage with tens of thousands of cutting-edge products. The exhibition covers everything from technology products that combine production, learning, research, and application, to innovative products that break through core fields and key technologies. The most popular products are hospital operating room products, from basic design upgrades of lamps, beds, and towers to technology upgrades of microfluidic pumps, anesthesia machines, non-invasive high-throughput ventilators The central monitoring system, oxygen supply system, call system, etc., as well as the surgical robots that have once again improved their accuracy and completeness, as well as the supporting overall solutions for various surgeries, including ICU first aid, have brought groundbreaking upgrades and changes to all aspects of the hospital operating room.
At the same time, emergency rescue products, testing instruments, medical consumables and orthopedic products, medical optical instruments, overall solutions for smart hospitals, IVD in vitro diagnosis, home health management products, as well as medical imaging all-star lineup products will bloom in CMEF, showcasing the highest level of technology in the medical device industry.
CMEF has always been not only a hub for innovative medical technology, but also a pinnacle of academic excellence in the industry.
During the exhibition, CMEF, in collaboration with industry authoritative associations, societies, and leading enterprises, will hold over 80 high-end forums and conferences, covering many policy and industry hot topics. There will be over 700 industry experts, industry elites, and opinion leaders both domestically and internationally, bringing a medical academic feast of intellectual fusion and conflicting perspectives to the global health industry.
The combination of virtuality and reality has made CMEF a popular trend trading and information acquisition platform in the industry, as well as a wind vane for industry development direction. Before the epidemic, CMEF, as a "carrier level" event in the medical device industry based in China and with a global perspective, attracted over 100000 professional visitors from dozens of countries to gather here every year, tasting the world's most comprehensive, high-quality, and top-notch medical device innovation products.
According to data from the Southern Institute of Medical Economics, the operating revenue of China's medical device industry in 2022 reached approximately 1.3 trillion yuan, with a growth rate of about 12%. The scale of China's medical device market has jumped to the second place in the world, with steady and innovative development quality and strong resilience. China has become a recognized market that will continue to maintain high growth in the future.
In the future, there is no doubt about the prospects of the Chinese medical device market, and the globalization process of Chinese medical device products is unstoppable. 2023 may become a new year for China's medical device industry to achieve equal quality and industrial upgrading. On May 14th, the 87th China International Medical Device Expo (CMEF) may ring the bell for the revitalization of China's medical device industry, marking the beginning of the "golden decade" of the Chinese medical device industry market. I have to go to this global medical technology feast.
