Analysis of Global Medical Device Market Sales in 2017

The medical device industry is a multidisciplinary and technology-intensive industry. Multidisciplinary is reflected in the fact that it involves multiple disciplines such as polymer materials, life sciences, and clinical medicine; technology-intensive is reflected in that its production technology involves the joint use of multiple technologies such as medicine, machinery, materials, etc. It is a typical high-tech industry. Because it is related to human life and health, it is an important part of the construction of the medical and health system and has a high strategic position. The degree of development of the medical device industry has become an important indicator to measure a country's level of science and technology and the level of national modernization. This industry has become one of the important components of modern clinical medicine, disease prevention and control, public health and health security system, and has formed an industry with a broad market and stable demand.

1. The status quo of the international industry

With the development of the economy, the growth of the population, the improvement of the aging of the society, and the continuous enhancement of people's awareness of health care, the demand for the global medical device market continues to grow rapidly. The medical device industry is one of the fastest growing industries in the world today. According to the statistics of the EU Medical Devices Committee, the total sales volume of the global medical device market has risen rapidly from 246.8 billion US dollars in 2004 to 501.8 billion US dollars in 2014, with a compound annual growth rate of 7.35%. The growth rate of the global medical device market exceeds the GDP growth rate of the same period , the former is about twice that of the latter.

Sales scale of global medical device market from 2004 to 2014

Source of information: Compilation of public information

From the perspective of the global market structure, after long-term development in developed countries in Europe and the United States, their medical device industry has entered a mature stage and has formed a huge sales network.

The United States is the world's largest medical device market. Global medical device companies gather here, coupled with the level of technology and capital intensity, all of which make the market position of this region unshakable. The European Union is the second largest medical device market in the world after the United States. As of the end of 2014, the population of the 28 EU countries has reached more than 508 million, and the region has a good economic foundation and strong consumption capacity of medical devices, so the market still maintains internal driving force. The Asia-Pacific medical device market represented by China is currently the world's most potential medical device market. According to statistics, from 2009 to 2012, the compound annual growth rate of the medical device market in the Asia-Pacific region reached 10.2%, higher than the global average, and its share in the global medical device market will increase significantly. Although currently developing countries are mainly engaged in the processing and production of medical devices, the profit margin is low. However, with the advancement of technology and the development of manufacturing industry, as well as the vast market brought by the huge population base, the future market prospect is very broad.