China's State Council meeting in February of this year, Premier Li Keqiang stressed the importance of innovation and upgrading of the health sector, once again highlighted the important role of the pharmaceutical and medical device industry for the development of China's next phase of play. Even as China’s economy and international trade have slowed, the medical technology sector continues to move forward.
According to reports, in 2015 China's medical device exports reached US$21.2 billion, up 5.7% year-on-year; while imports reached US$17.3 billion, up 9.8% year-on-year.
Xu Ming, vice president of the China Chamber of Commerce for Import and Export of Medicines and Health Products (CCCMHPIE), said: "Last year, China's medical device companies achieved good results, with total imports and exports increasing by 7.5% to $38.5 billion."
According to the latest data from China Customs data, the total import and export volume of Chinese medicines and health products in 2015 reached a new record of 102.6 billion US dollars, up 4.73% year-on-year. Exports reached US$56.4 billion, up 2.7%, while imports reached US$46.2 billion, and they also climbed 2.7%. All in all, China’s trade surplus was 10.2 billion U.S. dollars, down 13.99 percentage points year-on-year.
“The total export or import of medical devices has reached a record high,†Xu said. “In all types of medical devices, hospital diagnostic equipment and therapeutic equipment rank first in the country in terms of export volume.â€
Xu continued: “The export volume of this equipment reached 9.7 billion U.S. dollars last year, up 7.9% from 2014. The total import volume of hospital diagnostic equipment and treatment equipment is also the highest, up 9.3% from last year’s $12.5 billion.â€
“Each imports and exports have slowed down compared to 2014. However, in the context of weak overall growth, the healthcare industry is actually doing very well,†he added.
It is important to emphasize that Chinese medical device manufacturers are shifting from low value-added consumer goods to high value-added finished products, even if the high-end market is still monopolized by foreign companies.
Xu said: "The export volume of medium to large medical devices has increased. For example, the export value of equipment accessories decreased by 0.5% year-on-year, while the export value of medical equipment increased by 5.7%."
In the context of the global economic downturn, weak global demand, exchange rate fluctuations and stricter environmental controls, the medical technology industry continues to thrive in comparison with other industries. At the same time, China's pharmaceutical and health care products industry has entered a stage of slowing growth. CCCMHPIE predicts that trade growth will be between 3% and 5% in 2016.
Even if growth is slow, China's medical technology industry is expected to become a world-class giant.
Research consultancy Globaldata said that China's medical device market will rise from $27.7 billion in 2014 to $50.8 billion in 2020, with a compound annual growth rate of 10.6%. (text / Shirley translation)
Lock Core,Padlock Core,Door Lock Core,Zinc Alloy Lock Core
ZHEJIANG ZHONGZHENG LOCK INDUSTRY CO.,LTD , https://www.zhongzhengcabinetlock.com