January 12, 2012 by MassDevice staff
The Chinese medical device market is slated to grow 17% in 2012, survey says.
MASSDEVICE ON CALL —China's medical device market is set to grow 17% in 2012, according to a Citigroup hospital survey.
Major medical equipment in the Chinese market include medical monitors and life support, diagnostic imaging, in vitro diagnostics and therapeutic systems.
GE Healthcare (NYSE:GE) leads the Chinese medical equipment market, but in orthopedics and drug-eluting stents, Medtronic (NYSE:MDT), Johnson & Johnson (NYSE:JNJ) and Stryker (NYSE:SYK) take the lead, according to the report.
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Citigroup's survey, which was based on responds from 383 Chinese hospitals across 29 provinces and cities, also named med-tech titans Philips (NYSE:PHG) and Siemens (NYSE:SI) as leaders in China's med-tech market.
Domestic manufacturers such as Mindray Medical (NYSE:MR), Wandong and Aeon have tapped into the market with the sale of market of patient monitors, anesthesia machines and radiography machines.
The 2012 growth will be largely due to bigger budgets and planned infrastructure upgrades from Chinese hospitals, according to analysts.
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US and EU medical technology companies need to start making plans to take their products to China before the country is able to develop its own medical device national champions. Once the country has the capacity to develop everything themselves, the West should expect their products to be largely shutout of what will be the world's largest market one day.