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Analysis of the sales scale of the global medical device market in 2021

Issuing time:2017-05-10 00:00

The medical device industry is a multidisciplinary and technology-intensive industry. The multi-disciplinary crossover is embodied in its involvement in multiple disciplines such as polymer materials, life sciences, and clinical medicine; and its technology intensiveness is embodied in its production technology involving the joint application of multiple technologies such as medicine, machinery, and materials. 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 the level of science and technology and national modernization of a country. This industry has become an important part of modern clinical medical treatment, 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 economy, population growth, aging society, and people's awareness of health care, the global medical device market demand continues to grow rapidly, and the medical device industry is one of the fastest-growing industries in the world today. According to statistics from the European Commission on Medical Devices, the total global medical device market sales have risen rapidly from US$246.8 billion in 2004 to US$501.8 billion in 2014, with a compound annual growth rate of 7.35%. The growth rate of the global medical device market has exceeded GDP in the same period. The increase rate of the former is about twice that of the latter.

2004-2014 global medical device market sales scale

Source: public data compilation

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

   The United States is the world's leading medical device market. The gathering of leading global medical device companies, coupled with the advanced technology and capital intensity, has made the region's market leadership unshakable. The European Union is the world's second largest medical device market 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 medical equipment consumption capacity, and the market still retains its built-in driving force. The medical device market in the Asia-Pacific region represented by China is currently a potential medical device market in the world. According to statistics, the average compound annual growth rate of the medical device market in the Asia-Pacific region from 2009 to 2012 reached 10.2%, which is higher than the global average, and its share of the global medical device market will increase significantly. Although at present, developing countries are mainly engaged in the processing and production of medical devices, their profit margins are low. However, with the advancement of science and technology and the development of the manufacturing industry, as well as the vast market brought about by the huge population base, the future market prospects are very broad.

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