During the past decade, the domestic medical industry has become one of the fastest growing medical markets in the world. Especially in recent years, the development of the medical device industry has further accelerated, with double-digit growth in output value for many years in a row, and the number of products exported and their scientific and technological content have also continued to improve. Among them, the economic development and disposable income of the residents, the reform of the medical system and the international favorable external environment have effectively promoted the release of the potential demand for medical devices.
The sustained and rapid growth of the national economy and the increasing disposable income of the population have pushed the medical device industry to realize rapid development, and the market capacity of medical device products has been expanding. The improvement of living standard and the strengthening of healthcare awareness have pushed the consumption of healthcare products and services to increase. Residents are paying more attention to medical and health care consumption related to life and health, the selection of medical devices is becoming more and more advanced and the functions are becoming more and more diversified, and the concept of medical consumption has gradually shifted from treating diseases to preventing and caring for diseases.
2008-2014 medical device industry revenue and residents' income (unit: billion yuan, yuan)
Source: Prospect Information Research Institute
And the implementation of China's new health care reform policy effectively promote the development of the medical device market. The deepening of the healthcare reform, the continuous improvement of the public **** healthcare service system, the government continues to increase the construction of primary healthcare services, and encourage social capital to run a doctor, and the aging of the population aggravates the problem as well as the residents of self-health management to improve the understanding of the family medical equipment to increase the demand.
At the same time, the pace of localization of medical devices is accelerating, "Made in China 2025", "13th Five-Year Plan" and other important documents will be clearly high-performance medical devices as a key development industry. The future development of medical device industry will be to improve the enterprise technology research and development capabilities as the core to adjust the direction of industrial development and product structure, support and development of domestic medical device industry.
Finally, the international environment creates favorable conditions for the development of the industry. The passage of the U.S. new health care reform bill is conducive to the sales of China's medical equipment companies in the U.S. The U.S. new health care reform bill expressly encourages the U.S. health care system to buy more reasonably priced medical-related products from other countries to reduce the high cost of medical care in the U.S. This move will strongly promote the sales of China's high-quality medical equipment products in the U.S. health care system.
There is also a global shift in industry that is driving the development of China's medical device industry. With the integrated development of the world economy, developed countries are gradually transferring their electronics, materials processing, advanced manufacturing and other industries to China. As the cluster scale of industrial transfer continues to expand, the production efficiency continues to improve, the product price continues to fall, so that the procurement cost of China's medical equipment industry continues to reduce, for the development of China's medical equipment industry to provide an adequate supply of raw materials and good supporting industry support.
Household medical devices to meet the important development period
Household medical devices are mainly divided into four major categories: therapeutic apparatus, testing devices, health care devices and nursing and rehabilitation devices, of which subcategories such as blood glucose meters, blood pressure monitors and massage devices have become the standard for household consumer products. According to the data of "2016-2021 China Medical Device Industry Market Outlook and Investment Forecast Analysis Report" released by Prospect Industry Research Institute, the global home medical equipment market size increased from $17.9 billion in 2010 to $22.9 billion in 2014, with a compound annual growth rate of 6.7%, and the market growth rate of home medical equipment is expected to remain at 6.52% from 2013 to 2018, exceeding that of medical equipment in the same period. 6.52%, exceeding the growth rate of the medical device parent industry of 2.12% in the same period, and higher than the overall growth rate of the pharmaceutical market of 3.81%.
?2010-2014 global home medical equipment market size (in $ billion, %)
Source: Prospect Industry Research Institute
Domestic home medical equipment market size is also growing rapidly, according to the data in the above report, the size of China's national medical market in 2010 was 13.765 billion yuan in 2010, grew to 29 billion yuan in 2013, and the market size is expected to be 37.642 billion yuan in 2014, higher than the growth rate of the pharmaceutical industry in the same period of 7.26% and 11.70% of the whole industry of medical devices.
?2010-2014 domestic home medical equipment market size (unit: billion yuan, %)
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? Source: Prospect Industry Research Institute
Home medical devices are different from medical devices used in hospitals, which have the main characteristics of simple operation, compact size and easy to carry, especially when applied to some chronic diseases, such as blood pressure and blood sugar detection/monitoring, the advantages are more prominent. Due to the aging of the increasing number of patients with chronic diseases in China, the potential demand for people is the basis for the development of home medical equipment.
Compared with Europe and the United States, China's residents for home medical equipment did not form a large-scale consumption habits, the important reason is still the gap between the level of consumption and health awareness. At present, China's consumer spending to more than 15% annual growth rate, with the improvement of consumption level, changes in consumption structure and consumer awareness will stimulate the improvement of the penetration rate of home medical equipment.
And, at present, China's public **** shortage of medical resources, health care service system resource allocation of the three main indicators are lagging behind the developed regions, especially per thousand resident population registered nurses is even less than Japan's 1/5, a short period of time will be difficult to catch up with the developed countries. Therefore, chronic disease monitoring/testing home-based is in the current environment to effectively alleviate the lack of public **** medical resources, but also will further release the market demand for home medical equipment.