From the analysis of the medical device industry, it is understood that due to the limitations of the level of productivity development, China's medical device industry as a whole started late, but with the strengthening of the country's overall strength and the improvement of the industrial base, the current medical device industry is still in a golden period of rapid development In the past three years, the growth rate has remained at about 20%. With the support of national policies and the technological development and industrial upgrading of the medical device industry in the future, it is expected to continue to maintain a good momentum of rapid growth and realize imports from the low-end market to the high-end market Alternative vision.
The fast-developing economic situation, huge policy benefits, and a sound regulatory environment have ushered in huge development opportunities for the Chinese medical device market. According to data, the medical device market in 2018 continued the high growth trend in recent years. From 2011 to 2018, the average annual compound growth rate of China's medical technology and medical device industry revenue is as high as 20.7%, which is much higher than the global average annual compound growth rate of around 3%.
In 2018, the size of China's medical device market was about 370 billion yuan. Under the environment of sustained and healthy development in the policy dividend, a new cycle of medical device industry development in 2019 has been launched, and the market size is expected to reach about 600 billion yuan in 2019. The compound annual growth rate in the next five years (2019-2023) will be approximately 14.41%, and it is predicted that my country's medical device market will exceed one trillion yuan in 2023, reaching 10767 billion yuan.
However, the current concentration of my country's medical device industry is relatively low, and most of the companies are small in scale and can only produce low-end products. However, due to the strong downstream demand for mid- and high-end products, these products basically rely on imports. With the promotion of industry-related policies in recent years, domestic medical devices are gradually increasing their competitiveness.
With the acceleration of investment, mergers and reorganization of my country's medical device companies, many small-scale companies with no competitive advantage will gradually withdraw from the market, which will increase the concentration of my country's medical device industry. Major medical device circulation companies promote the circulation value-added services of their own medical device products by integrating the modern intelligent service platform integrating distribution, logistics, e-commerce integrated service mode and data processing, and connecting the e-commerce platform with offline entities. This move will become a new trend in the development of medical device circulation.
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