China's medical devices sales seen to exceed $42b in 2022
Its sales went up due to strong domestic demand.
The medical devices market in China will surpass $42b on the back of an increase in ageing population, technological advancements, and the development of clinic and hospital treatments, said analytics firm, GlobalData.
This accounted for 8.3% of the overall global medical devices market, added GlobalData.
According to Tina Deng, principal medical devices analyst at GlobalData, medical device sales in China, which are related to COVID-19 prevention, generated an increase because of heightened local demand.
“Medical devices such as testing reagents, medical masks, medical protective gowns, ventilators, and infrared thermometers not only saw an increase in sales due to strong domestic demand but also continued to expand their production and supply for customers overseas,” she added.
Deng also pointed out that new technologies such as AI and big data are now being commercialised, which helps in the prevention of diseases and ultimately uplifts China's medical devices industry.
Even COVID-19 testing firms raised funds to invest in research and development of new in vitro diagnostic product lines.