Analysis of the sales scale of the global medical device market

The medical device industry is a multidisciplinary and technology intensive industry. Multidisciplinary intersection is reflected in its involvement in multiple disciplines such as polymer materials, life sciences, and clinical medicine; Technology intensive is reflected in the joint application of multiple technologies such as medicine, machinery, materials, and so on, which is a typical hightech industry. Due to its relevance to human life and health, it is an important component of the construction of the medical and health system, and has a high strategic position. The development level of the medical device industry has become an important indicator to measure a country's technological level and national modernization level. The industry has become an important component of modern clinical medicine, disease prevention and control, public health, and health security systems, and has formed an industry with a broad market and stable demand.

   1. Current situation of international industry

  With the development of the economy, the growth of the population, the improvement of social aging, and the continuous enhancement of people's awareness of health care, the global medical device market demand continues to grow rapidly. The medical device industry is one of the fastest growing industries in the world today. According to the statistics of the European Union Medical Device Commission, the total sales volume of the global medical device market has rapidly increased from 246.8 billion US dollars in 2004 to 501.8 billion US dollars in 2014, with a compound annual growth rate of 7.35%. The growth rate of the global medical device market exceeds the GDP growth rate of the same period, with the former being about twice the latter.

Sales scale of global medical device market from 2004 to 2014

Source: Public data compilation

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

The United States is the world's top medical device market, where leading medical device companies gather, coupled with leading technological levels and capital intensity, making the region's market leadership unshakable. The European Union is the world's second largest medical device market after the United States. The regional economic foundation is good, and the consumption capacity of medical devices is strong. The market still retains an internal driving force. The Asia Pacific medical device market represented by China is currently a potential medical device market in the world. Although currently developing countries are mainly engaged in the processing and production of medical devices, their profit margins are relatively low. However, with the progress of technology and the development of manufacturing industry, as well as the vast market brought about by a large population base, the future market prospects are very broad.