On October 26, a new report titled “Medical Device Blue Book: China Medical Device Industry Development Report (2024)” was released, highlighting the steady growth of innovative medical devices approved for market entry in China over the past decade. The report suggests that the sector is poised for even greater development.
By the end of 2023, the total number of medical device manufacturing companies in China reached 32,313, a decrease of 319 from the previous year. The industry’s main business revenue was approximately 1.16 trillion yuan, reflecting a decline of about 6.4% compared to last year.
According to the report, the National Medical Products Administration approved 61 innovative medical device products in 2023, marking an increase of six approvals, or 10.9%, from the previous year. By the end of 2023, a total of 250 innovative medical devices had been approved, illustrating a consistent upward trend over the past decade.
The report also notes an increase in research and development (R&D) investment among Chinese medical device companies. For instance, 117 listed medical device firms on the A-share market collectively invested 22.518 billion yuan in R&D, which accounted for 8.99% of their annual total revenue, reflecting an improvement from 2022.
Looking ahead, the report anticipates significant growth for innovative medical devices, driven by supportive industrial policies that are expected to yield a higher number of product approvals and further market expansion.
The future trajectory for China’s medical device industry suggests continued steady growth, with overall product quality gradually improving. Innovations in high-end medical devices are expected to accelerate, leading to breakthroughs in critical core technologies and essential components. The report emphasizes that public safety and efficacy regarding medical devices will receive stronger guarantees, indicating that the industry remains in a “golden development period.”
This report was jointly published by the China Pharmaceutical Regulatory Association and the Social Sciences Academic Press.
