There are few places in the world where growth in the medical device industry is developing as rapidly as in China. With the estimated market size of 17.1 billion in 2013, the Chinese medical device market is now the 4th largest market in the world. Combining this market size with the estimated annual growth of nearly 20%, the importance of this market particularly pronounced.
These opportunities exist because of government investment, large market needs, and relatively easy access to private capital. Yet, with all of this there are challenges too. There is a lack of R&D investment, lack of collaboration and resource optimization and also a lack of consistency and overall planning in medical device regulation development.
What does this mean for you and your company? The Medical Chinese Market is continually growing, but in order to be a part of this expansion you need to understand the ins and outs of it. You need to understand the regulations and the process. Know where your device or company fits into this market.
If your company has been thinking about or is currently trying to enter the Chinese Medical Device Market, the Biocompatibility and Performance of Medical Devices Symposium (BPMDS) will give you the chance to speak with industry luminaries who have pioneered manufacturing or regulated devices in this market.
If you want to learn more about navigating the Chinese Medical Device market, please read more about the BPMDS by going to the website or see the latest symposium news and join us in Germany on May 20-22, 2014. You may also contact us for more information.