Opportunity: MedTech

Country: China

Sector: Technology

Even prior to the outbreak of Covid-19, trends such as an ageing population in China and the rise of non-communicable diseases had led to significant growth within China’s med-tech sector.

With China’s economy being one of the first to recover post-Covid-19, new policies have already been announced to encourage international collaboration within this space. Free trade zones have been established in key cities such as Hainan Boao to promote fast registration of overseas medical products.

The med-tech industry is mainly dominated by multinational corporations like Medtronic and Johnson & Johnson, but a global supply chain has been established and fast-growing Chinese domestic manufacturers are emerging.

Key areas of focus include components for medical devices, like oxygen sensors and medical robotics, as well as technologies and devices for the rehabilitation market, which is expected to reach ¥100 billion CNY (£11.4 billion) in 2021.

Chinese sales revenues for medical devices has risen from ¥628 billion CNY (£71.5 billion) in 2019 to an expected 734 billion CNY (£83.5 billion) in 2020.

In-vitro Diagnostics (IVD) sales revenue increased from 60 billion CNY (£6.8 billion) in 2018 to ¥71 billion CNY (£8 billion) in 2019.

According to CCCMHPIE (China Chamber of Commerce for Medical and Healthcare Product Import and Export), the UK is one of the top 10 countries from which China imports medical products, at a total value of nearly ¥15.50 billion CNY (approximately £1.7 billion).

This opportunity is open to:

• Companies with advanced devices or capability of manufacturing advanced key components like sensors, navigators or interventional devices
• Med-tech companies with strong offerings in rehabilitation or that can be developed into the medical rehab sector
• IVD companies with strong capabilities or good quality raw materials in Point of Care Testing, gene sequencing and immunology diagnostics

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