Medical Device Market Updates: IVD and Ophthalmic Devices Dominate China's $30.5 bn Medical Device Market; Invisible Hearing Aids Set to Make Big Noise
FARMINGTON, Conn., Nov. 20, 2012 /PRNewswire-iReach/ -- Big innovations are emerging in the global market for medical devices. New market research forecasts medical devices in China to reach $30.4 billion by 2018, while the global market for hearing aid devices is expected to hit $11.3 billion in that same time, and surgical equipment is currently on pace to reach $7 billion.
Against this backdrop, Global Information Inc (GII) is pleased to present three strategic market research reports from our premium market research partner GBI Research for executives operating in the global markets for medical devices, surgical equipment and hearing aids.
Medical Devices Market in China to 2018
The medical devices market in China is forecast to grow at a Compound Annual Growth Rate (CAGR) of 11%, from $14.3 billion in 2011 to reach $30.4 billion in 2018. China's medical devices market is dominated by the ophthalmic devices and In Vitro Diagnostics (IVD) sectors. The IVD market in China is driven by a large patient pool that requires large volumes of tests. With the implementation of the government-backed insurance schemes, and a subsequent increase in the reimbursement ratio (the ratio of the total amount reimbursed) there is expected to be a significant demand for the adoption of ophthalmic surgery devices.
The establishment of healthcare reforms through an initiative called Opinions on Deepening the Health Care System Reform, also known as the New Health Care Reform Plan, by the Chinese State Council and the Communist Party of China (CPC) Central Committee, is the major driving factor for the healthcare se