PARIS – China's medical electronics industry is expected to almost double its revenue through 2016, according to market researcher IHS iSuppli China Research.
Medical electronics was a $4 billion industry in China during 2011, up 19.6 percent on a year-over-year basis. IHS said it expects revenues to reach $4.8 billion this year, up 18.4 percent. Benefiting from recent government policies, the market is expected to reach $7.4 billion by 2016, equivalent to a five-year compound annual growth rate of 13 percent, the market researcher said.
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Beijing has recently implemented a series of policies as part of its Five-Year Plan for the Medical Device & Equipment Industry.
China's 2010 Health Strategy Research Report, issued by the Ministry of Health, said overall spending on public hygiene is expected to represent as much as 7 percent of China's gross domestic product by 2020, which amounts to approximately $63.5 billion.
Meanwhile, IHS said R&D investments among domestic firms are increasing, and leading Chinese companies are shifting from low-end to more sophisticated medical products.
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Spending on the consumer medical device market will continue to grow over the next five years, IHS predicted. Revenue for consumer medical devices will increase to $1.1 billion in 2012, up 19 percent compared to 2011.
China's consumer medical devices market will consume semiconductors valued at about $70 million in 2012, representing 28.5 percent of total consumption, the market researcher predicted.See related links:
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