China's medical device market predicted to grow 10.5% in under a decade

Total spend will hit CNY210.4b.

After a period of relative weakness, the Chinese medical device market is seeing renewed growth and continues to offer major potential, although the high growth rates of the past decade are looking increasingly unsustainable, as the economy slows and pricing pressures increase, according to BMI Research.

The medical device industry will benefit from key elements of China's 13th Five-Year Plan (2016-2020). China's industrial innovation strategy will further reduce dependence on imports.

Here's more from BMI Research:

We have revised upwards our market forecasts on the back of an uptick in demand in 2016. We forecast a 2016-2021 CAGR of 10.5% in local currency terms, up from our previous estimate of 9.7%, which will take expenditure to CNY210.4bn.

The market will continue to benefit from strong underlying growth drivers and will outpace the macro-economy, which will decelerate amidst structural weaknesses and the slow pace of supply-side reform.

The Trump presidency in the US raises further downside risks due to the upswing in support against globalisation, the prospect of increased trade barriers and a decline in foreign direct investment, which could result in a more pronounced slowdown of the Chinese economy, which would impact on market growth.

The market will continue to be less import reliant due to expanding domestic production driven by China's industrial innovation strategy, which seeks to build a globally competitive industry