A new report from RadiantInsights.com examines the Chinese orthopedic device market.
Here are seven things to know about the Chinese orthopedic device market:
1. In China, the high-end market and class three hospitals are occupied by foreign-funded enterprises. At the same time, local enterprises are expanding to the first-tier and second-tier cities and they're competing for positions.
2. Foreign-funded enterprises are looking to accelerate and expand in the China market through acquisitions of the high-quality enterprises.
3. The national income level is improving and there is an increased aging population.
4. In response to other market forces, there has been an increase in the proportion of medical reimbursement and a higher demand for orthopedics in China.
5. The China orthopedics device market has grown at a compound annual growth rate of about 20 percent since 2006.
6. In 2012, the China orthopedic device market scale was around CNY 9.85 billion.
7. There were several orthopedic cases performed in the country in 2012:
• 270,000 joint replacement cases
• 420,000 spine device cases
• Millions of trauma device cases
These are also the top three segments in the orthopedic device market.