China Medical Device Market to Top Japan to Claim No. 2 Spot Globally
Saturday, February 7, 2015
Source: Fierce Medical Devices
SINGAPORE--China's market for medical devices is expected to pass Japan's this year to become the world's second-largest, topped only by the United States. A consulting firm forecast China's market would pass the $55 billion mark this year, nearly double that of just two years ago.
Access China Management Consulting gave much of the credit to the government's nearly year-old move to reduce some of the roadblocks that delayed marketing approvals for medical devices. The Chinese Special Examination and Approval Procedures for Innovative Medical Devices that took effect on March 1 was intended to fast-track foreign applications.