Topic > Medical Device Markets and Industry - 2816

Rationale/Introduction As global medical device markets have grown rapidly, medical device manufacturing has become an emerging industry with good prospects. According to the analysis of China's medical products industry, the global sales revenue of medical products grew from US$187 billion in 2001 to US$355.3 billion in 2009, of which the growth rate exceeded that of GDP global. Over the past two decades, China has made a huge impact on the medical products market due to the open door of market supply to China. As an emerging high-tech manufacturer, Chinese brand medical products have been gradually accepted by international markets for their emerging new technology and better quality. China plays an increasingly significant role in the international medical products market. This development is attributed to the internationalization of China's medical products industry which has resulted in the integration of the Chinese domestic market into international markets. The latest data shows that the production of medical equipment has shifted to China, and China is expected to become the world's largest manufacturer of medical equipment. It corresponds to the reform point of China's industry, which is developing from labor-requiring production to technology- and innovation-oriented areas. Data from the analysis of China's medical products industry shows that the export of Chinese medical products has recorded a trade surplus since 2005, which contributes greatly to China's overall export revenue. In many cases, the motivation to gain access to industrialized markets and to gain access to superior technologies, management resources and knowledge are the most determining factors of the Chinese medical professional... in the midst of paper-based processes, such as tariff barriers and complicated registrations to obtain permission to enter the market. China's medical device industry has developed rapidly in recent years and has gained more and more acceptance in international markets. However, it is not the same as the internationalization process of other industries due to its higher technological requirements and more stringent marketing regulations, and the different types of registration to enter markets also attach many costs to businesses. This research will thoroughly identify the reasons and barriers of the Chinese medical market internationalization of the device industry and examine the success factors in both theory-building and case study stages. As a result, a systematic understanding of the internationalization of China's medical device industry will be presented to the reader, which will fill the gap in current research.