The Chinese economy, the motor of global growth in recent years, appears to have gathered pace in October after slowing to its weakest pace in more than three years in the third quarter. As the economy picks up, the medical device industry is experiencing new market drivers and limiters. In particular, sociological factors are driving the Chinese trauma market.
Drivers in China’s Trauma Market:
Rising Disposable Income
With the growth of China’s economy the average disposable income for an average Chinese family has increased over the years. This means essential trauma surgeries such as motor vehicle accidents will now be within an average Chinese family’s income and will be affordable. This will have a positive effect on the number of units sold over the years.
Increasing Motor Vehicle Accidents
With rising income on average in China there has been a lot more car ownership. As a result there has been an increase in motor vehicle accidents. Due to the essential nature of trauma surgeries, there is an expected increase in the number of units due to motor vehicle accidents increasing.
Transformation of Mind
In recent years there has been advancement in the mentality of the elderly population in China. In the past, the elderly had negative regards for surgery and for foreign objects inside the body. There has been a slow and steady change of that mentality and more of the elderly are willing to undergo the require treatment which essentially opens up a new demographic in the trauma market.
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