Our Senior Research Analyst, Simon Trinh is currently attending the Medtec China 2016 Conference being held at the Shanghai World Expo Exhibition and Convention Center from October 26-28. MEDTEC China is the sole manufacturing sourcing event for medical device manufacturers in China, which has been successfully held for 10 years. Unlike other shows that focus entirely on finished products and target hospital personnel to attend, the target visitor profile of MEDTEC China comprises senior management, R&D engineers, production engineers and QA professionals who are searching for components, materials, technologies and solutions for their production lines.
Day 1 Impressions from the show floor
Most companies are original equipment manufacturers (OEMs) and contracting companies, with the exception of some mid-sized Chinese based companies who have the budget to market their products. Even big companies like Teleflex and Merit Medical are considered OEMs there because they can’t sell finished goods in china. They merely complete 80-90% of the products in US, ship it to China, and let distributors in China complete, package, and sell the products because the Chinese government wants to keep sales of medical devices for companies in China.
There was a lot of talk about the regulations in China and when the Chinese government will allow more outside competition to compete in the local market. However, its more discretionary talk and no hints as to when this will actually happen. When comparing units sold between China and the United States, China is still miles behind. With most markets, China is only 1/10 or 1/15 of its total potential market. 1/10 for low priced, disposable items and 1/15 for high priced, medical equipment. However, for high priced items such as ultrasound systems, Chinese manufacturers take 1-2 years to copy the US competitors on functionalities, but once released, the products are sold at less than 1/2 the price.
Stay tuned for more impressions from the show floor!
About iData Research
iData Research (www.idataresearch.com) is an international market research and consulting group focused on providing market intelligence for medical device and pharmaceutical companies. iData covers research in: Dental Operatory Equipment, X-Ray Imaging, Vascular Access, Peripheral Vascular, Endoscopy, Interventional Cardiology, Cardiac Surgery, Cardiac Rhythm Management, Electrophysiology, Diagnostic Imaging, Operating Room Equipment, Surgical Microscopes, Robotics and Surgical Navigation, Oncology, Ultrasound, Laparoscopy, Urology, Gynecology, Spinal Implants and VCF, Spinal MIS, Orthopedic Soft Tissue Repair and Regeneration, Orthopedic Trauma, Large and Small Joints, Anesthesiology, Wound Management, Orthopedics, Ophthalmics and more.
About Procedure Tracker
Procedure number data is available from iData’s Procedure Tracker service, which allows subscribers to define and analyze procedure data segmented by state, region, hospital, surgery centre, and physician. A customizable dashboard sorts procedure data for further analysis and research.
About Reimbursement Tracker
iData Research’s Reimbursement Policy Tracker enables medical device, dental, pharmaceutical and healthcare professionals to receive real-time policy updates from hundreds of insurance companies and 60,000+ policies across all therapeutic areas in the United States.
Explore our careers page for our current available job opportunities. This is your chance to join a fun and dynamic team in the medical market research industry. Send your resume to [email protected] with the job title in the subject line, and feel free to tell us a little about yourself. We look forward to hearing from you.