Upcoming Trade Shows in China for Medical & Pharma

China is home to the second-largest market worldwide for the medical and pharma industry after the United States. In 2022, the Chinese medical device market reached a staggering RMB 958.2 billion (approximately $142.4 billion), driven by a compound annual growth rate (CAGR) of 17.5% over the past seven years. As the market has grown, it has also become increasingly consolidated. In 2022, companies above a certain size—those with a main annual business income of at least RMB 20 million (around $3 million)—accounted for 60% of the industry. This consolidation trend is further evidenced by the sharp rise in the number of public medical device companies, which increased to over 163 in 2022, nearly doubling in just three years. Broadly speaking the Chinese medical device sector stands on four pillars - consumables (low- and high-value); in-vitro diagnostics and equipment (utensils, instruments, and materials). Medical equipment is the largest of these segments, accounting for 60% of the market and exceeding RMB 500 billion (approximately $77.5 billion) in 2021. According to a report from Frost & Sullivan, China's medical device industry represented around 23.2% of the global market in 2020. The industry is expected to continue its upward trajectory, growing at a CAGR of 10.9% between 2020 and 2025. Historically, China's medical device market has been dominated by foreign companies, with giants like GE HealthCare, Siemens, and Philips leading the way. However, this dominance is slowly waning as the market share of foreign companies has declined from 80% to 70% in the decade leading up to 2019. This trend is expected to continue as domestic firms gain ground, fueled by government support, innovation, and an increasing emphasis on self-reliance in critical industries. Chinese medical device companies are investing heavily in research and development, seeking to close the gap with their international counterparts.