San Francisco, CA (PRWEB) July 14, 2013
In 2013, the Medical Supply Manufacturing industry in China is expected to generate $21.1 billion, reflecting average annualized growth of 24.9% over the past five years, says IBISWorld. With the development and implementation of healthcare reforms, such as the new Cooperative Medical Care System in rural areas and the new social security system, a growing number of Chinese people are able to afford medical services, creating a larger potential market for medical materials and supplies.
Apart from some dental and suturing materials, most medical supplies manufactured in China are low-end products using low-end technology. However, regulations such as GMP (Good Manufacturing Practice) certification are forcing manufacturers to improve product quality and manufacturing environments, which is expected to result in higher production costs. And as labor cost advantages in China are disappearing, and the price of cotton and other raw materials is increasing, IBISWorld expects the industry will begin to shift focus to higher value products.
In 2013, the top four companies in the Medical Supply Manufacturing industry in China – Shandong Weigao Group, Henan PiaoAn Group, Jiangsu Province JianErKang Medical Dressing, and Sichuan Nigale Biomedical – account for about a quarter of total industry revenue, which represents a low industry concentration level. The industry concentration level has increased steadily in recent years, says IBISWorld, mainly due to the expansion of production capacity and the introduction of more advanced manufacturing facilities and equipment by large players. Industry concentration is expected to increase slowly in future years, while more small enterprises are forecast to enter the industry.
IBISWorld anticipates that the accelerated aging of China's population, along with greater access to healthcare, will drive future growth in the Medical Supply Manufacturing industry in China.
For more information, visit IBISWorld’s Medical Supply Manufacturing in China industry report page.
Follow IBISWorld on Twitter: https://twitter.com/#!/IBISWorld.
Friend IBISWorld on Facebook: http://www.facebook.com/pages/IBISWorld/121347533189.
IBISWorld Industry Report Key Topics
The Medical Supply Manufacturing industry in China comprises manufacturers of supplementary and supporting materials and supplies for surgery and dentistry, such as medical fillers, surgical dressings, suturing materials, bandages, absorbable hemostatic materials, dental materials and vacuum capsules used for medical purposes.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.
Read the full story at http://www.prweb.com/releases/china/medical-supply-mfg/prweb10922524.htm.
Copyright©2012 Vocus, Inc.
All rights reserved