Medical Device Challenge
A promising channel to connect innovative medical devices with Chinese partners, including top medical device companies, experienced healthcare investors, and innovation and development programs supported by industrial parks.
An exclusive opportunity to break the informational asymmetry between small to medium medical devices companies and China’s $78 billion-worth but underexplored MedTech market through CHINA FOCUS forum
A specialized platform for you to learn and meet with the real players, potential collaborators, and hidden competitors in the Global and China’s Medical Device Industry
- 5 Booming Medical Fields
- A dedicated day for medical devices
- Intense connecting event with 20 projects at a designated area
- Innovative medical technologies with business plans including for China’s healthcare market.
- A free ticket to CHINA FOCUS forum
- Elevator pitch to 600+ forum audiences
- In-depth conversations with targeted investors
- Authentic connections with representatives from China’s healthcare market
ONE - Vascular Intervention
MyBioGate’s first Medical Device Challenge is looking for therapeutic, diagnostic, and monitoring interventional devices as well as accessories for vascular diseases.
According to statistics, 1/5 of the Chinese are suffering from vascular diseases, which constitute more than 40% of the death each year1. Due to the aging population and worsening lifestyle, the occurrence rate of vascular diseases in China will continue to increase in the next 10 years. Per estimation, the market size of medical devices for vascular diseases will reach RMB 65 billion (~$9.5 billion) in 2020, with a CAGR of 12.3% from 2017 to 20202.
Vascular intervention is a novel solution for vascular diseases. The benefit of the vascular interventional technology is obvious — minimum invasive; thereby, the patients will recover much faster with the least amount of inpatient time. Vascular intervention is composed of 45% of the total market size of medical devices for vascular diseases in China, while most of the intervention market is underexplored, including cerebrovascular intervention, peripheral vascular intervention, abdominal aortic intervention,
- If you are planning to meet with potential Chinese partners to grow/expand your business into China;
- If you just want to learn more about China’s vascular intervention market.
2. Report of vascular diseases and intervention devices in China, Frost & Sullivan
TWO - In-Vitro Diagnostics
MyBioGate is calling reagents, instrumentations, as well as software services and technologies in the field of IVD to apply for the Medical Device Challenge and meet with the major players and investors in China’s IVD market.
In-Vitro Diagnostics (IVD) is one of the largest categories in the medical devices industry, valued at $67 billion in 2018, with a CAGR of 6.6%1. While North America and the Europe markets contribute to two-thirds of the total IVD market2, Asia-Pacific is the fastest-growing region among the global IVD market. According to the 2019 Bluebook for Medical Devices in China, the IVD market value in China equaled to $8.8 billion in 2018 at a growth rate of 18.42%3, which is outperforming the growth rate of all regions in the global IVD market.
In addition, continuous healthcare reform in China has also become an invisible hand that promotes the development of the IVD market. Healthcare executives will start paying more attention to diagnostics to retain hospitals’ earnings by providing high-quality and customizable medical services, for which IVD is the key step.
Biochemical diagnosis, immunodiagnostics, and molecular diagnostics constitute 70% of China’s IVD market. While biochemical diagnosis is highly occupied by local companies in China, the market is seeking integrated system as well as technology to speed up the testing. As for immunodiagnostics, most Chinese IVD companies are capable of producing low to mid-quality products; high-quality technology will continue to be the focal point for strategic partnership.
On the other hand, investment in other relatively new areas, including microbiome diagnostics, liquid biopsy, and especially molecular diagnostics (sequencing) and POCT, is growing rapidly and notably.
- In Vitro Diagnostics: Technologies and Global Markets (2017). BCC Research LLC.
- Global In-Vitro Diagnostics (IVD) Market Report: Insights, Trends and Forecast (2019-2023). Research And Markets.
- The 2019 Bluebook for Medical Devices in China. Medical Device Research Institute.
THREE - Medical Imaging
Medical Device Challenge THREE will focus on the medical imaging market. If you have high-end equipment, an algorithm to improve the workflow of current imaging system or an AI to support diagnostic decisions, apply to the Medical Device Challenge THREE to locate and connect with trustworthy Chinese partners and investors.
In 2017, the total hospital visits in China reached 8.18 billion, but only 20% of patient visits had ordered imaging – the imaging conversion rate was much lower than the US’s (50%). What’s more, the Directory Catalog on Readjustment of Industrial Structure (2019), guidance for private investment and for the management of investment by the local authorities, has encouraged development of digital medical imaging devices and AI-supported imaging technology. Therefore, the medical imaging field in China still has great potential to grow.
According to ifenxi, the current market size for medical imaging in China is around $22 billion and potentially double due to the low conversion rate and governmental supports. The most demanding branch in China’s medical imaging market is technologies that assist and accelerate the diagnosis. There are two reasons: the 3A hospitals are overloaded, and the local hospitals lack high-quality radiologists and imaging specialists.
Local hospitals will be the breaking point at which most companies from overseas start entering the market. However, most local hospitals are public, which means that companies would have to collaborate closely with Chinese companies to acquire business relationships with the public hospitals and as a result, enter China’s medical imaging market.
FOUR - Orthopedic Implants
The fourth Medical Device Challenge focuses on articular implants. Startups will receive an opportunity to partner with WeiGao Group, the best-performed Chinese company within the orthopedic implants market.
Driven by the aging population, the number of patients needed articular implants is foreseeable to increase in China. Over 80 million Chinese have severe arthritis, but the penetration rate of articular implants is as low as 0.6%. Following the increasing attention on long-term health issues, the market size of Chinese articular implants had increased to 1.07 billion USD in 2018, with a CAGR of 22.41% from 2013. More specifically, the articular implants category is the fastest-growing field (23.79%) comparing with traumatic (16.41%) and spinal implants (18.57%).
It is the right time for orthopedic startups to connect with Chinese companies. The booming market trend is not the only reason. China’s health system is adopting the centralized purchasing system for high-value medical consumables, under which articular implants are categorized. This purchasing system will significantly impact the unit price of articular implants. In other words, it is encouraging Chinese companies to invest heavily in R&D, licensing, or joint ventures so that these companies can maintain market share to remain profitable.
FIVE - Ophthalmic Devices
Read more: Coming soon…