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.

References:

1. In Vitro Diagnostics: Technologies and Global Markets (2017). BCC Research LLC.
2. Global In-Vitro Diagnostics (IVD) Market Report: Insights, Trends and Forecast (2019-2023). Research And Markets.
3. The 2019 Bluebook for Medical Devices in China. Medical Device Research Institute.

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.