China’s medical equipment market has reached a record size of 1.35 trillion yuan (approximately 188.2 billion U.S. dollars) in 2024, as announced at a medical equipment conference held in southwestern Chongqing Municipality on Saturday. The rapidly expanding market continues to demonstrate robust growth, driven by innovation and increasing global demand.
According to Xin Guobin, vice minister of industry and information technology, major enterprises in the sector saw their revenue exceed 540 billion yuan this year, sustaining nearly a decade of rapid expansion. In China, major industrial enterprises are defined as those with an annual main business revenue of 20 million yuan or more.
Experts remain optimistic about the future of the medical equipment industry worldwide. Qiao Jie, an academician of the Chinese Academy of Engineering, projected that the compound annual growth rate of the global medical equipment market will reach 5.7 percent from 2024 to 2030, reflecting continued advancements and increasing demand for healthcare technologies.
Xin Guobin emphasized the need for strengthening industrial innovation, integrating medical equipment with artificial intelligence technology, and enhancing the appeal of Chinese medical products in overseas markets. These initiatives aim to position China as a leader in the global medical technology landscape.
