The Chinese medical device market has experienced significant growth in recent years. As a trusted CDMO, we have noticed an uptick in demand for our development and manufacturing services. Recently, we signed a new agreement with one of our customers, a prominent global healthcare company, to increase our production capacity in China. In the next couple of years, we will invest approximately 50 million CNY in production equipment for our Tianjin site to meet the increasing demand in the Chinese medical device market.
Significant growth in the Chinese medical device market
The Chinese medical device market has experienced significant growth in recent years. The growth is driven by factors such as an aging population, rising incomes, and increasing demand for high-quality healthcare. One of the key drivers is the Chinese government’s push to modernize the healthcare system and increase access to medical devices. This has led to increased investment in the sector and the implementation of policies to support the development and sale of medical devices.
Of course, the COVID-19 pandemic has further accelerated the demand for medical devices in China, with increased spending on diagnostic equipment, respiratory devices, and personal protective equipment. This has led to a surge in demand for imported medical devices, as well as increased opportunities for domestic manufacturers.
Overall, the Chinese medical device market is expected to continue to experience strong growth in the coming years. This is driven by favorable demographic and economic trends, government support, and increasing demand for advanced healthcare technologies.
Investing to meet the demand in the medical device market
As a trusted CDMO, we have noticed an uptick in demand for our development and manufacturing services. Recently, we signed a new agreement with one of our long-time customers, a prominent global healthcare customer. The agreement includes a commitment to increase our production capacity at our production site in Tianjin.
In the next two years, we will invest approximately 50 million CNY in production equipment. This includes automated machines and production processes to meet the increasing demand in the Chinese medical device market. The investment consolidates our efforts to be a true global CDMO and serve our customers wherever they do business.
Acting locally – serving globally
Our 7.000 square meter production site in Tianjin serves both the life science and dental industries. In the past few years, we have experienced an increasing need for Chinese customers to partner with local suppliers who have a global reach, and vice versa. Similarly, global customers increasingly require suppliers with a strong local presence in China. At our production site in Tianjin, we can meet both needs.
With our local business focus, we are able to provide direct services to both local and international customers in the Chinese market. At Elos Medtech, we call this our “glocal” approach. In today’s dynamic business landscape, the importance of a “glocal” approach cannot be overstated. It enables us to ensure a secure and reliable global supply chain for our customers both in China and around the world.
Future opportunities in the medical device market
At our Tianjin production site, we constantly enhance our expertise and production processes. Our dedication to quality and continuous improvements has propelled the site to its current success, and we remain committed to investing further. We are excited about our new agreement and the future opportunities it may present.
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