Market Trends of China Cardiovascular Devices Industry
This section covers the major market trends shaping the China Cardiovascular Devices Market according to our research experts:
Stents by Therapeutic and Surgical Devices Sub-Segment is Expected to Witness Growth Over the Forecast Period
A stent, which resembles a tiny coil of wire mesh, supports the walls of the artery and aids in preventing it from re-narrowing is used during angioplasty. These are currently used most frequently in most patients undergoing angioplasty. Once implanted, stents are designed to be permanent and will keep patients' arteries open. Thus, the stent by therapeutic and surgical devices segment is anticipated to gain demand and witness growth over the analysis period.
The government of China is taking initiatives to increase the production of medical devices in the country and in 2020 the volume-based procurement (VBP) act was announced. The article 'Volume-based procurement is shaking up high-value medical devices market in China' published in January 2022 stated that VBP of high-value medical supplies, beginning with coronary stents, has been practiced in China to combat the increased costs of high-value medical products. Thus, such an initiative by the government of China is expected to create opportunity for the stent segment. This is expected to drive the segment growth.
Additionally, frequent product launches and advancements are other major factors that are expected to fuel market growth. For instance, in November 2021, Biosensors International, a developer, and manufacturer of innovative medical devices declared positive results from the BIO-RISE CHINA, a multi-center, randomized controlled trial performed in 10 centers across China and this first-in-human study assessed the safety and efficacy of a Biolimus A9 (BA9) coated balloon (DCB) used in both BioMatrix and BioFreedom families of coronary stents, in patients with small vessel coronary artery disease undergoing percutaneous coronary intervention (PCI).
In addition, in August 2021, SINOMED, an international medical device company in China, declared the first commercial implantation of the HT Supreme Drug-Eluting Stent (DES) at University Hospital Galway in partnership with the National University of Ireland Galway (NUI Galway). Thus, such advancements are anticipated to drive segment growth in the future.
Therefore, the above-mentioned factors are expected to drive the segment growth significantly and contribute to the overall market growth over the forecast period.
