According a market research published by iData, China, with its 1.4 billion inhabitants, is now expected to exceed the U.S. and Japan in the telemedicine market, and the main contributing factors are:
Over the next six years, it is expected that China will outgrow the rest of the world in telehealth, growing at a compound annual growth rate (CAGR) of more than 15 percent.
The Chinese government has been adamant in pushing for better healthcare coverage in tier 2 and tier 3 hospitals (i.e., places that offer easily accessible healthcare for the middle and lower-class), and it costs less to install the central stations/servers than it does to build an entire hospital. Over the next six years, it is expected that China will outgrow the rest of the world in the total market for patient monitoring equipment, growing at a CAGR of 6 percent.
Advanced telehealth platforms can help hospital staff to quickly capture each patient’s reason for the call or visit, prioritize care delivery, suggest the best treatment, and identify additional information resources. This is very important for hospitals in China, where wait times are so long that an illegal scalping system has emerged, whereby perfectly healthy people register for a spot to visit the hospital and sell these spots to others who are in need — at three times the appointment’s face value.
In 2014, China issued legal guidelines addressing telehealth for the first time. The new guidelines provide a more comprehensive framework.
Other Market Drivers In China’s Telehealth Market
Increased Healthcare Spending
In summary, China is on its way to become the largest telehealth market in the work that is creating a huge opportunity for domestic and overseas medtech and medical device companies to take action and meet the technology and service demand of this market.
China Med Device, LLC, specializing in providing turn-key solutions for medtech and medical device companies‘ entry into China, brings you up-to-date information on China’s medtech and medical device market. Contact our team at info@ChinaMedDevice.com or visit us at http://www.ChinaMedDevice.com. We can help you tap into the fast-growing China market and accelerate your product’s entry.