Market Measurement | China MRI Equipment Market Measurement Report (2023)

Joinchain Digital Technology has established a market database using the advantages of medical device big data, by combining open data with exclusive data, Joinchain calculates the market size of segmented products in multiple dimensions, objectively describes the market competition pattern and predicts the future market trend. The report update period is every year.

01

Product Description

1. Product classification

According to 2017 Medical Device Classification Catalogue of NMPA, MRI equipment belongs to the sixth category of medical imaging devices, and the management category is Ⅲ.

On the track, MRI equipment is medical equipment-diagnostic equipment-medical imaging equipment-magnetic resonance imaging (MRI).

02

Development driver

1.Policy factors

Table 1 Policies and regulations related to MRI equipment in recent years

Data Source：The Official Website of the National Health Commission and the Ministry of Industrial and Information Technologies

2. Socioeconomic factors

With the development of the epidemic in the past two years, the disadvantages of insufficient medical resources in China are gradually revealed, and the contradiction with the growing health awareness and medical needs of the Chinese people is gradually increasing. On November 3, 2021, the National Health Commission issued the “Thousand Counties Project” Comprehensive Capacity Improvement Plan for County Hospitals (2021-2025), clearly promoting the sinking of provincial and municipal quality medical resources to the county level, and gradually realizing the integration and sharing of medical resources within the county level. The plan proposes that by 2025, at least 1000 county hospitals in China will reach the level of medical services of tertiary hospitals, play the role of county medical centers, lay the foundation for “solving common diseases in the city and county”, and fully make up for the lack of medical resources in China. As a necessary examination equipment for secondary and above hospitals, the demand for MRI equipment will further increase.

In recent years, most of our hospitals have been in the red. Private hospitals have closed down a lot. The public government will be compensated and control costs (employing costs), and the hospitals are not strong in purchasing large medical equipment. On September 7, 2022, the regular session of The State Council decided to provide periodic financial discount for equipment renovation loans in some fields and increase credit support for social services. The total amount of loans involved is about 1.7 trillion yuan, among which experts estimate that about 200 billion yuan can be allocated to medical equipment. The loan discount has appropriately reduced the equipment procurement costs of hospitals. The upgraded medical equipment is expected to be mainly large Class B medical equipment, among which MRI equipment has a strong demand for updating.

03

Market scale

1. Calculation logic

Determining the list of enterprises：There is a high market concentration in the field of MRI equipment in China. Major participants screened through Joinchain Medical Device Cloud Data include Siemens Medical, GE Medical, Philips Medical, United Imaging Medical, Wandong Medical, etc.

Decomposing corporate revenue: Decomposing the revenue of listed companies through public information, taking General Electric as an example, by splitting revenue: obtaining the proportion of China’s business in Healthcare’s business; Based on MDCLOUD analysis of the proportion of MRI equipment in all General Electric products, the revenue of General Electric’s MRI equipment in China is ultimately obtained.

The results of integrated calculation are as follows: After disassembling the revenue of all enterprises, MDCLOUD bidding data is used to analyze the market concentration and the proportion of each enterprise in this field, and the market size of MRI equipment is obtained by synthesizing the above results.

2. Data basis

(i) Bidding data

The data range is the open bid-winning data of various medical institutions, scientific research institutions, testing institutions, universities and other institutions from 2019 to 2021; The data includes bid-winning time, bid-winning quantity, bid-winning price, bid-winning brand, bid-winning model, bid-winning unit, etc.

 (ii) Report of listed enterprises

Mainly for the field of major enterprises listed quarterly report, annual report, prospectus and other information.

3. Market size forecast

By calculating the market size of MRI equipment from 2019 to 2021, we assume that it will continue to maintain stable and rapid growth in the next four years and forecast that the market size of MRI equipment in 2025 will reach 11.373 billion yuan.

Figure 1 Patient monitor market size in China from 2019 to 2025E

04

Market pattern

According to calculation, CR4 in the field of MRI equipment in China in 2021 was 93.22%, among which United Image Medical ranked the third after General Electric and Siemens Medical, and Wandong Medical ranked the top five. With the acceleration of domestic substitution for imports, the share of domestic brands increases year by year, and the market pattern of MRI equipment in China will usher in new changes.

Figue2 Market share of MRI equipment in China in 2021

China is encouraging China end uses for more domestic products in latest years. Thus, more and more overseas manufacturers are planning localization in China. BradyKnows localization team has extensive experiences in facility establishment, audit, supplier evaluation, manufacturing, registration, and marketing in China. Pls feel free to let us know any questions on China entry via info@bradyknowsmedical.com

Source：Joinchain Medical Device

Translated & edited by Bradyknows