China’s 11th Five-Year Plan contains plans for development of the next generation of biomedical material applications, as the nation seeks to meet the growing demands of an aging population. Its declared goal, according to a Lux Research report China’s Expanding Biomedical Materials Industry: Where Societal Need and Market Growth Collide, is to become a top global power in the industry.
China’s medical device and material market has maintained a 20% to 27% annual growth rate over the past decade, far higher than the 10% global rate – but domestic products have a less than 3% market share. China now plans to create an innovation ecosystem that can fuel rapid growth of advanced technology and commercialization of materials for biomedical applications.
‘With a broad set of goals in place, a vast number of developers are emerging in specific technology domains, from tissue engineering to drug delivery, to deliver on government goals of improving the welfare of a growing aging population and to continue China’s economic growth,’ says Zhun Ma, Lux Research Analyst and the lead author of the report.