Canton Fair 2022: Technological Innovation Steers Medical Industry Towards Golden Age

GUANGZHOU, China, April 14, 2022 /PRNewswire/ — The 131st Canton Fair is open from April 15 to April 24. The Health section at the 131st Canton Fair is fully prepared in the expectation of a plenty of orders, as it attracted much attention from global buyers in the last session. Maggie Pu, Deputy Director General of the Foreign Affairs Office of the Canton Fair, remarked just before the opening of the Fair, that “China has curbed COVID-19 successfully thanks to innovations in the medical sector, and that leads to the uptrend of China’s medical export.”

As a major producer and exporter of medical products, China has gone through ups and downs in demands of medical protection products since the outbreak of COVID-19. Nudged by the pandemic, China’s medical industry, with 20 plus years of accumulation, is heading towards a “Golden Age”. High-end medical devices accelerate the pace of import substitution.

Breakthroughs have been witnessed with cutting-edge technologies emerging, including superconducting magnets, electron accelerators and RF/spectrometers. 2-meter PET/CT, third-generation artificial hearts, and high-intensity focused ultrasound therapy systems. The production of cardiac monitors, digital radiography (DR), automated biochemical analyzers and other medical equipment lead the world market. China’s intelligent manufacturing of CT, MRI and other medical equipment are sold to over 100 countries. The integration of medical equipment and 5G, big data, artificial intelligence, ultra-high-definition video has accelerated, leading to the rapid development of telemedicine and precision medicine.

Statistics from the Ministry of Industry and Information Technology showed that during the 13th Five-Year Plan, the market value of China’s medical equipment industry jumped from RMB480 billion in 2015 to RMB840 billion in 2020, an 11.8% CAGR. The industry has formed a product system of over 1100 categories in 22 major categories, covering all aspects of healthcare. Chinese companies account for over 10% of international output. Moreover, medical equipment exports accounted for 54.2% of the total in the medical field in 2021, 1% higher than the previous year, indicating international recognition of China’s medical manufacturing.

According to Maggie Pu, the medical industry can best represent a country’s comprehensive strength. The sector has always been the highlight of the Canton Fair. The 131st Canton Fair will increase efforts to promote China’s medical equipment to achieve faster development, contributing more to fighting against the pandemic.

Visit https://www.cantonfair.org.cn/en-US/register/index#/foreign-email  for more opportunities.

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