Consumer demand for quality is the key driving force behind the dominance of overseas players in the highly competitive Chinese drug delivery devices market, according to GlobalData, a leading data and analytics company.

The company's latest report, 'China Drug Delivery Devices Market Outlook to 2023, - Central Venous Catheters, Infusion Systems, Needle Free Injections and Metered Dose Inhaler Devices', confirms that all of the top 15 companies operating in this space are overseas players, competing in a market forecast to be worth $638.4 million by 2023.

Although there are many domestic companies operating in the Chinese drug delivery devices landscape, overseas players who already sell their products in US and EU are perceived as a safer bet by doctors as they know their products will have been fully approved by the regulatory bodies in these markets.

GlobalData's market share analysis reveals that GlaxoSmithKline (GSK) is the only company with a double-digit market share, of 10.9% of the $490.9 million market, in 2016.

James Spencer, Medical Devices Analyst at GlobalData, says: 'Part of GSK's success in China has been driven by an aggressive pricing strategy, reducing prices to gain market share, a move that local competitors have struggled to emulate.'

For investors, the Chinese drug delivery market can seem challenging, as regulatory guidelines and the legal framework around devices and their commercialisation in China are quite often opaque and continually changing.

Despite these challenges, the market is set to increase at a Compound Annual Growth Rate (CAGR) of 3.8% during 2016-2023. Unit sales of drug delivery devices in China were 27.2 million in 2016 and forecast to reach 37.1 million in 2023, growing at a CAGR of 4.5% from 2016-2023.

The Chinese drug delivery devices market consists of four categories - Infusion Systems, Metered Dose Inhaler Devices, Central Venous Catheters and Needle Free Injections.

The Infusion Systems category is the largest with a 58% market share, translating to $285m in 2016 and is predicted to grow at a CAGR of 4.1% from 2016-2023. Metered Dose Inhaler Device sales were worth $178.8m in 2016 and are expected to grow at a CAGR of 3.5% during the forecast period. Central Venous Catheters sales were worth $25.3m in 2016 with approximately 79% of volume sales in Non Antimicrobial Central Venous Catheters. Needle Free Injections had an estimated value of $1.8m in 2016.

Spencer notes: 'The rise in chronic diseases demand for controlled drug release and general innovation will drive further opportunities in this market over the next 5 years.''

Information based on GlobalData's report:China Drug Delivery Devices Market Outlook to 2023, - Central Venous Catheters, Infusion Systems, Needle Free Injections and Metered Dose Inhaler Devices

GlobalData plc published this content on 27 October 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 October 2017 05:07:12 UTC.

Original documenthttps://www.globaldata.com/chinese-drug-delivery-devices-market-set-reach-638-4-million-2023/

Public permalinkhttp://www.publicnow.com/view/8D1E0C1D36E6569BD3AF42B6910225117A975603