What is MedTech
Medtech, or medical technology, is using technology to improve a person’s health and quality of life by preventing, diagnosing, monitoring, and treating disease. Medtech can be any instrument, machine, appliance, implant, reagent for in vitro use, or software.
Some of the Medtech products can be as common as surgical masks and thermometers, can be as advanced as cardiac pacemakers, 3D printed personalized artificial joints and surgical robotic. Medtech products can be wearable monitoring devices or home use devices such as colostomy bags and can be products used in hospitals such as surgical instruments and MRI. In recent years, AI/machine learning/big data/5G/telemedicine are increasingly utilized to assist in making diagnoses, monitor progression of chronic diseases, improve treatment and surgical outcomes, and drugs discovery.
In short, Medtech helps people live longer, healthier, and have more productive lives.
MedTech in the Greater Bay Area
The total area of the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area, GBA) is around 56, 000 km2. At the end of 2019, the total population is over 72 million and GDP per capita is USD 23,371. The establishment of GBA provides an unprecedented opportunity for the Medtech industry. In 2019, the total output value of the medical device industry in the Greater Bay Area reached over 125 billion Yuan.
As one area, GBA has over 700 mid to large-size hospitals (not including clinics) servicing a large aging population in the southern part of China and the surrounding areas. Many of the hospitals in GBA not only provide world-class care to patients but also perform state-of-the-art medical education and leading basic and clinical researches in various disciplines. As an ecosystem, GBA offers a continuous supply of innovations in medtech, a well-established investment system, a full range of professional legal services, a vibrant start-up culture, and efficient manufacturing and supply chain capability. Recently, a new policy from the central government allows Hong Kong-listed medical devices and drugs to be sold to Hong Kong-owned medical institutions within the Greater Bay Area without prior NMPA registration.
The Greater Bay Area has all the necessary elements to be one of the global medtech centers. We are here to see it happen!