AN ANALYSIS OF THE IMPACT OF THE MEDICAL DEVICE MARKET AND ITS NOTABLE GROWTH ON THE CHINESE ECONOMY: A STUDY FROM THE PERSPECTIVE OF THE HEALTHCARE SECTOR.

Abstract

The medical equipment market has a significant impact on China's economic growth via the healthcare sector, and this study explores the importance of the medical chain of command in supporting the economy. Traditional distribution strategies place an emphasis on disposable medical items with one use, endangering both public and environmental health. Environmentally friendly initiatives face an assortment of challenges, including problems around consumer behaviour, regulations and rules, and dealer practices. The medical appliance industry in China has seen quick growth, driven by technological advancements, changes to legislation, and growing healthcare demands. As a result, it is now the second-biggest market in the world, after only its open economy. External investment, new employment opportunities, and technological advancement—especially in AI-powered medical technology—have all resulted from this growth, which has improved service delivery while decreasing costs. A statistically significant correlation between the impact of the medical device sector and China's economic growth was established by quantitative research that employed SPSS and factor evaluation to analyse data. Medical device advancements and trade policies impact GDP, technical progress, and health. During the outbreak, China's supply ties and international collaboration propelled the country to worldwide recognition. Uniformity and sustainability help this business, even if there are constraints from restrictions and competition in the market. For the nation's economic growth, healthcare creation, and sustainable means, the medical device sector is critical. To perpetrate their goal to greatly boost the Chinese economy, managers and investors should promote innovation, simplify regulation, and promote international engagement.