Medical device industry gains ground in Ningbo

Ningbo in East China's Zhejiang province has in recent years reported robust growth in its medical device industry.

Official statistics from local market supervision authorities show that 194 medical device manufacturing companies were newly registered in the city in 2022, an uptick of 63.2 percent over 2019.

The industry's output value has also grown at an average annual growth rate of 15 percent for three years. In 2022, the output value of above-designated-size companies in the medical device sector in Ningbo topped 15 billion yuan ($2.18 billion).

The year also saw two medical device companies go public, bringing the total number of listed companies in the sector in the city to four.

In the first two months of this year, Ningbo's medical device industry sustained its robust growth momentum, registering a year-on-year growth of 23 percent.

The marked increase can be partly attributed to local government's moves to streamline approval procedures related to medical device manufacturing permits, which now can be obtained by eligible companies in three workdays, down from 20 workdays.

In addition, the government's measures to help companies acquire medical device registration certificates have effectively accelerated their pace of research and development and new product launches.