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Back Plastic News Industry Talk Demographics point to growing medical plastics market in China

Demographics point to growing medical plastics market in China

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China's growing middle class and aging population will affect the global medical device market in 2014, according to speakers at the Society of Plastic Engineers' first China conference, held Dec. 11-12 in Shanghai.
 
"In China, the 83 million people defined as middle class only represent less than 10 percent of the population," said Michael Taylor, senior director of international affairs and trade at the Washington-based Society of the Plastics Industry Inc. "The idea is that if your middle class is growing, your economy is getting richer and you can afford these things. 
 
"Domestically, the middle classes will have a growing voice by means of higher purchasing power, moving up the consumption chain to high-end, more technical goods," he said.
 
China's population also is getting older, Taylor added. China's elderly population will triple from over 100 million to over 300 million by 2050. This aging population will create a greater need for long-term care.
 
Rising spending on health care in China will have an impact on imports of U.S.-made medical devices, Taylor said. China's desire for U.S. imports is growing faster than demand from other countries.
 
Mark Bonifacio, owner of Natick, Mass.-based Bonifacio Consulting Services LLC, noted a related trend: China and Asia are emerging as a huge market for global healthcare-related companies. Bonifacio said we are seeing the beginning of a "made in China, for China" sector of the medical device industry.
 

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