(Yicai) April 10 -- Japan’s Canon Medical Systems has announced a new strategy aimed at strengthening the imaging equipment maker’s commitment to the Chinese healthcare market amid mounting global economic uncertainty.

China is one of the most important healthcare markets in the world, Wataru Taguchi, general representative for the company's Chinese arm, said at the China International Medical Equipment Fair in Shanghai yesterday. 

As China's healthcare sector enters a new phase of high-quality development, Canon Medical has formulated a new strategy, called Growing Together With Chinese Healthcare, to increase the company’s investment in the market and strengthen its research, development, production, marketing, and services in the country.

Medical imaging equipment is one of the most technologically demanding segments in the medical devices industry. The Chinese market is projected to nearly double in value by 2030, reaching close to CNY110 billion (USD15 billion) from CNY53.7 billion (USD7.3 billion) in 2020, according to CIC Consulting. This expansion reflects compound annual growth of 7.3 percent over the decade.

Canon Medical will change its previous practice of registering new products overseas before in China and will now apply directly for registration in China to accelerate the launch of new products in the market, Zhang Yang, director of the firm's strategic planning department, told Yicai. 

At the CMEF, Canon Medical also released the latest generation of its ultra-high-definition wide-body computed tomography. The Aquilion One/Insight Edition can provide a higher level of imaging support for the precise diagnosis of cardiovascular and tumor diseases, according to the Ōtawara-based company.

The CMEF is a semi-annual trade exposition seen as the barometer of the global medical devices industry. The four-day event ends tomorrow.

“Insight debuted at the annual meeting of the Radiological Society of North America last December, and a registration application was submitted to the National Medical Products Administration of China in January,” Zhang said.

Canon Medical will also promote R&D innovation in China, including that of prototype machines, Zhang noted. “By mobilizing the company's global research resources and technical support, we can enable innovative achievements to benefit Chinese patients more quickly and accurately and meet the country's clinical and research needs,” he said.

Canon Medical's R&D centers in Beijing and Dalian have set up joint project teams with the company's headquarters in Japan and began partnering with top Chinese hospitals and medical doctors. The firm plans to promote five co-R&D projects with five hospitals this year.

Established in 1948, Canon Medical was one of the earliest global medical device makers to set up R&D centers in China, with its Beijing and Dalian facilities being the only two in Asia outside of Japan. It also has a factory in Dalian.

The localization rate of parts procurement at Canon Medical's Chinese plant has reached more than 70 percent, Zhang said, adding that the company will continue to work hard to achieve the localized production of parts, especially core components.

Canon Medical will continue its efforts to achieve local production of components, especially core components, Zhang said, adding that this includes enhancing the Dalian factory's quality management system and strengthening alliances with Chinese firms.

Editors: Tang Shihua, Martin Kadiev