(Yicai) Nov. 7 -- Multinational medical device giants brought their upgraded products for the Chinese market to the ongoing sixth China International Import Expo in response to the fierce competition from local products.

The iteration cycle of high-value medical devices is generally three to five years, Liu Weiting, general manager of Abbott Structural Heart China, told Yicai. In mature markets, the period is usually five years, but in markets that encourage innovation like China, the period is more likely to be three years, so manufacturers are pushed to accelerate product iteration, Liu noted.

US healthcare giant Abbott has released its fourth-generation Mitraclip, a mitral valve repair product, at this year’s CIIE. Mitraclip’s previous generation was approved in China in June 2020, becoming the first of its kind to enter the Chinese market.

Meanwhile, Abbott has started facing pressure from local manufacturers. ValveClamp, developed by Shanghai Hanyu Medical Technology, was approved for marketing in September, becoming the first domestic mitral valve repair product approved in the country.

"Although the price of imported mitral valve devices is relatively high, as their terminal price exceeds CNY300,000 (USD41,257), the market is flexible, and good medical devices should create greater market demand," Pan Wenzhi, professor at the Department of Cardiology of Zhongshan Hospital affiliated to Fudan University, told Yicai.

If Mitraclip 4 is approved for marketing in China at the end of the year as expected, it means that Abbott's iteration cycle from the third to fourth generation in the Chinese market will only be three and a half years.

Edwards Lifesciences, one of the world's major valve manufacturers, debuted its most advanced product, Sapien 3 Ultra, used to treat aortic stenosis, in China at this year's CIIE. Its previous generation, Sapien 3, was approved for marketing in China in 2020 and has been used in over 1,000 surgeries in the past three years.

Edwards also faces fierce competition from its Chinese peers. Local valve manufacturers have seized 80 percent of the total market share, Pan said. At present, no drug can directly treat aortic stenosis, he added, noting that traditional and minimally invasive surgeries are used in most clinical practices. The number of such surgeries in China may reach 14,000 cases this year, he added.

Editors: Tang Shihua, Futura Costaglione