Chinese firms could soon be challenging US companies that focus on medical sensor and diagnostic technology, a new report from Lux Research Inc. suggests.
According to Lux, a market intelligence firm headquartered in Boston, the Chinese government is now investing in the development of sensing technologies as the country’s population ages.
The title of the Lux Research report is, “The Emerging Diagnostic Landscape in China,” and its lead author is Lux Research analyst Zhihao Yu, who said in a statement: “A wide variety of innovative technologies are being developed at the university and research institute levels that are on par with research in more developed nations. Over the next three to five years, biologics-based diagnostics will catch up and offer strong domestic options to today’s imported Western technology.”
One take-away from the report: $183 million in funding is set to transform China’s diagnostic market.