China will become the world's second-largest medical technology market with a value of $55 billion by 2020, The Boston Consulting Group said in a report released on Wednesday. 

The medtech market, including instruments and equipment, will have a compound annual growth of 14 percent on average from 2013 to 2020 and its global share will increase from 7 percent in 2013 to 12 percent by 2020, said the report titled "Winning in China's Changing Medtech Market". 

The accelerated aging of Chinese society, the increased incidence of chronic and serious diseases, an expanding middle class, the emergence of more small to medium-sized cities and increasing government spending on healthcare are the fundamentals driving China's medtech demand, said Luo Ying, a BCG partner and co-author of the report.

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