China's medical device market is expected to grow at a compound annual growth rate of around 24 percent over the next three years as an aging population and higher-priced imported products contribute to the sector's growth, according to results of a market survey.

"Persons aged over 65 typically spend four times more on healthcare than those under 65. China, whose imports form almost 70 percent of its medical device market, is expected to light up the charts with an expected compound annual growth rate of nearly 24 percent, driven by a greater demand for high-quality, high-tech medical devices and for products that comply with international standards," said the survey.