Chinese Healthcare Market

The Chinese healthcare market is mainly driven by major demographic changes such as rising prosperity, increasing urbanization, falling birth rates and a rapidly aging population which is leading to a growing number of chronic diseases like cancer, diabetes, obesity, and mental health issues.

To satisfy the growing demand for high-quality healthcare services, China continues to invest massively in medical R&D, digitization, AI, robotics, automation, tele-medicine, modern hospitals, innovative medical products, and new treatment methods.

Today, the Chinese markets for both medical devices and drugs are the world’s second largest and represents one of the most important (export) growth markets for Nordic / European life science products, solutions and know-how.

Facts & Figures

In 2023, China’s healthcare spending totaled RMB 9 trillion (~USD 1.25 trillion) or 7.2% of GDP which is projected to reach RMB 17 trillion (~USD 2.4 trillion) by 2030.

In 2023, the total healthcare spending of GDP was 10.9% in Sweden, 10.3% in Finland, 10.8% in Denmark, 8.1% in Norway, and 17.6% in the US.

In 2023, China’s total healthcare spending per capita (PPP) was RMB 6,425 (~USD 900) compared to USD 6,400 in Denmark, and USD 12,800 in the US.

In 2023, China’s medical device market reached a total sales value of RMB 950 billion (~USD 130 billion) with Compound Annual Growth Rate (CAGR) of 14% since 2015.

In 2023, China’s pharmaceutical market generated a total sales value of RMB 2.8 trillion (~USD 390 billion) with CAGR of 10% since 2015.