Chinese Healthcare Market
The development of the Chinese healthcare market and life science industry is to a large extent driven by the major demographic changes over the last 20 years such as rising prosperity, increasing urbanization, and rapidly aging population which has resulted in a growing number of chronic diseases.
To satisfy the rising demand for high-quality healthcare services, China is investing massively in medical R&D, IT, AI, modern hospitals, new medical equipment and treatment methods which is creating many new business opportunities for Nordic life science companies.
Today, the Chinese healthcare market is considered one of the most important (export) markets of Nordic Life Science products and know-how such as medicines, medical devices, rehabilitation, and welfare technology.
In 2020, China’s healthcare spending totaled RMB 7.2 trillion (USD 1.1 trillion) equal to 7.1% of GDP which is expected to reach a total of RMB 17 trillion by 2030. The total healthcare spending was 9.2% in Finland, 10.6% in Denmark, 11.3% in Norway, 11.4% in Sweden, and 19.7% in the US.
Today, China’s pharmaceutical market is the world’s second largest with a 30% global share which in 2020 generated a total revenue of RMB 1.4 trillion (USD 210 billion) with an annual growth of 10%.
Moreover, China’s medical device market is the world’s second largest with a 20% global share which in 2020 generated a total revenue of estimated RMB 800 billion (USD 120 billion) and with annual growth rates of 20% since 2015.