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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.

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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.

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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.

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  • 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.

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  • 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.

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  • 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. 

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