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.

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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.

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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. 

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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.

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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%. 

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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.