The development of the China's healthcare market and life science industry is mainly driven by major demographic changes over the last 25 years such as rising prosperity, increasing urbanization, falling birth rates and a rapidly aging population which has resulted in a growing number of chronic diseases (e.g., cancer and diabetes).

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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, innovative medical devices, medicines and treatment methods which is creating many new business opportunities for Nordic life science companies.

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In 2020, China’s healthcare spending totaled RMB 7.2 trillion (USD 1.05 trillion) equal to 7.1% of GDP which is expected to reach a total of RMB 17 trillion by 2030. The total healthcare spending OF gdp 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.