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, 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, automation, tele-medicine, modern hospitals, innovative medical devices & medicines, and new treatment and rehabilitation methods.
Today, the Chinese markets for both medical devices and medicines 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
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In 2022, China’s healthcare spending totalled RMB 8.5 trillion (~USD 1.2 trillion) or 7.05% of GDP which is projected to reach RMB 17 trillion (~USD 2.4 trillion) by 2030.
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In 2022, the total healthcare spending of GDP was 10.7% in Sweden, 10.0% in Finland, 9.5% in Denmark, 8.1% in Norway, and 17.3% in the US.
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In 2022, China’s total healthcare spending per capita (PPP) was RMB 6,044 (~USD 840) compared to USD 6,280 in Denmark, and USD 13,493 in the US.
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In 2022, China’s medical device market reached a total value of RMB 958.2 billion (~USD 142.4 billion) with Compound Annual Growth Rate (CAGR) of 17.5% since 2015.
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In 2022, China’s pharmaceutical market generated total sales of RMB 2.61 trillion (~USD 404.5 billion) with CAGR of 5.4% since 2017.