China's Healthcare Market
China’s healthcare market is mainly driven by major demographic changes such as rising prosperity, increasing urbanization, falling birth rates and rapidly aging population which is leading to 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, innovative medical devices, medicines, and treatment methods.
Today, the Chinese markets for both medical devices and medicines are the world’s second largest and one of the most important (export) growth markets for Nordic Life Science products, solutions and know-how.
In 2021, China’s healthcare spending totalled RMB 7.6 trillion (~USD 1.2 trillion) or 6.5% of GDP which is expected to reach RMB 17 trillion by 2030.
The total healthcare spending of GDP was 9.2% in Finland, 10.8% in Denmark, 11.3% in Norway, 11.4% in Sweden, and 18.3% in the US.
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.
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.