Pharmaceuticals - China
- China
- The Pharmaceuticals market in China is expected to achieve a revenue of €107.80bn in 2024.
- Among the various market, Oncology Drugs is projected to be the largest with a market volume of €19.29bn in the same year.
- Looking ahead, the industry is expected to grow at an annual growth rate of 5.65% (CAGR 2024-2029), resulting in a market volume of €141.90bn by 2029.
- When compared globally, United States is forecasted to generate the highest revenue, amounting to €578.50bn in 2024.
- China's pharmaceutical market is experiencing rapid growth due to increased government investment in healthcare and a growing middle class.
Key regions: United States, China, Germany, Japan, Europe
Analyst Opinion
China, the world's most populous country, has been experiencing a significant growth in the Pharmaceuticals market in recent years. The market has been driven by various factors such as the increasing demand for healthcare, aging population, and government initiatives to promote the industry.
Customer preferences: The Chinese population has been increasingly aware of health issues and has been willing to spend more on healthcare products. With the rise of the middle class, there has been an increase in disposable income, and people have been able to afford more expensive drugs. In addition, traditional Chinese medicine has been gaining popularity, and people have been more open to trying alternative medicine.
Trends in the market: The Pharmaceuticals market in China has been experiencing significant growth in recent years. The market has been driven by the increasing demand for healthcare, the aging population, and government initiatives to promote the industry. The Chinese government has been investing heavily in healthcare, and there has been a significant increase in the number of hospitals and healthcare facilities. In addition, the government has been promoting the use of generic drugs, which has made drugs more affordable for the general population.
Local special circumstances: The Chinese government has been actively promoting the pharmaceutical industry and has been providing incentives for companies to invest in the country. The government has also been encouraging foreign companies to enter the market and has been easing regulations to make it easier for companies to do business in the country. However, the market is highly regulated, and companies need to comply with strict regulations to operate in the country.
Underlying macroeconomic factors: The Chinese economy has been growing at a steady pace, and there has been a significant increase in the middle class. With the rise of the middle class, there has been an increase in disposable income, and people have been able to afford more expensive drugs. In addition, the aging population has been increasing, and there has been a significant increase in demand for healthcare products. The Chinese government has been investing heavily in healthcare, and there has been a significant increase in the number of hospitals and healthcare facilities. In conclusion, the Pharmaceuticals market in China has been experiencing significant growth in recent years, driven by the increasing demand for healthcare, aging population, and government initiatives to promote the industry. The market is highly regulated, and companies need to comply with strict regulations to operate in the country. However, with the rise of the middle class and the increasing demand for healthcare products, the market is expected to continue to grow in the coming years.
Methodology
Data coverage:
Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.Modeling approach / Market size:
Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.Additional notes:
Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.Visión general
- Revenue
- Analyst Opinion
- Next generation therapy
- Global Comparison
- Methodology
- Key Market Indicators