China's Upcoming Pharma Market Boom: Over 650% Revenue Growth by 2020, Forecasts GlobalData
7/24/2013 9:57:39 AM
Get the latest biotech news where you want it. Sign up for the free GenePool newsletter today!
LONDON, UK (GlobalData), 24 July 2013 - Considerable investment in China’s pharmaceutical Research & Development (R&D) sector, along with numerous government-initiated reforms, will spark soaring growth in the country’s pharmaceutical market in the near future, says a new report from research and consulting firm GlobalData.
According to the company’s latest report on China’s healthcare industry*, the country’s pharmaceutical market value will climb from an estimated $48 billion in 2012 to a massive $315 billion in 2020, at a Compound Annual Growth Rate (CAGR) of 26.5%.
This increase will see China’s pharmaceutical market become the second largest in the world, with surging revenue propelling industry value significantly closer to that of the US, which GlobalData forecasts to reach $475 billion in 2020.
An expanding and aging population will also play a key role in boosting China’s pharmaceutical market revenue. With the country’s elderly population expected to account for 19% of its total population of 1.41 billion in 2020, GlobalData expects to see a rising prevalence of chronic diseases, which will in turn spark an increasing demand for treatment.
This factor will also be a primary driver behind the rising value of China’s medical device market – the second largest in Asia, behind Japan – which GlobalData forecasts will climb from $20 billion in 2012 to $54 billion in 2020.
*CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - China
This report identifies the key trends in China’s healthcare market, providing insights into the demographic, regulatory and reimbursement landscape and the country’s healthcare infrastructure, as well as the trends and segmentation of the Chinese pharmaceutical and medical device markets.
This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.
For guidelines on how to cite GlobalData, please see: http://www.globaldata.com/QuotingGlobalData.aspx
GlobalData is a leading global research and consulting firm offering advanced analytics to help clients make better, more informed decisions every day. Our research and analysis is based on the expert knowledge of over 700 qualified business analysts and 25,000 interviews conducted with industry insiders every year, enabling us to offer the most relevant, reliable and actionable strategic business intelligence available for a wide range of industries.
For more information, please contact our Press Office on +44 (0)1204 543 537 or at email@example.com
Help employers find you! Check out all the jobs and post your resume.