2014-04-25 00:57:01 - CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - China - a new market research report on companiesandmarkets.com
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. 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 we forecast 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 â the second largest in Asia, behind Japan â which we forecast will climb from $20 billion in 2012 to $54 billion in 2020, at a projected Compound Annual Growth Rate (CAGR) of 13.1%. The market for western medicine was approximately $8.8 billion in 2007 and was estimated at $46.7 billion in 2012.
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