The China-connected healthcare market is projected to grow from $5.34 Bn in 2022 to $43.25 Bn by 2030, registering a CAGR of 29.9% during the forecast period of 2022 - 2030. The main factors driving the growth would be a large and ageing population, government support, technological advancements and a rising middle class. The market is segmented by type, function and by application. Some of the major players include Tencent Health, JD Health International, WeDoctor, iCarbonX, Roche, GE Healthcare and Medtronic.
The China-connected healthcare market is projected to grow from $5.34 Bn in 2022 to $43.25 Bn by 2030, registering a CAGR of 29.9% during the forecast period of 2022 - 2030. China's health spending increased from 5.17% of GDP in 2018 to 5.35% in 2019. The cost of healthcare as a proportion of GDP is still lower in developing nations, where it typically varies between 10% and 15%.
In China, the connected healthcare sector is expanding and changing quickly. Numerous Chinese businesses are investing in this industry in order to address consumer demand for healthcare services as a result of the advancement of digital technologies. Early in 2020, when the COVID-19 pandemic broke out, telemedicine became more widely accepted. Online platforms were also compelled to offer a full range of services, including online diagnosis and treatment, drug sales and delivery, online payment, and services for medical insurance reimbursement. By the end of 2021, there were more than 1,900 internet hospitals operating in China, a 400% increase from the previous year.
Market Growth Drivers
The China-connected healthcare market is expected to be driven by factors such as:
Market Restraints
The following factors are expected to limit the growth of the connected healthcare market in China:
Key Players
September 2022: Tencent plans to spend $41.5 Mn on a Jiangsu Yuyue Medical Equipment & Supplies Co. subsidiary, expanding its healthcare portfolio months after Beijing promised to allow more technological mergers.
The National Medical Products Administration (NMPA), which is in charge of approving and regulating medical devices, pharmaceuticals, and other healthcare items, is the main regulatory organisation. The China Food and Drug Administration (CFDA) also monitors the security of food and medications. The Cybersecurity Law and the Personal Information Protection Law, both of which have ramifications for connected healthcare, are part of China's strong data privacy and security framework.
The "Healthy China 2030" strategy and the "Internet Plus Healthcare" initiative are some of the strategies the Chinese government has put into place to promote the expansion of the connected healthcare market. These regulations seek to use technology to save costs, promote access to care, and improve healthcare outcomes. Hence, there has been substantial investment in remote monitoring systems, wearables and telemedicine.
In order to promote the use of connected healthcare technologies and lower healthcare expenses, the Chinese government has developed a number of reimbursement policies. The "Internet Plus Healthcare" initiative, which intends to promote the use of telemedicine and other digital healthcare technology, was launched by the National Healthcare Security Agency (NHSA) in 2018. The NHSA has created reimbursement guidelines for telemedicine consultations as part of this strategy, and these services are now protected by China's national healthcare insurance program. Similarly, under certain conditions, remote monitoring services are also eligible for compensation.
1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment
6. Methodology and Scope
By Type (Revenue, USD Billion):
Based on the Type the market is segmented into mHealth services, mHealth Devices, and E- Prescription
By FunctionType (Revenue, USD Billion):
By Application Type (Revenue, USD Billion):
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The China-connected healthcare market is projected to grow from $5.34 Bn in 2022 to $43.25 Bn by 2030, registering a CAGR of 29.9% during the forecast period of 2022 - 2030.
The China-connected healthcare market is segmented by type (m-health services, m-health devices and e-prescription), by function (remote patient monitoring, clinical monitoring, telemedicine and others), and by application type (diagnosis and treatment, monitoring application, wellness and prevention, healthcare management and others).
Some of the major players in China's connected healthcare market are Tencent Health, JD Health International, WeDoctor, iCarbonX, Roche, GE Healthcare and Medtronic.
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