China Connected Healthcare Market Analysis

China Connected Healthcare Market Analysis


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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 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.

ID: IN10CNHS004 CATEGORY: Healthcare Services GEOGRAPHY: China AUTHOR: Neha Davda

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China Connected Healthcare Market Executive Summary

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.

China Connected Healthcare Market

Market Dynamics

Market Growth Drivers

The China-connected healthcare market is expected to be driven by factors such as:

  1. Large and ageing population- China has the greatest population in the world, and its old population is expanding quickly. Demand for healthcare services is rising as a result of the changing demographics, particularly for remote monitoring and treatment
  2. Government support- A favourable environment for the development of the connected healthcare industry has been created by the Chinese government's implementation of policies and initiatives to support healthcare reform, encourage innovation, and invest in healthcare technology
  3. Technological advancements- The growth of digital technology and the internet have increased customer access to, affordability, and convenience with connected healthcare services
  4. Rising middle-class- Consumers in China are becoming more health-conscious and seeking higher-quality healthcare services, especially those provided through connected healthcare platforms, as the country's middle class expands

Market Restraints

The following factors are expected to limit the growth of the connected healthcare market in China:

  1. Large and ageing population- China has the greatest population in the world, and its old population is expanding quickly. Demand for healthcare services is rising as a result of the changing demographics, particularly for remote monitoring and treatment
  2. Government support- A favourable environment for the development of the connected healthcare industry has been created by the Chinese government's implementation of policies and initiatives to support healthcare reform, encourage innovation, and invest in healthcare technology
  3. Technological advancements- The growth of digital technology and the internet has increased customer access to, affordability of, and convenience with connected healthcare services
  4. Rising middle-class- Consumers in China are becoming more health-conscious and seeking higher-quality healthcare services, especially those provided through connected healthcare platforms, as the country's middle class expands

Competitive Landscape

Key Players

  • Tencent Health (CHN)- It offers online health consulting, appointment scheduling, and prescription delivery services as a division of Tencent Holdings
  • JD Health International (CHN)- It offers online medical consultations, drug delivery, and health management services as a division of JD.com
  • WeDoctor (CHN)- A healthcare platform that offers services including online consultations, scheduling appointments, and delivering prescriptions
  • iCarbonX (CHN)- A business that offers individualised health management services using big data and artificial intelligence
  • Roche- A Swiss firm that provides diagnostic services in addition to developing and producing pharmaceutical products
  • GE Healthcare- GE Healthcare is a global healthcare corporation that provides a variety of digital health solutions, such as medical imaging and monitoring devices, as well as healthcare analytics technologies
  • Medtronic- Medtronic is a global medical technology business that develops connected healthcare products such as insulin pumps and pacemakers. The business also offers services for remote patient monitoring and solutions for managing healthcare data

Notable Deals

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.

Healthcare Policies and Regulatory Landscape

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.

Reimbursement Scenario

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

Connected Healthcare Market Segmentation

By Type (Revenue, USD Billion):

Based on the Type the market is segmented into mHealth services, mHealth Devices, and E- Prescription

  • MHealth services
  • mHealth Devices
  • E- Prescription

By FunctionType (Revenue, USD Billion):

  • Remote patient monitoring
  • Clinical monitoring
  • Telemedicine
  • Others (Assisted Living)

By Application Type (Revenue, USD Billion):

  • Diagnosis and Treatment
  • Monitoring Application
  • Wellness and Prevention
  • Healthcare management
  • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.

Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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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.


This report addresses

  • Intelligent insights to take informed business decisions
  • Qualitative, acute and result oriented market analysis
  • Market size and forecasts from 2022 to 2030
  • Opportunities for expansion and in-depth market analysis
  • Segmentation and regional revenue forecasts
  • Analysis of the market share and competitive landscape
  • Strategic Recommendations to chart future course of action
  • Comprehensive Market Research Report in PDF and PPT formats

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Last updated on: 11 April 2023
Updated by: Ritu Baliya

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