China is currently experiencing a revolution in digital healthcare technologies as the government looks to new technologies such as telemedicine, wearable health-tech devices and mHealth to improve healthcare access for all of its citizens. Some experts estimate the market will expand from $4 billion USD in 2016 to $110 billion in 2020. In 2014 alone, nearly $700 million in venture funding poured into digital health care in China, with investors supporting a wide range of digital health platforms from e-commerce to online physician-and-patient communication services to disease management apps.
Digital healthcare in China offers a tremendous opportunity for international companies seeking to enter the market.
According to a report from BCC Research, the global telemedicine market (Tele-Consultation, Tele-Monitoring, Tele-Education, Tele-Training, Tele-Care, and Tele-Surgery) grew from $9.8 billion in 2010 to $11.6 billion in 2011 and will almost triple to $27.3 billion in 2016.
A report by Soreon Research indicates that the global size of smart wearable devices is USD 2 billion. By the year 2020 this sector is predicted to reach USD 41 billion. Important features of these devices include heart rate monitoring, sleep monitoring, blood oxygen, respiratory rate, glucose level and body temperature.
China’s Mobile Health market is expected to reach $3.7 Billion USD by the End of 2018, according to a recent report by Huidian Research, a leading industry consulting & market survey firm in China.
Continued development of medical facilities at grass-root level and in rural areas.
China’s aging of population: currently over 200 million, and estimated to reach over 250 million in 2020.
Chronic diseases -Over 17 million premature deaths, 85% of which are related to chronic diseases, and huge cost of treatment for coronary heart disease and diabetes.
Over 300 million overweight and obese
The most comprehensive nationwide survey for diabetes ever conducted in China shows 11.6 percent of adults, or 114 million, has the disease.
There is a growing consensus among the healthcare community that digitally enabled care is no longer “nice to have,” but instead, is fundamental for delivering high quality care.
“We wanted to thank you for the time we spent together at the MTA conference and trade mission…it was our first time in China, and it was a pleasant experience and effective at the same time.”
“Thank you SO much… China was an eye opening experience for me. One-fourth of the world’s people will soon demand access to cutting edge healthcare via their expanding economy and increasing exposure on the world stage. I saw opportunities to both learn and teach… and I saw opportunity to provide options for them if seeking care abroad. I look forward to cultivating these new relationships on both a business and personal level”
Dr. Alejandro Badia
“MTA is great at organizing key players and stakeholders to visit one of the fastest growing healthcare markets in the world and people from Beijing Great-Idea Business Resources just know how to host the international guests and what are of benefit to them and the host country. It was a very successful trip and we all enjoyed it a lot. Thank you!”
Dr. Win Zaw Aung
“MTA did a great job by organizing the trade mission and Congress. The event opened new opportunities to all the participants of the trade mission. To get acquainted with so many Chinese serious businessmen during one week face to face would have been not possible without this trip. We all do appreciate and are sincerely grateful to MTA. Moreover the interaction within the group was incredible. I am sure new projects will be launched as a result.”
Head of ABT Educational