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Report on China’s Healthcare Product Industry and Consumers (2023-2024)

时间:2024/03/07

According to data by iiMedia Research, the market size of China’s healthcare products is expected to reach 328.2 billion yuan in 2023 and 423.7 billion yuan in 2027. As consumers’ health awareness raises, people with gray hair and the younger generation will constitute the main driving force. Survey data shows 72% of the respondents consider healthcare products as nutritional supplements and most of the respondents understand the regulating functions of healthcare products towards human bodies and their health awareness gradually increases. The industry is highly competitive and problems such as absurd advertising and safety issues continuously emerge. As regulation gradually tightens, the industry will be more standardized. Healthcare product companies shall pay more attention to improving product quality, enhancing safety, and diversifying product categories so as to fully grasp new opportunities and respond to challenges in the health industry.

Market size of China’s healthcare products is expected to reach 328.2 billion yuan in 2023 and 423.7 billion yuan in 2027

China’s market scale of healthcare products has been expanding steadily in the past five years. Data by iiMedia Research reveals that the market size of China’s healthcare products is expected to reach 328.2 billion yuan in 2023 and 423.7 billion yuan in 2027. As consumers’ health awareness raises, people with gray hair and the younger generation will constitute the main driving force of the industry. Driven by science and technologies, and with the upgrading of products and services, the healthcare product industry will surely embrace an even brighter future. 

72% of the respondents consider healthcare products as nutritional supplements and consumers concern more about product functions, ingredients, and qualifications

According to data by iiMedia Research, 72% of the respondents consider healthcare products as nutritional supplements, and most of the respondents understand the regulating functions of healthcare products towards human bodies and their health awareness gradually increases. Among the factors that attract consumers’ attention when purchasing healthcare products, the top three ones are product functions, ingredients, and qualifications, accounting for 91.7%, 91.2%, and 88.1%, respectively.

Digital transformation of healthcare product enterprises deepens and the industry is becoming more standardized and diversified

With technological advancement, digital platforms and tools will surely provide more sales channels and effective management methods for healthcare product enterprises. After Covid-2019, consumers’ habits and lifestyle have changed, forcing enterprises to set up online platforms and deepen digital transformation. The healthcare product industry is highly competitive and problems such as absurd advertising and safety issues continuously emerge. As regulation gradually tightens, the industry will be more standardized. Healthcare product companies shall pay more attention to improving product quality, enhancing safety, and diversifying product categories so as to fully grasp new opportunities and respond to challenges in the health industry. 

Economic environment of China’s healthcare product industry

Data show that Chinese people’s disposable income continues to grow, but their expenditure of medical and healthcare products is still at a relatively low level. In 2022, the per capita healthcare expenditure of the Chinese people hit 2120 yuan, taking up 5.75% of their per capita disposable income. Analysts from AskCI Consulting think that income increase and the strengthening of people’s health awareness will stir the release of consumers’ consumption demand for healthcare, and the proportion of healthcare consumption is expected to increase significantly, demonstrating the huge potential of the healthcare product market.

Market size of China’s healthcare product industry and related predictions

Data by iiMedia Research reveals that the market size of China’s healthcare product industry was 298.9 billion, a year-on-year increase of 10.4% and it is expected to reach 423.7 billion yuan in 2027. Analysts from AskCI Consulting hold that in the short run, the domestic market of healthcare products is mitigated by the prohibition of swiping medical insurance card at drug stores, the 100-day campaign, and the implementation of cross-border e-commerce law. But in the long run, as consumers’ health awareness raises, people with gray hair and the younger generation will constitute the main driving force of the industry. Driven by science and technologies, with the updating of marketing approaches and channels, the healthcare product industry is surely promising.