With double-digit growth rates, China is amongst the world’s fastest growing healthcare markets. This was shown by the latest China Healthcare Report by the South China Morning Post. In terms of expenditure, China is already the second largest healthcare market in the world, with 3.5 trillion USD in 2018.
According to the report, China’s combined pharmaceutical and biopharmaceutical R&D spending is projected to grow by 23 percent per year until 2023. This represents 49 billion USD, or 23 percent of total global spending on drug discovery and testing. China is also making great strides in the field of medical technology: according to the report, the outbreak of Covid-19 led to a 20-fold increase in diagnoses and a 10-fold increase in prescriptions on online health platforms. It accelerated the introduction of AI in CT scans, algorithms for detecting Covid-19 in genomic sequencing and AI-based research platforms for vaccines.
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