China To Be Fourth Largest Western Drug Consumer By 2012
Posted on: Monday, 10 November 2008, 12:14 CST
China is expected to become the world’s fourth largest western drug consumer by 2012 as aging population is growing in the country and people are increasingly opting western drugs.
RNCOS have recently released a new research report, “China Healthcare Sector Analysis”, that says, western drugs are gaining popularity in China on account of their high efficacy and better results. The market size of western drugs in the country stood at US$ 15.5 Billion last year, and it is expected to surge at a CAGR of 14.4% by end of 2012, making China the world’s fourth largest pharmaceutical market after the US, Japan and Germany.
The report identifies that rising aging population (above 65 years) in China is one of the key factors boosting sales of western drugs. In 2007, 104 Million people, constituting nearly 8% of the total population, in the country were above 65 years of age and this number is expected to rise to 322 Million, more than the entire present population of the US, by 2050. With growing aging population, the prevalence of various chronic diseases like arthritis, cardiovascular and diabetes is also anticipated to increase strongly in the country. This will give rise to enhanced need for western drugs.
Furthermore, the healthcare expenditure on a person, aged 65 years or above, is estimated to be higher by 3-6 times from what a person aged between 35 and 44 years spent. Thus, rising proportion of aging population is projected to create a strong demand for drugs in China.
“China Healthcare Sector Analysis” provides in-depth analysis on the factors that define the structure and composition of healthcare market in China. It also provides detailed statistical and analytical view on various parameters of the market, including demographics, macroeconomic indicators, disease profile, healthcare services market, pharmaceutical market, medical device market, key drivers and restraints. It also gives quality information to clients that enable them to plan their market strategies and assess opportunities in the Chinese healthcare sector.
The report also gives forecast on various segments of the Chinese healthcare industry, such as healthcare expenditure, traditional Chinese medicines market, medical devices market and medical devices market by segment.
About RNCOS:
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.
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