With the growing marketing of the health in China, healthcare Brands have seen the biggest boom of the recent years. With such trends, the list of drugs to be manufactured in there has spiked up.
The market potential is expected to reach a whopping $60 billion by 2020.There are many misconceptions associated with it that needs to rethink-As per the report by McKinsey, China will become the second largest consumer market by 2020 in the world. The people spending on the healthcare will become a part of this growth that is mostly consumer-driven. Also, the healthcare spending is expected to grow at a whopping 10.5% of the total urban households annual spending by the end of the year 2020. Thus, all this data and figures state that it is true that China has become the largest market that offers the greatest opportunity to swell in the consumer healthcare products.
Auto Medication in China
The Health multinational firm have focused extensively on the prescription drug and the medical devices in China
Medical Devices Market in ChinaEven after knowing the potential of consumer health care market of china, the drug multinational companies have focused extensively on the prescription drug and the medical devices. It is still a question worth pondering that why the multinational companies have not switched over to the healthcare units despite the sector has a great potential.
Opportunities for SME in ChinaThe small companies might have several reasons for their decisions. However, the discussions with the industrial experts have somehow cleared the misconception about the steps. They term the decision to not go with the healthcare sector as a wise and cautious step. On the other hand, they have fallen short of building a trust in the market among the consumers to build a winning consumer healthcare business in China. Hence, there is a huge Business opportunities in the Chinese Health Market.
Misconceptions about the Market
The Healthcare Market of China Is Small
China still follows the tradition mode of medicine in consumer healthcare market
Western MedicineAs far as the consumers are concerned, they think the western medicines are far better than the traditional medicine. They consider it more effective and tend to use them popularly.
This Market is SUPER competitive
Research on By-Health