China’s Drug and Medical Device Sector Becomes Major Economic Growth Engine

China’s pharmaceutical and medical device industry is rapidly emerging as a key driver of economic growth, with total revenue expected to exceed US$2.1 trillion by 2030 and further expand to around US$3.2 trillion by 2050, reflecting robust demand fueled by an ageing population and increased healthcare spending.

Strong Demand and Innovation Fuel Expansion

Analysts say China’s ageing population and rising per-capita healthcare expenditure are propelling the sector’s growth, with innovative medicines, including new chemical entities and advanced biologics, projected to grow at about 20 per cent annually through 2030. This shift toward high-value products is attracting investment and supporting the industry’s transformation from a manufacturing base to a more innovation-led ecosystem.

Global Ambitions and Strategic Positioning

Chinese biotech and device companies are also increasing their global footprint, securing approvals in Europe and the US and driving overseas revenue growth. Alongside government initiatives aimed at technological self-reliance and international regulatory alignment, these trends position China to become a prominent global competitor in the pharmaceutical and med-tech industries.