China’s Next $100B Market
Healthcare workers in China will increase 10x to exceed 10 million in the next decade
China today is gearing up for an explosion in the development of private healthcare that is expected to exceed US $100 billion by 2030.
The emerging opportunity is driven by a population swiftly approaching 1.5 billion, an expanding affluent middle-class and the rapid aging of baby boomers that will account for around 25% of the population by 2020.
The result is a sudden interest towards the development of private healthcare rehabilitation services to improve privatized senior living, disease prevention and rehabilitation therapies by both multinational and domestic players.
Sought-after private services for well-to-do retirees include disease prevention, disease management, health and fitness, life style coaching, wellbeing therapy, neuro-rehabilitation and other related health support services.
According to China Business Review, this emerging private healthcare market sector in China is expected to exceed US$ 100 billion by 2030.
It is also estimated that the number of professional healthcare workers in China is expected to increase 10 fold to exceed 10 million over the next decade. The type of workers needed will include trained healthcare professionals such as health coaches, physiotherapists, nurse aids, respiratory therapists, nutritionists and rehabilitation specialists.
Just when a generation of young Chinese is increasingly engaged with social media, Internet gaming and online shopping, the more affluent, golden-age Chinese retirees at the other end of the spectrum are now spending lavishly in medical services.
A popular feature is medical tourism where they can get their blood pressure, blood sugar and cholesterol checked in a holiday resort where they can also undergo a comprehensive disease prevention and management program by a world-class therapist to ensure that they can live a long and cheerful life.
Cornerstone International Group in China has supported numerous Fortune 500 healthcare, medical and biotechnology firms with the appointment of senior executives and strategic hiring around the APAC region. The positions successfully filled by the Cornerstone Life Science team include VPHR, CFO, CMO, CTO, Head of Regulatory, Head of Quality, Head of Compliance, Specialists and Physicians.
