China’s drug and medical device sector emerges as new engine of economic growth

South China Morning PostCenter-RightEN 1 min read 100% complete by Daniel RenJanuary 18, 2026 at 11:00 PM

AI Summary

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China's pharmaceutical and medical device sector is becoming a significant driver of economic growth, with revenue projected to increase substantially in the coming years. UBS estimates the sector will generate over $2.1 trillion by 2030 and $3.2 trillion by 2050, up from $1.4 trillion in 2024. This growth is fueled by an aging population and increasing per-capita spending on medical care. Innovative drugs are expected to be a key growth area, with an anticipated annual growth of 20% between 2026 and 2030. The sector's expansion also supports China's broader goal of becoming a technology leader, as evidenced by companies like Shanghai Henlius Biotech expanding into overseas markets.

Key Entities & Roles

Key Player Opposition Context

Xinhua 30% Europe 40% United States 40% Beijing 50% Zhu Jun 50% Shanghai Henlius Biotech 60% Chen Chen 60% UBS ×270% China ×490%

Keywords

china 100% pharmaceutical industry 90% economic growth 80% innovative drugs 80% medical device 70% revenue 70% medical care spending 60% biotech firms 60% ageing population 50%