China is experiencing an unprecedented growth in its population. As such, Swedish healthcare products are also seeing an exponential boom in the country. Sweden's medical and pharmaceutical products in 2013 amounted to around 5.4 billion kronor. In 2017, this figure increased to just under 10 billion kronor or around $1.1 billion.
In the span of just four years, the export of Swedish medical and pharmaceutical products have almost doubled. Moreover, the latest figures reveal that China is becoming important as an outlet for Swedish healthcare companies.
Many market experts have conceded that this latest boom of Swedish healthcare and pharmaceutical products is just the start of a possibly billion-dollar industry. Based on the latest figures, exports in the first quarter of this year is up 93 percent compared to the same period in 2017.
Business Sweden trade commissioner for China David Hallgren said that the exponential growth of the Swedish healthcare market in China can be traced back to two factors. The first factor is the current demographic change in China wherein the country's population is aging faster compared to other countries in the world. The second factor is the Chinese government's expansion of its welfare system.
Currently, three major Swedish companies are enjoying the boom in the local Chinese healthcare demand. These companies are Getinge, Molnlycke, and Astra Zeneca. Aside from these three major companies, around 30 smaller companies are also starting to establish their roots in the Chinese healthcare market in order to tap the potential revenue stream. The mentioned Swedish companies sell healthcare merchandises ranging from pharmaceutical products, electric wheelchairs, and healthcare related software.
Aside from China's rapidly aging demographic, there is also a lucrative market for providing healthcare solutions for the disabled.
China abolished its one-child policy two years ago. Despite this, figures reveal that there are not enough children being born that will eventually replace the country's aging working class. In order to remedy this, China started to create employment opportunities for people with disabilities.
One Swedish company is benefitting from this particular healthcare market. The company is Permobil, and it is known as one of the top manufacturers of electric wheelchairs and other products that provide aid to disabled people.
Aside from China, Swedish healthcare companies are also citing similar market opportunities in Singapore, India, Japan, and South Korea. Many market experts that this particular market will help open lucrative economic deals between Asian and European companies.
