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PRODUCT NEWS
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| Ageing Chinese population could kickstart nation’s health and wellness sector
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| 15 Apr 2014 . BY Tom Anstey |
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| The Chinese health sector is expected to grow to CNY800m in 2020 and will be a powerful driver for domestic consumption and employment / Shutterstock |
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A rapidly ageing Chinese society could be a new growth engine for health tourism in China, experts said at an international forum last week.
Globally, medical tourism is booming. An estimated six million people travel internationally each year to seek medical treatment, with the sector estimated to be worth around US$100bn (£59.8bn, €72.4bn) in 2012, growing at an annual rate of 20-30 per cent.
The global wellness tourism market was worth nearly half a trillion dollars market in 2013, representing 14 per cent of total global tourism revenues overall. The category could grow 9.9 per cent annually through to 2018 – nearly twice the rate of global tourism overall – reaching US$680bn (£407bn, €492.6bn) by 2017, or 16 per cent of total tourism revenues worldwide.
The Chinese health sector is expected to grow to CNY800m (US$129m, £77.4m, €93.4m) in 2020. It will be a powerful driver for domestic consumption and employment thanks to its expansive service and long industrial chain, according to Li Bin, head of the National Population and Family Planning Commission, speaking at the Boao Forum for Asia (BFA) 2014 Annual Conference.
At present, sightseeing remains the top priority for the majority of domestic tourists and for this reason, domestic health and wellness tourism is a very underdeveloped area among tour operators in the country. Medical tourism has also in recent times remained a low-key resource in China, currently catering only to a niche consumer base due to the low awareness of Chinese medical tourism and the very underdeveloped infrastructure for medical tourism in China.
That said, with rising disposable income levels and increasingly varied demand among Chinese consumers, health and wellness tourism is expected to continue recording robust growth, rising in constant value at a compound annual growth rate of 12 per cent.
Li said that when compared with neighbouring countries like India, Thailand and the Republic of Korea – all nations with vast experience and established brands in the global healthcare market – China is still in its infancy.
“China has a number of advantages in developing the healthcare sector, such as low cost, rich tourism resources, swiftly advanced medical services, and the traditional Chinese medicine is a global attraction,” added Li.
The BFA, is a non-profit organisation that hosts high-level forums for leaders from government, business and academia in Asia. The forum is designed to share its vision on the most pressing issues in the region and the world at large.
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