Monthly retail sales of pharmaceuticals in China 2011-2023

The retail trade revenue of traditional Chinese and western pharmaceuticals in China sank since 2017. In the most recently reported month in 2023, the retail sales figure in China amounted to about 68 billion yuan.

Pharmaceuticals retail in China

China is one of the largest and fastest growing pharmaceutical markets in the world. As of 2019, China was the world’s second-largest pharmaceutical market, following the United States with a market share of around 8.5 percent in global pharmaceutical sales. In 2019, China’s pharmaceutical market had increased by four percent compared to the previous year. The production value of China’s pharmaceutical industry had amounted to about 2.4 trillion yuan in 2019, showing a drop after a steady growth over the past decade.

The market outlook

In spite of its rapid growth, the pharmaceutical market in China is far from mature. Compared to other big economies, the pharmaceutical spend per capita in China has been far lower. In 2019, the pharmaceutical spend in the United States had averaged out to 1,229 U.S. dollars and 894 U.S. dollars in Switzerland. Yet along with higher living standards, an increasing health awareness, as well as a growing need for medical care due to the aging population, the consumer spending on medicine would undoubtedly rise in China.