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.
Retail trade revenue of traditional Chinese and western medicine in China December 2011 to December 2023
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According to the source, figures for January and February have been grouped together to curb the influence of the Chinese New Year on the statistic. Chinese New Year falls between January and February.
One yuan equals approximately 0.14 U.S. dollars and 0.13 euros (as of February 2024).
According to the source, retail sales refer to the trade revenue of tangible goods not intended for business use traded from wholesale and retail companies to individuals or non producing social organizations. Figures include total revenues of the food and beverage service industry. During the survey, only wholesale companies with an annual revenue of 20 million yuan and above as well as retail companies with an annual revenue of five million yuan were questioned.
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National Bureau of Statistics of China. (February 13, 2024). Retail trade revenue of traditional Chinese and western medicine in China December 2011 to December 2023 (in billion yuan) [Graph]. In Statista. Retrieved September 01, 2024, from https://www.statista.com/statistics/226906/trade-revenue-of-medicine-in-china-by-month/
National Bureau of Statistics of China. "Retail trade revenue of traditional Chinese and western medicine in China December 2011 to December 2023 (in billion yuan)." Chart. February 13, 2024. Statista. Accessed September 01, 2024. https://www.statista.com/statistics/226906/trade-revenue-of-medicine-in-china-by-month/
National Bureau of Statistics of China. (2024). Retail trade revenue of traditional Chinese and western medicine in China December 2011 to December 2023 (in billion yuan). Statista. Statista Inc.. Accessed: September 01, 2024. https://www.statista.com/statistics/226906/trade-revenue-of-medicine-in-china-by-month/
National Bureau of Statistics of China. "Retail Trade Revenue of Traditional Chinese and Western Medicine in China December 2011 to December 2023 (in Billion Yuan)." Statista, Statista Inc., 13 Feb 2024, https://www.statista.com/statistics/226906/trade-revenue-of-medicine-in-china-by-month/
National Bureau of Statistics of China, Retail trade revenue of traditional Chinese and western medicine in China December 2011 to December 2023 (in billion yuan) Statista, https://www.statista.com/statistics/226906/trade-revenue-of-medicine-in-china-by-month/ (last visited September 01, 2024)
Retail trade revenue of traditional Chinese and western medicine in China December 2011 to December 2023 (in billion yuan) [Graph], National Bureau of Statistics of China, February 13, 2024. [Online]. Available: https://www.statista.com/statistics/226906/trade-revenue-of-medicine-in-china-by-month/