Health care products are growing at double digit rates, with consumers in China increasingly using their smartphones to look up products, according to a new report from global health firm KPMG.KPMG said that consumers are increasingly looking up products in search engines such as Google and Alibaba, and that Chinese health products sales jumped by 9.1% in the first quarter of this year.
That growth is likely due to Chinese consumers’ increased interest in their own health and the country’s rapid expansion in new medicines and devices.
“In the past, Chinese health spending was not driven by a consumer desire for higher quality health care,” said Alex Guevara, the company’s senior vice president for China and Southeast Asia.
“This is partly because Chinese consumers are willing to pay more for products with less oversight.”
Now that the market is expanding, it is a good time to take a look at how the market will develop and to take action,” Guecara said.
Kepco is the biggest player in China’s new health market, accounting for about 2.4% of the global market.
The Chinese company is also known for making some of the world’s top brands, such as a cough syrup and inhaler.
The Chinese health care market has grown faster than the rest of the globe since the country began introducing public health measures in 2016, with Chinese consumers spending more than $40 billion on health care in 2016.
That figure rose to $73 billion in 2017.
China is currently home to about 80% of global health spending, but analysts say that will shrink significantly as more countries adopt the same measures.
China is expected to have around 30% of health spending by 2023.