Next Hundred Billion Market: Chinese Rehabilitation Industry in Aged Society
In the meeting of Chinese council on May 3rd 2017, Chinese government stress the importance of supporting social capital and resource to offer medical service, encouraging social organizations and companies to set up general clinics and independent institutions for medical exam and rehabilitation service.
This attitude from the government gives a signal to rehabilitation industry. An insider from a rehabilitation institution express his confidence of rapid development in rehabilitation industry. He believes that revolution in medical payment system, especially revolution in controlling medical expense, is constraining medical institutions to improve efficiency and accelerate hierarchical diagnosis. Rehabilitation institutions and services are going to be a trend for effectively reducing medical expense.
Aged Society with high demand in high-quality rehabilitation
China is stepping into aged society quickly. Although Chinese economy grew in astonishing speed in the past five years, aging population in Chinese metropolis such as Beijing and Shanghai， are also growing quickly.
Shanghai is now “the oldest city” in China. 30.2% of Shanghai residents, about 4.36 millions people, are aged over 60 by the end of 2016. Beijing aging residents is following Shanghai’s. According to data from China Rehabilitation Research Center, 500 residents aged over 60 are increased everyday in Beijing. It is estimated aged population will increased to over 30% of entire Beijing permanent resident population in 2030.
However, rehabilitation industry is still in initial stage. Present rehabilitation institution and nursing service only serve to a few demand of aged people. It is estimated there will be 100 billion yuan value in rehabilitation industry in the year of 2022.
Government policy reflects the high demand in rehabilitation. From June 30th 2016, rehabilitation items in social insurance system increased from 9 to 29. Other rehabilitation items in social insurance system around the country were also be retained. With motivation of policy, capital and technology, this Chinese hundred billion market is about to started.
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Translated by Samantha LIANG and first published in Chinese on Wechat social media.