‘Silver Yuan’: China’s geriatric healthcare a US$134 billion market by 2035, Goldman says
Wealthy Chinese consumers are likely to spend three times more than their peers on post-retirement healthcare over the next decade
China’s geriatric healthcare industry is projected to be worth 963 billion yuan (US$134 billion) over the next decade, as an expanding middle class amid a rapidly ageing population increases the need and willingness to spend, according to a report by Goldman Sachs.
Wealthy Chinese consumers were likely to spend three times more than their peers on post-retirement healthcare over the next decade, the US bank said in a report published on Monday, a trend that augurs well for the growth of the so-called silver economy.
Consumers with disposable assets of at least 3 million yuan were projected to increase their annual spending on healthcare by 14.3 per cent over the next decade, Goldman said. Spending by this group of wealthy pensioners may balloon fourfold from 221 billion yuan last year.
The rise of the so-called silver yuan presents growth opportunities for geriatric healthcare services that were not currently covered in state health insurance policies, such as cataract surgeries, dental implants, vaccines against shingles and the respiratory syncytial virus, according to the report.
This group of consumers was also more likely to spend money on early screening, preventive care, and premium treatment such as specialised medications, consumables, higher-quality healthcare services, post-treatment nursing and rehabilitation, the report said.