Global EditionASIA 中文双语Français
Home / Business / Industries

Women's wellness, beauty market glowing brightly

By ZHENG YIRAN | China Daily | Updated: 2023-09-14 09:18
Share - WeChat
Visitors view female healthcare products at Organon's booth during the fifth China International Import Expo in Shanghai in November. [Photo provided to China Daily]

Chinese females' focus on quality of life boosting spending power

The women's healthcare and wellness management market in China is attracting increased attention thanks to rising wellness awareness and improving consumption potential.

Data from global market research consultancy Acumen Research and Consulting showed that the women's global healthcare and wellness management market reached $25.3 billion in 2021, with the sector expected to grow to $97.3 billion by 2030. Therefore, the compound annual growth rate between 2022 and 2030 is expected to be over 16 percent.

By some census measures, China has the highest female population in the world, thus the women's healthcare management market in the country is developing at a healthy pace.

The seventh national census data showed that China's female population stood at 688 million by Nov 1,2020, among which 436 million were between 15 and 59 years of age, therefore contributing to strong consumption potential.

According to the 2021 Report on Female Health Consumption issued by Ali Health, girls and women are spending an increasing amount of money on healthcare, with their related expenditure surging at a CAGR of 20 percent.

"Women have become an absolute main driver of health consumption. With rising awareness of the importance of health and wellness and improvements in consumption capability, the women's health management consumption sector has been growing rapidly," said the report.

In recent years, entrepreneurial energy in the women's healthcare sector has risen. In May 2020, Kimon Angelides, founder of United States-based smart blood glucose management platform Livongo Health, established FemTec Health — a one-stop female healthcare and beauty services platform. By 2022, the company had completed three acquisitions and $38 million in financing.

In August 2021, Wang Qiangyu, former vice-president of intelligent mobile office platform Ding Talk, founded Testing OneLife, a women's healthcare management platform.

Several startups in the sector have emerged, including Oova, Heranova Lifesciences Holding, Kind-body, Tia and Teal Health, with capital flowing into the fast-growing industry.

Liu Yang, co-founder of Jinding Capital, said, "Those who win the hearts of women win the consumer medical services sector worth 10 trillion yuan ($1.4 trillion)."

With great market potential, global healthcare company Abbott has been investing in the sector in China for years. It continues to provide quality and trusted solutions to support women's health. In 2017, the company set up the Tulip Academy in China — a program committed to providing menopause-related education and training for physicians.

Norman Tang, divisional vice-president and general manager of Established Pharmaceuticals at Abbott China, said: "We believe women need all the support they can get. This is why we support the establishment of independent menopause centers in China to empower women going through menopause and give them an opportunity to get comprehensive support, with physicians trained to understand the specific needs of women going through this phase of life."

On May 12, the company launched a global initiative in Beijing, sharing a compilation of women's stories about menopause to raise awareness and empower more women to seek the support and care they need.

The company owns multiple branded generic medicines in the field of women's health, all aimed at making quality medicines more accessible to more women.

The women's healthcare management market mainly serves the needs throughout a woman's entire life cycle, including adolescence, adulthood, menopause and later stages of life. Among these periods, adulthood represents the biggest market and longest duration, as numerous subcategories contain business opportunities, such as anti-aging, assisted reproduction, pregnancy management, weight loss, postpartum rehabilitation, maternal and infant care, and gynecological exams.

"The large female population base means that the vast majority of women's healthcare management niche tracks have sufficient market space to accommodate two or more unicorns and listed companies," said Chen Ke, an investor who has been in the field for years.

HPV vaccines are a good example of this phenomenon. There are three domestically listed companies engaged in the research and development track of the sector — Chongqing Zhifei Biological Products Co Ltd, Beijing Wantai Biological Enterprise Co Ltd and Walvax Biotechnology Co Ltd. In terms of HPV vaccines, companies such as Ali Health, Baidu Health, JD Health and Pinduoduo are all involved in scheduled inoculations.

In the menstruation management sector, many enterprises have emerged, such as Dayima, Xiamen Meet You Co Ltd, Femometer and Leban Technology Co Ltd. And market competition is becoming increasingly heated.

Among these subcategories, industry experts noted that anti-early aging and weight loss sectors have been rapidly growing.

1 2 Next   >>|
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349