According to a report by Chinese market research company Saidizhiku 赛迪智库, the value of China’s elderly care service market is expected to reach 9.8 trillion RMB in 2021. This figure is up from 4.6 trillion RMB in 2018. 43,000 new elderly care services companies have been registered this year, a 7.5% increase from last year.
According to the Chinese Academy of Social Sciences’ “China Elderly Care Service Development White Paper”, the value of this market is expected to continue to expand rapidly and reach 13 trillion RMB in 2030.
China has an ageing population which is growing much more rapidly than other low and middle-income countries due to falling birth rates (in part due to China’s one child policy) and rising life expectancy. By the end of 2019, there were approximately 254 million people aged over 60 in China which accounts for 18.1% of the total population. The WHO predicts that this population demographic will increase to 28% in 2040.
Yesterday, e-commerce platform JD announced that it would release a 5G smartphone for China’s elderly to help them access China’s digital economy.