$17.8bn
$XXX.Xm
188k
6,893
$X.Xbn
Revenue for the Medical Research industry is expected to grow at an annualized 7.0% over the five years through 2023, to $17.8 billion. This includes an 6.4% increase in 2023. Revenue growth has been steadily slowing in recent years as the industry has matured, and competition for government funds and private funds has increased. Over half of the industry's revenue is derived from government funding.The industry comprises two major types of institutions: biotechnology companies and medical research institutions. Approximately 6,893 enterprises operate in the industry, employing about 188,344 people with an estimated payroll of about $2.6 billion.ACMR-IBISWorld anticipates that profitability for industry operators will be low in 2023, at just 0.9% of revenue, due to the high cost of medical research and commercialization challenges. However, profitability varies among different participants in the industry. Biotechnology companies tend to be profitable, while medical research institutes are more likely to endure losses.Due to the increasing importance of research and development (R&D), the industry is projected to develop steadily over the next five years. Industry revenue is forecast to increase at an annualized 5.4% over the five years through 2028, to $23.2 billion. Research institutions are increasingly receiving funding from companies in the private sector, such as pharmaceutical companies and medical equipment manufacturers. The newly passed Corporate Income Law provided several favorable policies to encourage R&D investment. As the private sector develops, more companies will be able to invest in medical research.
Industry revenue has grown at a CAGR of 7.0 % over the past five years, to reach an estimated $17.8bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($short_0)
2023 |
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There are no companies that hold a large enough market share in the Medical Research in China industry for IBISWorld to include in this product.
Medical Research in China
Industry revenue is measured across several distinct product and services lines, including Basic medical research, Applied medical research and Experimental development. Basic medical research is the largest segment of the Medical Research in China.
Experimental development for medical applications
The Medical Research industry in China undertakes basic and applied research and development in the medical and pharmaceutical fields. Enterprises include laboratories of medical research institutes, medical schools and biotech firms. The following research functions are not included in the industry: R&D activities by pharmaceutical or medical equipment manufacturing industries, research unrelated to the human body or human diseases, and the commercialization of medical research.
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The Central Government directly funds many non-profit research institutes, like the Chinese Academy of Sciences. This funding is mainly distributed through public foundations...
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Experimental development for medical applications. Most medical research activities belong to the experimental development category, accounting for an estimated 75.2% of medi...
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High levels of economic development and greater government funding. The Medical Research industry is mainly concentrated in economically developed areas like Guangdong and Ji...
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The government's financial support is the biggest competitive advantage. Because medical research costs a lot and takes a long time.
Learn about the performance of the top companies in the industry.
Many institutions are public welfare. Medical research requires enormous time and money, and these studies are funded by the Chinese government.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Government investment in local Medical Research Institute. Rises in medical demand in a given area increases research in that geography, driving demand and impacting profit.
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Large investment in manpower and facilities. Medical research requires large amount of capital in upgrade and maintenance of research equipment.
Including values and annual change:
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Key data sources in China include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
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IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
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The market size of the Medical Research industry in China is $17.8bn in 2024.
There are 6,893 businesses in the Medical Research industry in China, which has grown at a CAGR of 2.1 % between 2019 and 2024.
The market size of the Medical Research industry in China has been growing at a CAGR of 7.0 % between 2019 and 2024.
Over the next five years, the Medical Research industry in China is expected to grow.
Basic medical research and Applied medical research are part of the Medical Research industry.
The level of competition is moderate and increasing in the Medical Research industry in China.