By 2025, it is estimated that the percentage of people in China aged 65 and older will be at 15%. As the elderly population grows larger, the Chinese healthcare system must face the more complex medical needs required by its people, which directly includes expanding the welfare equipment industry.
The welfare equipment industry is directly linked to China’s elderly care market through both national and local government policies that enable insurance and subsidies to lower costs for citizens. It is crucial for companies to understand these policies when considering market entry and growth, to be able to service the Chinese people efficiently and cost-effectively.
When it comes to national policy, the government’s milestone Five-Year Plan for 2021-2015 specifically outlines a national strategy for China’s elderly care industry, which focuses on three focus points: expanding the supply of pension services, improving the welfare policy system, and expanding insurance coverage as well as strengthening R&D for eldercare products.
For local policies, each province has its own set of guidelines based on four key areas:
- Employee Injury Insurance, which provides subsidies for workers injured on the job
- Policies for the Disabled, which ensures a basic welfare guarantee for the disabled elderly
- Long-Term Care Insurance, which reimburses up to 70% of long-term eldercare costs
- Rental Services Subsidy System, which offers subsidies for medical devices and equipment
Understanding these policies, and how each differs based on the type of equipment, the location, and even the specific setting, is the objective of this report. This white paper also provides insight into the current landscape of the Chinese welfare equipment industry via a case study on electric wheelchair manufacturers in China, which has seen increased demand due to the number of elderly with mobility difficulties.
To learn more about the current landscape of the Chinese welfare industry—from opportunities in welfare services, to the Chinese wheelchair market size—download our full report.