Lee Gyu-lee is a business writer at The Korea Times, focusing primarily on IT & telecommunications, the Ministry of Trade, Industry and Energy and KOTRA. Prior to this, she has covered a wide range of cultural news, from film, television and K-pop to lifestyle and fashion.
KOTRA helps firms enter China's growing market for older adult care
A photo of Chengdu's medical complex / Courtesy of KOTRA
By Lee Gyu-lee
The Korea Trade-Investment Promotion Agency (KOTRA) is hosting the Korea-China Anti-aging Medical Plaza in Chengdu, China, to support Korean companies seeking to enter China’s rapidly growing medical market for older adults.
The two-day event kicked off on Wednesday and is jointly organized with the South Gyeongsang Provincial Government.
Ten Korean companies are participating in forums and business consultations, showcasing smart health devices, high-frequency stimulators, ultrasound therapy devices, anti-aging beauty products and solutions for cognitive improvement, as well as cosmetics and health supplements.
"As China's older adult industry grows swiftly, demand from older consumers for medical beauty and care services is also increasing," said Hwang Jae-won, head of KOTRA's China regional headquarters.
"We will actively support Korean companies entering major cities like Beijing, Shanghai, Guangzhou and Chengdu in China."
According to China’s National Bureau of Statistics, its population aged 65 and over reached approximately 220 million in 2023, accounting for 15.4 percent of the total population. As the country has been facing an aging population, the market for older consumers has also been increasing.
China’s older adult-related industry was estimated at about 8.3 trillion yuan ($1.12 trillion) in 2024, which is equivalent to 6 percent of its GDP, and is projected to grow up to approximately 25 trillion yuan by 2030.
This event is part of the partnership effort with China's Sichuan Province. The South Gyeongsang Provincial Government hosts 1,484 anti-aging-related companies and has been nurturing the anti-aging industry as its core regional project.
The first day of the event held an anti-aging medical forum, inviting municipal government officials from both countries and representatives from related associations and businesses.
Experts from the Gimhae Biomedical & Industry Promotion Agency, BOE Smart Care and Jiamei Yunchuang discussed the current status and collaboration opportunities in both countries' anti-aging medical fields. About 70 meetings between Korean companies and local buyers were held during the business consultation session Wednesday.
"(The event) gave an opportunity to confirm the market potential as China is expanding intelligent care facilities that combine smart health devices with care services nationwide," said Song Jae-jun, CEO of Neurive, a neural stimulator manufacturer that participated in the event.
The second day will include representatives from the medical and older adult care facilities in Chengdu, which has the largest medical complex in Southwest China. The complex hosts about 600 companies in pharmaceuticals, medical devices and older adult care services, attracting 180,000 people seeking care in 2023 alone.