Medical and Beauty Demand Surges Amid Accelerating Aging in China
Gyeongsangnam-do and KOTRA Hold Anti-Aging Medical Plaza in Chengdu
Ten Korean Companies Participate in Forum and Consultation Sessions
Domestic companies are targeting the silver medical market as China's aging population accelerates and a consumption revival atmosphere spreads.
Gyeongsangnam-do and the Korea Trade-Investment Promotion Agency (KOTRA) will hold the "Korea-China Anti-Aging Medical Plaza" in Chengdu, China, for two days from the 9th to the 10th. Ten domestic companies related to anti-aging, including smart health devices, cognitive improvement solutions, radiofrequency stimulators, ultrasound therapy devices, anti-aging beauty products, functional cosmetics, and health foods, will participate in the forum and consultation sessions.
According to the National Bureau of Statistics of China, as of 2023, the population aged 65 and over is about 220 million, accounting for 15.4% of the total population, marking the entry into a moderately aged society. The elderly population is rapidly increasing mainly in major cities such as Chongqing, Shanghai, Beijing, and Chengdu, and as of 2024, the silver industry size reaches about 8.3 trillion yuan, which is 6% of the GDP. It is expected to grow to 25 trillion yuan by 2030.
This event was organized as part of the cooperation between Gyeongsangnam-do, which is strategically fostering the anti-aging industry, and Sichuan Province in China. Gyeongsangnam-do hosts 1,484 anti-aging related companies and is nurturing the anti-aging field as a core regional industry. Sichuan Province had an aging rate of 18.46% as of 2023, and Chengdu is gaining attention as a medical beauty hub.
About 60 people, including officials from the Consulate General in Chengdu, Gyeongsangnam-do, Sichuan provincial government, and businesspeople, attended the Korea-China Anti-Aging Medical Forum held on the first day of the event. Experts from Gimhae Biomedical Industry Promotion Agency, BioSmartCare, Jia Mei Winchang, and others discussed the current status and cooperation plans of the anti-aging industry in both countries. In the following consultation session, about 40 Chinese buyers participated, conducting approximately 70 consultations with domestic companies.
On the second day, participants visited representative medical and nursing facilities in the Chengdu area and held a business exchange meeting. The Medical City in the Yuanzhang area of Chengdu is a medical complex housing about 600 companies, with 180,000 nursing population inflows last year alone. Tianfu International Bio City is attracting attention as a bio cluster gathering about 300 pharmaceutical and medical device companies. At the smart nursing facility "Jinchengsguang," operated by the display giant BOE, comparative experiences with domestic services were also conducted.
Song Jae-jun, CEO of N Company, a neurostimulator manufacturer participating in the event, said, "We confirmed market potential in the expansion movement of intelligent nursing facilities in China," and added, "We plan to enter the market promptly after obtaining certification." Hwang Jae-won, head of KOTRA's China regional headquarters, stated, "The silver industry is rapidly growing mainly in first- and second-tier cities, and we will actively support our companies' local entry."
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