Targeting China’s 5,700 Trillion Won Silver Market: K-Bio One Team Accelerates Local Expansion

KOTRA Hosts 'Medical Korea in China' in Beijing

21 Companies Participate, Including Pharmaceutical and Medical Device Firms

Tangible Results, Including Cooperation with Chinese State-Owned Pharmaceutical Companies

As China, with its population of 1.4 billion, is undergoing rapid aging, Korean medical and pharmaceutical companies have joined forces as one team to enter the Chinese silver industry. On May 19, the Korea Trade-Investment Promotion Agency (KOTRA) announced that, together with the Embassy of the Republic of Korea in China and the Korea Health Industry Development Institute, it has been hosting 'Medical Korea in China' in Beijing, China, for three days starting from the 18th.

KOTRA held 'Medical Korea in China' for three days from the 18th in Beijing, China, together with the Embassy of the Republic of Korea in China and the Korea Health Industry Development Institute. The photo shows the Korean Pavilion at the 'China International Elderly Care Service Expo,' a representative exhibition of China's silver industry. Photo by KOTRA

This event is the first business cooperation initiative in the silver industry sector since the signing of the 'Silver Economy Memorandum of Understanding (MOU)' between the Korean and Chinese government departments in November last year.

Currently, China has over 320 million people aged 60 or older and is on the verge of becoming a super-aged society. Notably, it took only about 25 years for the proportion of the population aged 60 and above to double from 10% to 20%, marking the fastest pace of aging among major countries.

Accordingly, the size of China's silver market is expected to reach approximately 30 trillion yuan (about 5,700 trillion won) by 2035. Recently, China's elderly population, with considerable assets and digital literacy, has emerged as the "active senior" segment, a core group for value and health-related consumption. The Chinese State Council's designation of the silver industry as a national strategic industry in 2024, along with the support from relevant ministries, is also accelerating the growth of the silver industry.

This year's 'Medical Korea in China' consists of the operation of the Korean pavilion at the China International Senior Services Expo, a leading exhibition in China's silver industry, as well as the 'Korea-China Silver Economy Forum' held on the same day.

At the China International Senior Services Expo, 21 domestic companies—including medical institutions, pharmaceutical companies, and medical device firms—participated as part of the Korean pavilion, holding more than 500 export and investment consultations with around 70 Chinese buyers and investment companies.

Tangible results are already emerging. W Company, a developer of smart entrance systems for the elderly, confirmed its first export shipment within this year. G Plastic Surgery and B Dermatology Clinic agreed to implement a five-year cooperation project worth 1 million dollars, which includes moving into hospitals directly managed by a Chinese state-owned pharmaceutical company and jointly launching a brand in China.

Hwang Jaewon, Head of KOTRA's China Regional Headquarters, stated, "The silver industry is a new growth engine for China's economy and an expanding export opportunity for us. We will do our utmost to help Korean medical and silver industry-related companies enter the Chinese market effectively by leveraging the newly launched K-Bio One Team."

This content was produced with the assistance of AI translation services.