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1、China Life SciencesSector O 2026KPMG.Make the Difference.and Outlook1Executive summaryChina is rapidly positioning itself as a global life-sciences hub with a strong innovation momentumSub-sectors covered in the reportBiotechnologyPharmaceuticalsMedical devicesUS$14.3 billionM&A deals,2025In 2025,th

2、ere were 389 deals across the sector,with pharmaceuticals leading the deal size at US$5.9 billion.6.5 percent CAGR 202435EWith an estimated market size of US$131.0 billion,the medical devices market in China is expected to reach US$261.8 billion.6.4 percent CAGR 202435EWith an estimated market size

3、of US$226.7 billion,the pharmaceutical market in China is expected to reach US$448.0 billion.Key trendsChinas life sciences sector is rapidly scaling up in global relevance,driven by strong local R&D efficiency,AI-enabled innovation,and growing recognition of China-originated assets by multinational

4、 pharma through licensing and M&A.Key stress pointsThe sector faces mounting structural challenges,including R&D homogenisation,pressure on innovation returns,and post-approval commercialisation hurdles driven by hospital access constraints and pricing pressure.Sector outlookLooking ahead,China is e

5、xpected to further strengthen its position as a global life-sciences innovation and R&D hub,driven by innovation quality,achieving sustainable commercialisation,and navigating pricing,funding,and geopolitical risks.Chinas life sciences sector,hereafter referred as LS sector,has transitioned into a g

6、lobally significant innovation hub,underpinned by accelerated regulatory pathways,strong policy support,and rapidly rising R&D efficiency across pharmaceuticals,medical devices,and biotechnology.Digital technologiesAI,robotics,and smart manufacturingare reshaping the value chain,improving speed,scal