The aging population is an important challenge that our country is facing and will continue to face. With the aging of the population，the demand of the elderly for medical care and pension is constantly increasing，which makes the operation of basic medical insurance fund and basic pension insurance face pressure，and the cost of social pension is rising. Based on the analysis of the important industry policies and their impacts in 2019，this paper focuses on the analysis and review of the development of six industry segments，such as the pharmaceutical industry，medical devices，pharmaceutical business，etc.，looks forward to the development trend of the medical and health industry in 2020 from multiple perspectives，and analyzes the investment opportunities of the medical and health industry in 2020. Despite the impact of novel coronavirus pneumonia，it is only a short-term impact，and the medium and long-term trend remains unchanged. On the whole，in 2020，the medical and health sector still has good investment value. With the economic development and technological progress，the medical and health industry will usher in a new stage of development.