While currently under some political unrest, Hong Kong’s affluent and sophisticated medical device industry continues to offer device manufacturers great opportunities. Hong Kong’s long history of wealth and foreign presence has led to decades of industry leading medical service in Asia. Given Hong Kong’s limited space, but high population, the city heavily relies on medical device imports, reaching US$1.86 billion in 2016, 10% over 2015. Like many of their neighboring countries, a lot of this growth is attributed to their aging population with citizens aged 65 or older expected to more than double by 2041, growing from 1.2 million to 2.6 million. While US companies maintain the largest share of any country when it comes to medical equipment imports, total market share has slipped from near 20% to 19% in 2016.
While political ties between the Hong Kong and the Mainland may be currently under some stress, business relationships continue to become more intertwined with China accounting for almost 50% of Hong Kong’s medical device equipment re-exports globally. Therefore, manufacturers can still consider Hong Kong as a crucial entrance point to China, especially when it comes to cutting edge technology and manufacturers looking for branding opportunities. Specific industries showing strong potential for growth in Hong Kong: cancer treatment, pneumonia care, cardiovascular prevention and treatment, and cosmetic dentistry and oral health.