Hong Kong Medical Device Market Size | 2019-2033

Hong Kong Medical Device Market Growth and Performance

• DataCube Research forecasts the Hong Kong medical device market size in 2024 to reach an estimated US$ XX.7 million. 
• Moreover, our projections suggest that the market is positioned for sustained growth, with an expected annual growth rate of X.20% from 2025 to 2033.

Hong Kong Medical Device Market Outlook

Expanding Healthcare Needs Driving Market Growth

Hong Kong boasts the world’s highest life expectancy, underscoring the efficiency of its advanced healthcare system. However, like many developed economies, the region faces an ageing population that is driving an increased demand for healthcare services and medical devices. As consumer awareness regarding health and wellness rises, the Hong Kong medical device market is witnessing substantial expansion. According to the Food and Health Bureau, Hong Kong’s total public and private health expenditure reached approximately HK$240 billion (US$30 billion) in 2021-22, accounting for over 8.5% of the GDP. This growing healthcare expenditure is fueling investments in medical technologies and equipment, positioning Hong Kong as a key market in the Asia-Pacific medical device landscape.

Technological Innovation Shaping the Hong Kong Medical Device Ecosystem

Cutting-edge technology is reshaping the Hong Kong medical device industry, with significant advancements in smart hospitals, telemedicine, and AI-driven diagnostics. The Hong Kong Special Administrative Region (HKSAR) government has taken proactive measures to establish an InnoLife Healthtech Hub within the Hong Kong-Shenzhen Innovation and Technology Park (HSITP) to leverage the city’s strengths in biomedical sciences and medical technology. Furthermore, in its 2023 Policy Address, the government announced a HK$10 billion New Industrialisation Acceleration Scheme, aimed at promoting downstream development in industrial sectors, including life and health technologies. These initiatives are expected to enhance the Hong Kong medical device sector by fostering innovation, increasing research and development (R&D), and attracting global medtech firms to set up operations in the region.

Regulatory Reforms Strengthening Market Compliance

The regulatory framework for medical devices in Hong Kong is undergoing significant transformation. On June 21, 2023, the Hong Kong Department of Health (DOH) implemented a new policy requiring all medical equipment purchased by government agencies to be registered under the Medical Device Administrative Control System (MDACS). This shift from the previous 20% registration rate to full compliance ensures that manufacturers seeking to supply medical devices to public healthcare institutions must adhere to stringent regulatory standards. This move is expected to bring greater transparency and quality assurance to the Hong Kong medical device ecosystem.

Additionally, on December 22, 2023, the Medical Device Division (MDD) updated its guidelines (GN-10), mandating that all major product changes must be reported within 12 weeks, while minor modifications require 24 weeks for approval. This reform ensures timely regulatory oversight while maintaining safety and performance standards.

International Market Alignment and Future Prospects

Hong Kong is strategically aligning its medical device regulatory framework with global markets to enhance its competitiveness. Effective April 2, 2024, the MDD began recognizing marketing approvals from Singapore’s Health Sciences Authority (HSA) as valid proof of compliance with the MDACS Essential Principles of Safety and Performance of Medical Devices. This regulatory alignment streamlines market entry for international companies and strengthens Hong Kong’s position as a leading medical device hub in the Asia-Pacific region.

Moreover, Hong Kong’s trade-friendly policies, well-established infrastructure, and robust distribution networks make it a preferred destination for medical device manufacturers. The city serves as a gateway for multinational medtech firms seeking entry into China and other neighboring markets. As technological advancements continue to shape the industry, the Hong Kong medical device landscape is expected to witness increased adoption of robot-assisted surgery systems, wearable health monitoring devices, and AI-integrated diagnostics.