Digital Health - Hong Kong

Hong Kong

The Digital Health market in Hong Kong is expected to achieve a significant milestone in the coming years.
It is projected that by 2024, the revenue in this market will reach an impressive figure of US$303.80m.
Furthermore, this revenue is estimated to grow steadily with an annual growth rate (CAGR 2024-2029) of 7.12%.
As a result, the market volume is predicted to reach a remarkable US$428.40m by 2029.
When considering the average revenue per user (ARPU), it is anticipated that each user in Hong Kong will contribute approximately US$73.53 to the Digital Health market.
In a global context, it is noteworthy that United States will generate the majority of the revenue.
In 2024 alone, United States is expected to generate a staggering amount of US$47,120.00m in revenue in the Digital Health market.
Among the various markets within the Digital Health market, the largest market in Hong Kong is Digital Fitness & Well-Being.
This market is projected to achieve a total revenue value of US$211.60m in 2024.
These figures indicate the immense potential and growth opportunities present in the Digital Health market in Hong Kong.
With rising revenue and a diverse range of markets, it is clear that the Digital Health market industry is poised for significant growth and development in the coming years.
In Hong Kong's digital health market, there is a growing trend of using mobile health apps to monitor and manage chronic diseases.

Key regions: United States, China, Japan, Asia, Europe

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Analyst Opinion

The Digital Health market in Hong Kong is experiencing significant growth and development, driven by various factors shaping the healthcare landscape in the region.

Customer preferences: Customers in Hong Kong are increasingly embracing digital health solutions due to their convenience and accessibility. The tech-savvy population values the ability to monitor their fitness and well-being through digital fitness apps and devices. Moreover, the busy lifestyle in Hong Kong makes online doctor consultations a preferred choice for many individuals seeking quick and efficient healthcare services.

Trends in the market: One notable trend in the Digital Health market in Hong Kong is the rising popularity of digital treatment and care services. Patients are showing a growing interest in telemedicine and remote monitoring options, especially for managing chronic conditions. This trend is further accelerated by the COVID-19 pandemic, which has highlighted the importance of remote healthcare solutions.

Local special circumstances: Hong Kong's well-established healthcare infrastructure and high internet penetration rate create a conducive environment for the growth of the Digital Health market. The city's compact urban setting also makes it easier for healthcare providers to reach a large population through digital platforms. Additionally, the government's support for digital innovation in healthcare further propels the adoption of digital health solutions in Hong Kong.

Underlying macroeconomic factors: The increasing healthcare expenditure, coupled with the growing aging population in Hong Kong, is driving the demand for more efficient and cost-effective healthcare services. Digital health technologies offer a way to address these challenges by providing remote monitoring, personalized treatment plans, and improved access to healthcare professionals. Furthermore, the rise of chronic diseases in Hong Kong underscores the need for innovative solutions that can enhance patient outcomes and overall quality of care.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenues and user data of relevant mobile applications and consumer electronics companies.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, internet penetration, smartphone penetration, consumer spending, and healthcare spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.