Hospitals - Hong Kong

Hong Kong

The Hospitals market in Hong Kong is expected to see a significant increase in revenue, reaching HKD US$12.09bn by 2024.
This projection indicates a promising growth rate of 5.20% annually from 2024 to 2029, resulting in a market volume of HKD US$15.58bn by 2029.
In terms of global comparison, United States is projected to generate the highest revenue in the Hospitals market, amounting to US$1,501.00bn in 2024.
When considering revenue per capita, in Hong Kong is estimated to generate HKD US$1.61k per person in 2024.
This figure demonstrates the financial impact and significance of the Hospitals market in relation to the country's total population.
"Hong Kong's hospitals are embracing advanced technology and digitalization to enhance patient care and improve operational efficiency."

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

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Analyst Opinion

The healthcare industry in Hong Kong is one of the fastest-growing sectors, with the Hospitals market playing a crucial role in providing quality healthcare services to the people.

Customer preferences: The people of Hong Kong are becoming more health-conscious and are willing to pay for quality healthcare services. The rise in the aging population and the increase in chronic diseases have also contributed to the growth of the Hospitals market in Hong Kong.

Trends in the market: One of the significant trends in the Hospitals market in Hong Kong is the rise of private hospitals. Private hospitals are gaining popularity due to their better facilities, shorter waiting times, and personalized services. Another trend is the increasing use of technology in healthcare services, such as telemedicine, electronic health records, and mobile apps for healthcare services.

Local special circumstances: Hong Kong has a unique healthcare system, where both public and private healthcare services coexist. The public healthcare system is heavily subsidized by the government, making it affordable for the people. However, the waiting time for medical services in public hospitals is long, leading to the rise of private hospitals.

Underlying macroeconomic factors: The economic growth of Hong Kong has contributed to the growth of the Hospitals market. The rise in the middle class and the increase in disposable income have led to the people's willingness to pay for quality healthcare services. The government's initiatives to promote medical tourism have also contributed to the growth of the Hospitals market. In conclusion, the Hospitals market in Hong Kong is growing due to the people's increasing health consciousness, the rise of private hospitals, the increasing use of technology in healthcare services, the unique healthcare system, and the underlying macroeconomic factors.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on revenue received by hospitals from public or private sources, allocated to the country where the money is spent, including VAT if applicable.

Modeling approach / Market size:

Market sizes are determined by a bottom-up approach, based on a specific rationale for each market market. Next, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, public health spend, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.