Hong Kong Digital Health Market Report 2022 to 2030

Hong Kong Digital Health Market Analysis

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The Hong Kong Digital Health market is projected to grow from $ 0.34Bn in 2022 to $ 1.42Bn by 2030, registering a CAGR of 19.6% during the forecast period of 2022 - 2030. The market will be driven by the innovative projects and strategies in place by the public sector and the ever-growing aging population. The market is segmented by solution, by deployment & by end-use. Some of the major players include Insilico, Longenesis & CircleDNA.

ID: IN10HKDH005 CATEGORY: Digital Health GEOGRAPHY: Hong Kong AUTHOR: Vidhi Upadhyay

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Hong Kong Digital Health Market Executive Summary

The Hong Kong Digital Health market is projected to grow from $ 0.34Bn in 2022 to $ 1.42Bn by 2030, registering a CAGR of 19.6% during the forecast period of 2022 - 2030. Hong Kong has the highest life expectancy in the world (82.9 years for men and 88.0 years for females in 2020). Recurrent healthcare expenses totaled $14.8 billion in the fiscal year 2021-22, accounting for 15.9 percent of overall government recurrent spending.

Hong Kong already uses several digital healthcare platforms and digital health projects such as Electronic Health Record Sharing System (eHRSS), DoctorNow, Pulse by Prudential, and Quality HealthCare Patient Portal. These have been accepted in the form of telemedicine, digital health apps, and patient care portals for digital appointment booking and consultations.

Roche has obtained partnership financing under the Innovation and Technology Fund, in collaboration with the Logistics and Supply MultiTech R&D Centre, to test a new digital end-to-end community healthcare ecosystem.

hong kong digital health market analysis

Market Dynamics

Market Growth Drivers

The breakout of COVID-19, in Hong Kong in early 2020 increased demand for digital healthcare solutions and home health devices as people minimized face-to-face interactions. Its constantly growing aging population and development of new & innovative alternatives have created a surge in the digital health market. In 2019, more than 94% of residents and more than 90% of enterprises had Internet connectivity, creating a cornerstone for electronic information interchange across geographical and healthcare sectors which aided the development of essential services and apps that provide a suitable digital health environment.

The Hong Kong Special Administrative Region HKSARG and commercial providers have adopted a number of digital projects to improve the patient experience and empower individuals to control their own health.

Market Restraints

The limited framework of legislation & lack of clear policy in areas such as telemedicine will be a significant impediment to the widespread use of such easy and cost-effective digital health technology. While Hospitals and the majority of private healthcare providers have their own training processes in place, digital health is a novel concept that demands greater attention. The public at large is making more use of ICT as e-government, e-banking, and other commercial ICT services gain traction. However, digital health is still a project-based endeavor in Hong Kong.

Competitive Landscape

Key Players

Insilico (HKG): AI-enabled bioinformatics platform for drug discovery and biomarker development
Longenesis (HKG): It is an HER platform, It brings together The Bitfury Group's blockchain expertise and Insilico Medicine's industry-leading AI to create the world's most flexible and secure platform for life data storage.
CircleDNA (HKG): Provider of internet first diagnostics platform for genetic tests
POC Pharma (HKG): Digital pharmacy management solution

Healthcare Policies and Regulatory Landscape

Public medical services are regulated & managed by the Department of Health and the Hospital Authority. The Hong Kong Hospital Authority (HA) introduced its mobile application 'HA Go' in December 2019, a one-stop mobile platform aimed to facilitate a patient's healthcare experience by allowing patients to remotely book appointments, pay bills & view medication records.

The Office of the Government Chief Information Officer (OGCIO) is in charge of executing the eHealth plan and assuring electronic health data security and privacy. The Medical Council of Hong Kong (MCHK) and The Pharmacy and Poisons Board (PPB) are in charge of regulating healthcare practitioners' use of telemedicine.

Reimbursement Scenario

Hospital Authority (HA), is accountable for the reimbursement of healthcare services, including the ones via digital healthcare technologies. The HA has put in place a number of reimbursement methods for digital healthcare services, such as the e-Prescription Service and the Telemedicine Service however, reimbursement for private digital health services is not well established, and it mainly depends on the insurance companies.

1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Digital Health Market Segmentation

The Digital Health Market is segmented as mentioned below:

By Solution (Revenue, USD Billion):

Software
Services

By Deployment (Revenue, USD Billion):

Cloud-based
On-premises

By End-use (Revenue, USD Billion):

Diagnostic Centres
Healthcare Payers
Healthcare Research Centres
Hospitals & Clinics
Nursing Care Centres
Others

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.