Study reveals bright future of life and health industry in Hong Kong

Hong Kong is the largest financing destination for biotech businesses in Asia and the second-largest in the world. Industry data show that the life and health sector raised $70.9 billion worldwide in 2020. Hong Kong's healthcare expenditure grew at an average annual rate of 5.6 percent between 1990 and 2020, reflecting a growing demand for medical services and products. The Hong Kong Productivity Council and the HK Bio-Med Innotech Association released a research report — The Hong Kong Life and Health Industry Development Study — on the development of Hong Kong's healthcare industry recently. Offering an overview of the current status of this industry and its characteristics, the study identifies future development opportunities and serves as a reference for the government and industry stakeholders as they formulate strategies to leverage Hong Kong's strengths and consolidate resources to unleash the life and health industry's boundless potential.