Boston, MA -- (SBWIRE) -- 04/03/2014 -- Ruled by China since 1997, Hong Kong acts as a hub for trade throughout the region, and especially as a conduit for trade in and out of the People's Republic of China, although this role has arguably lost some of its importance due to rapid business development on the mainland.
As one of the richest parts of Asia, healthcare provision is of a high standard. The public health sector, modelled on the UK system, is strong, although attempts have been made by the government to promote the private sector to relieve pressure on services.
Despite being small in size, Hong Kong has one of the largest markets in Asia. The Hong Kong market for medical equipment and supplies was estimated at US$497.0 million in 2012. In per capita terms, expenditure was US$69.5 in 2012. The medical device market is projected to expand at a CAGR of 8.6% in US dollar terms over the forecast period, increasing to US$750.6 million in 2017, equivalent to US$103.1 per capita.
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The bulk of imports tend to be more expensive advanced medical equipment, much of which is re-exported with only a small proportion intended for domestic use. In 2011, imports totalled US$2,054.6 million, with a CAGR of 10.3% between 2007 and 2011. The largest import sector was patient aids, with shipments worth US$542.5 million, equal to 26.4% of the total. This was followed by diagnostic imaging apparatus with imports valued at US$497.9 million, equal to 24.2% of the total.
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