Hong Kong’s Biomedical Sector grows by 30%, driving GBA innovation

CHINA—Hong Kong’s healthcare sector has seen remarkable growth over the past decade, expanding by nearly 30%, with the number of related businesses now exceeding 3,000.

This impressive development is highlighted in a recent study by HKTDC Research titled “I&T Cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area: Hong Kong Partners with Mainland Cities in Advancing Biomedical Upgrade in the GBA.”

The report, created in collaboration with the Department of Commerce of Guangdong Province, demonstrates how Hong Kong is successfully partnering with key cities in Guangdong and Macao to drive innovation in biomedical fields.

The research indicates that this regional partnership is contributing to sustained growth in the biomedical industry, while also increasing the overall value of the sector.

Over recent years, Hong Kong has built a significant pharmaceutical and medical device cluster, growing from 2,340 companies in 2013 to 3,020 in 2023.

Guangdong has also been actively developing similar resources to support this collaborative effort.

HKTDC Research Director Irina Fan emphasized that strong government support and technological innovation have been crucial to Hong Kong’s economic growth, allowing it to align closely with China’s national goals for advancing high-quality productive capacities.

Earlier this year, the Guangdong Government announced plans to expand its biomedical and healthcare cluster by approximately 50% by 2027, aiming to increase its value from around RMB 664 billion (USD 95 billion) in 2023 to more than RMB 1 trillion (about USD 143 billion).

A key part of this strategy relies on leveraging Hong Kong’s existing strengths as a platform for innovation and development.

Fan highlighted that sharing Hong Kong’s expertise with partner cities in the Greater Bay Area offers huge opportunities, delivering significant benefits not only regionally but also on a national and global scale.

One major strength for global biotech companies is Hong Kong’s access to diverse funding options, supported by its role as a leading international financial center.

As of June 2025, the healthcare sector listed in Hong Kong had a total market capitalization of approximately USD 441 billion, accounting for approximately 8.1% of the total market capitalization of Hong Kong-listed companies.

This figure has tripled since the end of 2017, prior to the introduction of the HKEX Chapter 18A regime, which enables biotech firms without revenue or profits to list.

Since these rules took effect, 73 biotech companies have gone public, collectively raising USD 16 billion by mid-2025.

Wing Chu, HKTDC Deputy Director of Research, explained that beyond financial resources, Hong Kong offers technical expertise that benefits biotech companies based in Greater Bay Area cities.

In particular, Hong Kong’s advanced clinical trial services produce internationally accepted data, making the city an ideal launchpad for regional healthcare ventures aiming to expand globally.

The clinical data generated by Hong Kong trials received approval from major regulatory agencies worldwide, including the U.S. Food and Drug Administration, the European Medicines Agency, and Mainland China’s National Medical Products Administration (NMPA).

Moreover, many of Hong Kong’s leading healthcare institutions, such as Queen Mary Hospital, Prince of Wales Hospital, Hong Kong Eye Hospital, and Hong Kong Sanatorium & Hospital, have received accreditation from the NMPA.

This recognition further strengthens Hong Kong’s position as a critical hub for biomedical innovation and regional healthcare development.

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