Hong Kong SAR, China: Medical Instruments Market 2024

Medical Instruments Market Size in Hong Kong SAR, China

After four years of growth, the Hong Kong medical instruments market decreased by -11.9% to $X in 2022. Over the period under review, consumption, however, continues to indicate buoyant growth. Over the period under review, the market reached the peak level at $X in 2021, and then declined in the following year.

Medical Instruments Exports

Exports from Hong Kong SAR, China

After two years of growth, shipments abroad of instruments used in medical sciences decreased by -0.2% to X tons in 2022. Over the period under review, total exports indicated pronounced growth from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +12.2% against 2019 indices. The growth pace was the most rapid in 2016 when exports increased by 29% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, medical instruments exports shrank to $X in 2022. The total export value increased at an average annual rate of +1.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 16%. Over the period under review, the exports hit record highs at $X in 2021, and then reduced in the following year.

Exports by Country

China (X tons), the United States (X tons) and Japan (X tons) were the main destinations of medical instruments exports from Hong Kong SAR, with a combined 51% share of total exports. Germany, Russia, the Netherlands, Taiwan (Chinese), Macao SAR, India, Singapore, the UK and Mexico lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +21.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for medical instruments exported from Hong Kong SAR were China ($X), the United States ($X) and Japan ($X), together comprising 51% of total exports. Germany, Russia, the Netherlands, Taiwan (Chinese), Macao SAR, India, Singapore, the UK and Mexico lagged somewhat behind, together accounting for a further 27%.

Among the main countries of destination, the Netherlands, with a CAGR of +17.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average medical instruments export price stood at $X per ton in 2022, falling by -10.3% against the previous year. In general, the export price saw a noticeable descent. The pace of growth appeared the most rapid in 2019 when the average export price increased by 16%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were the United States ($X per ton) and Japan ($X per ton), while the average price for exports to Singapore ($X per ton) and the UK ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (-3.2%), while the prices for the other major destinations experienced a decline.

Medical Instruments Imports

Imports into Hong Kong SAR, China

In 2022, overseas purchases of instruments used in medical sciences decreased by -1.5% to X tons for the first time since 2014, thus ending a seven-year rising trend. In general, imports, however, posted resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 27% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then contracted slightly in the following year.

In value terms, medical instruments imports declined to $X in 2022. Over the period under review, imports, however, posted a perceptible expansion. The most prominent rate of growth was recorded in 2018 with an increase of 24% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest medical instruments supplier to Hong Kong SAR, with a 34% share of total imports. Moreover, medical instruments imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was taken by Germany (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +12.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+1.0% per year) and Germany (+1.9% per year).

In value terms, China ($X) constituted the largest supplier of instruments used in medical sciences to Hong Kong SAR, comprising 34% of total imports. The second position in the ranking was held by the United States ($X), with a 14% share of total imports. It was followed by Germany, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +10.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-0.8% per year) and Germany (+0.1% per year).

Import Prices by Country

In 2022, the average medical instruments import price amounted to $X per ton, waning by -10.6% against the previous year. In general, the import price recorded a slight setback. The pace of growth appeared the most rapid in 2014 an increase of 17%. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from China ($X per ton) and the United States ($X per ton), while the price for Italy ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-1.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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