HONG KONG, Sep 15, 2025 - (ACN Newswire) – Hong Kong’s healthcare sector surged by nearly 30% in the last decade, with the total number of related businesses now exceeding 3,000. Details of this rapid and sustained growth are among the findings of a new 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”. This report was produced alongside “Seizing GBA Opportunities: Biomedical Co-operation and Development”, a joint research initiative with the Department of Commerce of Guangdong Province. Overall, the research demonstrates that not only is Hong Kong successfully collaborating with key Guangdong GBA cities and Macao in biomedical innovation, but also that this collective endeavour is on course for sustained growth. The successes to date have also been reflected primarily in the overall increase in the sector's value in regional terms. Hong Kong in step with GBA biomedical partners Just as Hong Kong has developed a sizable pharmaceutical and medical device cluster over recent years – with 3,020 related companies in 2023 as opposed to 2,340 in 2013 – so, too, has Guangdong looked to develop related resources. Acknowledging the benefits of such a partnership, HKTDC Research Director Irina Fan said: “Thanks to extensive government support, technological innovation has been a key driver of Hong Kong’s economic growth, allowing it to effectively align with the national prioritisation of new quality productive forces. Earlier this year, the Guangdong Government announced action plans to grow its biomedical and healthcare industry cluster by around 50% by 2027, increasing its value from RMB 664 billion in 2023 to more than a trillion. Tellingly, a key element of this plan is to boost development by leveraging the existing strengths of the Hong Kong platform.” “Being able to share this expertise with our partner cities in the GBA, with a particular focus on biomedicals, is a huge opportunity for all concerned and one set to deliver immense benefits nationally and even globally.” Hong Kong: Driving biotech innovation Among the many advantages global biotech businesses might seek to leverage is the comprehensive array of funding opportunities Hong Kong has access to, thanks to its status as a leading international financial centre. As of June 2025, total market capitalisation of the Hong Kong-listed healthcare sector was US$441 billion – accounting for ~8.1% of the total market cap of Hong Kong-listed companies – which is three times the US$144 billion figure recorded at the end of 2017, pre-dating the launch of the HKEX Chapter 18A regime. Since the Chapter 18A listing rules came into effect – which allows biotech firms without recorded revenue or profits to list – 73 biotech companies have listed, collectively raising US$16 billion as of mid-2025. Expanding on the range of benefits Hong Kong can offer to biotech businesses based in partner GBA cities, Wing Chu, HKTDC Deputy Director of Research (Officer-in-Charge), said: “Beyond its financial resources, Hong Kong has several technical capabilities that will make a real difference to GBA businesses, as they look to expand their activities throughout the mainland and into many of the overseas markets. In particular, the city’s advanced clinical trial services, all of which yield internationally accepted data, make Hong Kong the ideal launchpad for any regional healthcare venture looking to go global.” At present, the clinical data derived through Hong Kong-based trials has been approved for use by many of the world’s leading regulatory bodies, including the US Food and Drug Administration, the EU’s European Medicines Agency and Mainland China’s National Medical Products Administration (NMPA). In addition, many of Hong Kong’s foremost healthcare institutions, including Queen Mary Hospital, Prince of Wales Hospital, Hong Kong Eye Hospital and Hong Kong Sanatorium & Hospital, have secured NMPA accreditation. The GBA: A world-leading biotech innovation hub In terms of international recognition, the World Intellectual Property Organization designated the Shenzhen-Hong Kong-Guangzhou cluster as the world’s leading innovation hub in its 2025 Global Innovation Index. This, in part at least, was in recognition of the lead role biotechnology plays within this cutting-edge cluster. It is also important to acknowledge the extraordinary growth of Hong Kong’s biotech and health start-up sectors, which have developed far more rapidly than many comparable sectors. Indeed, between 2018 and 2024, the number of Hong Kong-based biotech and healthtech start-ups more than quadrupled from 110 to 510, while the sectors’ share of the city’s total start-up ecosystem rose from 4% to 11%. This included a range of pioneering businesses in sectors, such as drug development, gene editing technology, medical device innovation and precision medical solutions. Outlining how future intra-regional cooperation could benefit all parties, Cherry Yeung, HKTDC Research Senior Economist with oversight of these new reports, said: “Hong Kong is already seamlessly connected with many of the pharmaceutical manufacturers and markets in Mainland China, thanks to its strengths in R&D and international trade. For their part, the GBA cities deliver considerable production as well as resource support, creating a real synergy across the board. With Guangdong committed to further expanding its biomedical sector, this will foster a new generation of cross-industry collaboration.”