Market Entry - Wearable Medical Devices Industry in Hong Kong: Analysis of Growth, Trends and Progress (2020 - 2025)

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About the Market

The global wearable medical device market was valued at USD 4 billion, while North America's market was worth USD 1.83 billion, in 2015. Demand for wireless monitoring devices, dealing with chronic diseases and healthy lifestyle drive the market. They can be categorized by their applications as home healthcare, remote patient monitoring, and sports & fitness. Based on the site of application, the wearable devices market is segmented into handheld, shoe sensors, headband, strap/clip/bracelet etc. Strap/clip/bracelet or wrist-worn devices hold over 40% of the market. Cost effective monitoring and lack of awareness are major challenges the industry faces in developing countries as compared to developed ones. North America is estimated to hold majority shares due to quick acceptance by consumers of technologically advanced products and their increasing demand for on-the-move diagnostic products; while Asia-Pacific is witnessing the fastest growth. Google, Nike, Apple, and Fitbit Inc. are few tech giants involved in the launch of innovative products that are predicted to boost growth.

About the Geography

Hong Kong is a special administrative region of the People's Republic of China. It is the world’s freest and eighth largest economy. Hong Kong has no tariffs on imported goods and levies excise duty only on hydrocarbon oil, hard alcohol, tobacco, and methyl alcohol. It is the second largest recipient as well as supplier of FDI in the world. The country was ranked fifth easiest country to do business, by Doing Business.

Hong Kong acts as a bridgehead to China’s production, has an efficient banking system, favorable tax measures, excellent infrastructure, strong government, light legislations, well-educated skilled workers, and freedom of information. In 2003, Hong Kong SAR government launched CIES facilitated entry for foreign investors through investment into permissible assets, without the need to establish or join a business. Foreign companies can be set up freely, register their brands and the director of the company need not be a citizen or resident of Hong Kong. The only drawbacks are the high cost of living, elevated salaries, dependence on the financial sector, and exposure to global market risks.

With the presence of all major firms in the small region of Hong Kong, conducting business becomes very easy. Hong Kong is deemed to be the safest place to invest in the South-East Asia region.

Component Name

Unit

GDP (USD billion)

310

GDP Annual Growth Rate

1.7

GDP Per Capita

36117

Unemployment Rate

3.4

Wages

1940.53

                                                Inflation Rate

4.3

Consumer Price Index (CPI)

103

Interest Rate

0.75

Loans to Private Sector (USD billion)

996.86

Balance of Trade (USD billion)

4.137

Business Confidence

-6

Manufacturing PMI (Index Points)

49.3 Index Points

Ease of Doing Business

5

Competitiveness Rank

9

Corruption Rank

18

Consumer Confidence

87

Consumer Spending (USD billion)

51.799

Bank Lending Rate (Consumers)

5

Corporate Tax Rate

16.5

 

The Market Entry Series

Exploring global markets is now recognized as the shortest way to ensure high time to efficiency conversion, when trying to expand revenues past domestic markets, for firms both large and small. Our market entry series, priced suitably low contains the essentials of all the parameters (Refer: Table of Contents) you must be apprised of before you can have a well informed contemplation of a business opportunity in your choice of industry, in your choice of geography.

 

1. Introduction

                1.1 Scope of the Report

                1.2 Regional Analysis

                                1.2.1 PESTLE Analysis

                                1.2.2 Analysis of Ease of Doing Business

2. Market Dynamics

                2.1 Drivers

                2.2 Restraints

                2.3 Opportunities

3. Market Demand Analysis

                3.1 Socio-Economic Segmentation

                3.2 Demographic Strengths & Weaknesses

                3.3 Spending Patterns

                3.4 Target Market Identification

4. Market Size of Wearable Medical Devices (USD millions)

                4.1 By Type

                4.2 By Segment

5. Market Entry

                5.1 Market Entry: The Strategy

                                5.1.1 Types of Entry Modes, by Market Entry Objectives

                                5.1.2 Competition Analysis

                                                5.1.2.1 Market Share

                                                5.1.2.2 Strategies Adopted, Recent Events 

                                5.1.3 Pricing Strategy

                                5.1.4 Supply Chain Analysis

                                                5.1.4.1 Trade (Import-Export Analysis)

                                                5.1.4.2 Distribution Network & Retail Analysis

                5.2 Market Entry: The Administration

                                5.2.1 How to Register a Company (Flowchart)

                                5.2.2 Registration Processes 

                                                5.2.2.1 Ministries Involved

                                                5.2.2.2 Criteria and Conditions

                                5.2.3 List of Forms & Documents

                                5.2.4 Product Control Guidelines specified by the Government

6. Sources

7. Disclaimer

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