It is keen to make inroads into the ageing city.

Hong Kong oncology-focused group SunTech Medical Group has been acquired by Australian cancer care company Icon Group for an undisclosed amount, an announcement revealed.

The move gives Icon Group, which is backed by investment banking firm Goldman Sachs, a berth in the island-city’s cancer-care market. Cancer-related spending in Hong Kong is expected to double to over $24b by 2026 due to an ageing population and increase in medical tourism from mainland China, according to the press release.

The acquisition adds to Icon Group’s Asian portfolio, which includes cancer centres in Singapore and a partnership with Mount Alvernia Hospital. In mainland China, Icon has partnered with Sanbo Hospital Group and United Family Healthcare Group to introduce radiation oncology services in the region.

The acquisition is expected to be completed in October.