"Daniel's family have been contacted, and the committee will ensure every assistance is extended to them," race organisers said in a statement.
"The Macau Grand Prix Committee extends its deepest sympathies to the family and friends of Daniel."
The Nottingham rider was taking part in his second Macau Grand Prix after finishing 16th last year.
Northern Ireland's Glenn Irwin was announced the winner after the race was stopped on the sixth lap.
Macau has been hosting the street race for cars and motorbikes since 1954. Hegarty was the first rider to die at the event since Portugal's Luis Carreira was killed in qualifying for the 2012 race.
(Reporting by Hardik Vyas in Bengaluru)
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