Hong Kong Wound Care Market Research Report: By Type (Advanced, Traditional), Application (Chronic Wounds, Acute Wounds), End User (Hospitals and Specialty Clinics, Home Healthcare, Long-Term Care Settings), Distribution Channel (Pharmacies, Online Channels) - Industry Analysis and Growth Forecast to 2030

Hong Kong Wound Care Market Overview

Valued at $46.0 million in 2019, the Hong Kong wound care market size is projected to witness a CAGR of 5.4% during the forecast period (2020–2030). The growing geriatric population, increasing prevalence of diabetes, and high incidence of traumatic injuries are the key growth factors driving the market.

Due to the COVID-19 pandemic, the Hong Kong wound care market growth has been hampered in the short run, mainly due to the lower user demand and lockdown. However, the industry is expected to witness significant growth in the coming months.

Segmentation Analysis

Advanced Category Accounts for Larger Revenue Share

In 2019, the advanced category generated the higher revenue in the wound care market of Hong Kong, on the basis of type. This was mainly on account of the fact that advanced wound care products accelerate the process of wound healing, while offering more convenience to patients. Additionally, advanced wound products have the benefit of forming part of the natural tissue matrix.

Chronic Wound Category Is Expected To Witness Faster Growth in Coming Years

The chronic wound category, based on application, is likely to observe the higher growth rate throughout the forecast period in the Hong Kong wound care market. This can be mainly on account of the increasing incidents of venous leg ulcers (VLU), pressure ulcers, and diabetic foot ulcers (DFU). Chronic wounds require more-efficient and frequent dressing for their management, which supports the rapid growth of this category in the market.

Hospitals and Specialty Clinics Are Leading End Users in Industry

The hospitals and specialty clinics category garnered the largest share in the Hong Kong wound care market in 2019, under the end user segment. The market dominance of this category can be attributed to the fact that the majority of patients prefer hospitals and specialty clinics in the event of a severe injury. Furthermore, most people suffering from chronic wounds tend to visit these healthcare settings, as such wounds usually take longer to heal.

Pharmacies Garnered Larger Share, Based on Distribution Channel

The pharmacies category fetched the higher revenue in 2019, based on distribution channel, in the Hong Kong wound care market. It was mainly due to the higher preference of patients for and availability of a larger variety of wound care products at pharmacies. The market for this category is further expected to witness significant growth during the forecast period.

Trends & Drivers

Shift in Preference from Traditional Care to Advanced Therapies Is Key Industry Trend

In the Hong Kong wound care market, a shift has been seen in the consumer preference from traditional wound dressing products to advanced products, which is why the latter are one of the major trends being observed in the Hong Kong wound care industry. Traditional dressing generally involves the use of products that facilitate dry healing, serve as secondary dressings to hold the primary dressing in place, and/or absorb excess exudate. Advanced wound dressing products, on the other hand, accelerate healing, in addition to providing quick relief to patients.

Growing Geriatric Population Is Supporting Industry Growth

The surging geriatric population is playing a pivotal role in the growth of the wound care market of Hong Kong. The number of people aged 65 years and above is increasing in Asia-Pacific (APAC), including Hong Kong, which continues to fuel the demand for wound care products in the city. According to the Chinese University of Hong Kong, the proportion of those aged 65 years and above in the megacity’s total population was 11.7% in 2003, which is projected to reach 27% by 2033.

High Incidence of Traumatic Injuries Is Generating High Revenue for Industry Players

Road accidents play a significant role in the increasing demand for wound care products, which further helps in the growth of the Hong Kong wound care market. Road accidents are the most common cause of traumatic injuries and open wounds in Hong Kong. As per the data provided by the Transport Department of the Government of Hong Kong, the road accident causality rate was 2.6 per 1,000 population in 2018. Moreover, severe road injuries require advanced wound dressing for treatment, which further generates a high demand for wound care products in Hong Kong.

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Increasing Prevalence of Diabetes Is Driving Market Growth

The increasing prevalence of diabetes is fueling the growth of the Hong Kong wound care market. According to the Centre for Health Protection, an agency under the Department of Health of Hong Kong, diabetes was the major cause of morbidity and mortality in the metropolis in 2017. Wounds tend to develop quickly and heal slowly in diabetic patients; thus, with the growing prevalence of diabetes, the demand for wound care products is rapidly increasing, which, in turn, is driving the market growth.

Market Players Adopting Mergers and Acquisitions to Gain Competitive Edge

The wound care market in Hong Kong is fragmented in nature, with the presence of several international players, such as Coloplast A/S, 3M Company, BSN medical GmbH, Paul Hartmann AG, Mölnlycke Health Care AB, Smith & Nephew plc, and ConvaTec Group plc. The major players are involved in mergers and acquisitions, as their strategic measure, to expand into the market. For instance,

• In October 2019, 3M Company completed the acquisition of Acelity Inc. and its KCI subsidiaries for a total enterprise value of approximately $6.7 billion, including the assumption of debt and other adjustments. The acquisition is helping the former company expand its medical solutions business and support its strategy to offer comprehensive advanced and surgical wound care solutions.
• In January 2019, Mölnlycke Health Care AB announced the acquisition of M&J Airlaid Products A/S, a private Danish manufacturer of specialized and high-quality absorbent Airlaid nonwoven materials.

Some of the Key Players in Hong Kong Wound Care Market include:

Hong Kong Wound Care Market Size Breakdown by Segment

The Hong Kong wound care market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.

Based on Type

• Advanced
  • Wound dressing
    • Foam
      • By hospital type
      • By prescription mode
    • Hydrocolloid
      • By hospital type
      • By prescription mode
    • Film
      • By hospital type
      • By prescription mode
    • Alginate
      • By hospital type
      • By prescription mode
    • Antimicrobial
      • By hospital type
      • By prescription mode
    • Hydrogel
      • By hospital type
      • By prescription mode
    • Collagen
      • By hospital type
      • By prescription mode
    • Hydrofiber
      • By hospital type
      • By prescription mode
    • Wound contact layer
      • By hospital type
      • By prescription mode
    • Superabsorbent
      • By hospital type
      • By prescription mode
  • Wound therapy devices
    • Negative-pressure wound therapy (NPWT)
    • Pressure relief devices
  • Wound care biologics
    • Skin substitutes
      • Human donor tissue-derived
      • Acellular animal-derived
      • Biosynthetic
    • Collagen-based
    • Growth factors
• Traditional
  • Bandages
  • Fixation tapes
  • Gauzes
  • Sponges
  • Abdominal pads

Based on Application

• Chronic Wounds 
  • Diabetic foot ulcers (DFU)
  • Pressure ulcers
  • Venous leg ulcers (VLU)
• Acute Wounds     
  • Surgical and traumatic wounds
  • Burns

Based on End User

• Hospitals and Specialty Clinics
  • Inpatient settings
  • Outpatient settings
• Home Healthcare
• Long-Term Care Settings

Based on Distribution Channel

• Pharmacies
• Online Channels