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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.
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.
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.
|Base Year (2019) Market Size||$46.0 Million|
|Forecast Period (2020-2030) CAGR||5.4%|
|Report Coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Companies’ Strategic Developments, Competitive Benchmarking, Company Profiling, Product Pricing, Regulatory Overview, Epidemiology of Wounds|
|Market Size by Segments||Type, Application, End User, Distribution Channel|
|Secondary Sources and References (Partial List)||Chinese University of Hong Kong, Transport Department of the Government of Hong Kong, Centre of Health Protection, Hong Kong Department of Health, Organization for Economic Co-operation and Development (OECD), World Health Organization (WHO)|
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,
Some of the Key Players in Hong Kong Wound Care Market include:
The Hong Kong wound care market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Type
Based on Application
Based on End User
Based on Distribution Channel