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In 2019, the wound care market in Hong Kong held an estimated value of $44.6 million. The market is projected to generate $58.4 million revenue by 2024, witnessing a CAGR of 5.6% during the forecast period (2019–2024).
Dynamics of Hong Kong Wound Care Market
A key trend observed in the Hong Kong wound care market is the shift in consumer preference from traditional wound care products to advanced therapies. The traditional wound care products facilitate dry healing when used for primary dressing. It can also be used as a secondary dressing to absorb excess exudate or hold the primary dressing in place. On the other hand, advanced wound care products are gaining attention as they accelerate healing, carry low risk of infection, and provide quick relief to patients. For instance, Coloplast A/S offers Biatin alginate, which is a highly absorbent alginate dressing for moderate-to-heavy exuding wounds.
Significant increase in number of diabetic patients and high incidence of traumatic injuries are the two major factors driving the wound care market in Hong Kong. According to the Centre for Health Protection, an agency under the Department of Health in Hong Kong, diabetes was the major cause of morbidity and mortality in the region in 2017. Moreover, Hong Kong also encounters high degree of people suffering from obesity, a condition that is strongly linked with diabetes. Between 2014 and 2015, a survey was conducted by the Department of Health in Hong Kong, which estimated that 29.9% of the people aged 15–84 were obese and 20.1% were overweight. In addition, diabetic foot ulcer (DFU) is a chronic complication of diabetes mellitus, which requires frequent dressing during its management. Therefore, high prevalence of diabetes and occurrence of DFUs are increasing the demand for wound care products in the region.
Hong Kong Wound Care Market Segmentation Analysis
Advanced wound care is projected to be the larger type category in the wound care market in Hong Kong. This can be mainly due to the advanced wound care products that accelerate the process of wound healing with minimal inconvenience to patients. Moreover, advanced wound dressings have the benefit of forming part of the natural tissue matrix.
The chronic wounds application category is likely to witness faster growth, mainly on the account of increasing incident cases of DFU, venous leg ulcer (VLU), and pressure ulcer. The category is expected to propel at a CAGR of 5.7% during the forecast period.
Hospitals and specialty clinics are the largest end users of the wound care products in Hong Kong. The category is likely to retain its dominance in the Hong Kong wound care market in the coming years, with an expected revenue contribution of 68.6% in 2024. This can be ascribed to the fact that a large number of patients prefer to visit hospitals and specialty clinics in case of severe injuries.
The Hong Kong wound care market in the pharmacies distribution channel is expected to witness faster growth, with a CAGR of 6.1%, during the forecast period. This can be attributed to the readily available over-the-counter (OTC) products. In addition, the delivery time of pharmacies through this channel is much less than that of online channels.
Competitive Landscape of Hong Kong Wound Care Market
The Hong Kong wound care market is fragmented in nature, due to the presence of giant international players as well as regional players, which are extensively involved in the manufacturing and commercialization of wound care products. These include Coloplast A/S, 3M Company, Paul Hartmann AG, Winner Medical Co. Ltd., Mölnlycke Health Care AB, Smith & Nephew PLC, ConvaTec Group PLC, Allmed Medical Products Co. Ltd., Zhende Medical Co. Ltd., Wayson Medical Co. Ltd., Urgo Medical, Integra LifeSciences Holdings Corporation, and Weigao Group Co. Ltd.
Recent Strategic Developments of Hong Kong Wound Care Market Players
In recent years, major players operating in the Hong Kong wound care market have actively engaged in product launches, partnerships, and mergers & acquisitions to gain a competitive edge. 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. The acquisition is expected to help the company to expand its medical solutions business and support its strategy to offer comprehensive advanced and surgical wound care solutions. In addition, in April 2019, Smith & Nephew PLC acquired Leaf Healthcare Inc., the developer of the Leaf patient monitoring system for pressure injury prevention and patient mobility monitoring, to complement its advanced wound management portfolio.
Similarly, in June 2019, Mölnlycke Health Care AB and Zuellig Pharma Holdings Pte. Ltd. entered into a partnership to focus on advanced wound care products for patients and healthcare practitioners across Southeast Asia.
In March 2019, Integra LifeSciences Holdings Corporation announced the approval of DuraGen dual regenerative matrix in Japan. It is the first and only non-autologous collagen xenograft approved for use as a dural substitute in Japan.
Market Size Breakdown by Segment
The Hong Kong wound care market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2024.
Based on Type
Based on Application
Based on End User
Based on Distribution Channel
Key Questions Addressed in the Report