Hong Kong Wound Dressing Market Overview
The Hong Kong wound dressing market is expected to reach $27.1 million by 2024, registering a CAGR of 5.5% during the forecast period. This growth can be ascribed to the high incidence of traumatic injuries, increasing prevalence of diabetes, surging prevalence of chronic wounds, and growing geriatric population.
Based on type, the Hong Kong wound dressing market is classified into traditional and advanced wound dressings. Of the two, the advanced wound dressings category is projected to witness faster growth, with a CAGR of 5.6%, during the forecast period. This is mainly due to its innovative and advanced applications in the treatment of wounds, and increasing prevalence of chronic diseases in the region. However, the traditional category is expected to lead the market, in terms of size, in the coming years.
On the basis of application, the Hong Kong wound dressing market is categorized into chronic and acute wounds. The chronic wounds application area is further sub-categorized into diabetic foot ulcers (DFUs), venous foot ulcers (VFUs), and pressure ulcers. Among these, wound dressings were mostly utilized for the treatment of DFUs during the historical period.
Based on end user, the Hong Kong wound dressing market is classified into hospitals and specialty clinics, home healthcare, and long-term care settings. The hospitals and specialty clinics category is expected to witness the fastest growth, advancing at a CAGR of 6.0%, during the forecast period. Increasing applications of advanced wound dressing products in hospitals is addressing the unmet needs of chronic wound patients in Hong Kong.
Hong Kong Wound Dressing Market Dynamics
Some of the key factors driving the Hong Kong wound dressing market are growing geriatric population, increasing prevalence of diabetes, increasing prevalence of chronic wounds, and high incidence of traumatic injuries.
Surging geriatric population is playing a pivotal role in the growth of the advanced wound dressing market in Hong Kong. The number of people aged 65 years and above is increasing in the region, which continues to fuel the demand for wound dressing products.
Since old-aged people are more prone to developing medical conditions, owing to the age factor, they generate a considerable demand for wound dressing products. Skin changes caused by aging increase the risk of chronic leg ulcers and delayed wound healing in them. Further, common age-related changes, such as reduced skin elasticity and slower collagen production, can impact the wound healing process in older people.
Moreover, as compared to adults, the old-aged people have weakened body functions, often resulting in longer wound recovery period. Impaired blood circulation may further lead to delayed wound healing in such people. Cardiovascular diseases and cancer often require surgeries at some point of their severity, further resulting in the demand for wound dressing products. Thus, the surging geriatric population in Hong Kong continues to increase the customer base for wound dressing products in the region, thereby contributing to the growth of the Hong Kong wound dressing market.
Advanced wound dressing products, such as foams, hydrocolloids, films, alginates, hydrogels, and collagen dressings, are more expensive than traditional dressings. According to a study published in Journal of Market Access and Health Policy, advanced wound dressings used in the treatment of VLUs are the main cost driver in the market. The high treatment cost of VLUs can be mainly ascribed to the high price of antimicrobial dressings used in the wound treatment. Also, the high cost of advanced wound dressings impacts the consumer affordability, especially for people living in rural areas in the region. Despite the increasing adoption of advanced wound dressings in Hong Kong, the market is unable to reach its full potential.
Hong Kong Wound Dressing Market Competitive Landscape
Various mergers and acquisitions, and partnerships by major players is expected to increase the availability of technologically advanced products in the Hong Kong wound dressing market. For instance, 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.
Besides, 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. The system comprises a small, lightweight, and wearable sensor that wirelessly monitors patients’ mobility, during their stay hospital.
Coloplast A/S, Paul Hartmann AG, 3M Company, Winner Medical Co. Ltd., ConvaTec Group PLC, Allmed Medical Products Co. Ltd., Zhende Medical Co. Ltd., and Wayson Medical Co. Ltd. are some other key players operating in the Hong Kong wound dressing market.