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Hong Kong Wound Dressing Market Research Report: By Type (Advanced, Traditional), Application (Chronic Wounds, Active 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

  • Published: June 2020
  • Report Code: LS11699
  • Available Format: PDF
  • Pages: 189

Hong Kong Wound Dressing Market Overview

Valued at $38.9 million in 2019, the Hong Kong wound dressing market is projected to witness a CAGR of 5.9% during the forecast period (2020–2030). Increasing prevalence of diabetes, rising incidence of traumatic injuries, and surging geriatric population in the country are the key driving factors for the growth of the Hong Kong wound dressing industry.

Hong Kong Wound Dressing Market

Segmentation Analysis

Advanced Wound Dressing is the Largest Type Category in Industry

In 2019, the advanced wound dressing category accounted for the largest share in the Hong Kong wound dressing market, on the basis of type. Advanced wound dressing is very advantageous for traumatic injuries, which are mostly severe and require prompt medical attention, so that the patients’ susceptibility to infections can be reduced. The treatment of such injuries involves the use of advanced wound dressings, as they absorb exudate and regulate the moisture level around the wound, thereby protecting the wound base and the tissue surrounding it.

Among advanced wound dressings, the foam category accounted for the largest market share in 2019. This is attributed to the fact that foam dressings are generally made from semipermeable polyurethane, making it non-sticky and allowing water vapor to pass through the dressing forkeeping the wound moist, yet it keeps the wound safe from bacteria and other contaminants. Additionally, it provides thermal insulation and has absorptive capabilities.

Chronic Wounds are Expected to be the Fastest-Growing Application Category

The chronic wounds category is expected to witness the fastest growth as well as account for the largest share during the forecast period in the Hong Kong wound dressing market, on the basis of application. This can be ascribed to the fact that proper care and attention to these wounds are critical because an untreated chronic wound can lead to serious skin infections that can eventually spread to the blood stream and cause sepsis.

Hospitals and Specialty Clinics are Expected to be the Largest End-User Category

Hospitals and specialty clinics, as an end-user category, are projected to be the largest as well as the fastest-growing category in the Hong Kong wound dressing market in coming years. This can be mainly ascribed to the fact that a large number of patients prefer to visit hospitals and specialty clinics in case of severe injuries in the country.

Pharmacies are Expected to be the Largest as well as Fastest-Growing Distribution Channel

The pharmacies category is expected to hold larger share and is also projected to grow at a higher rate than online channels during the forecast period in the Hong Kong wound dressing market. This can be ascribed to the easy availability and larger variety of dressings available at pharmacies.

Trends & Drivers

Shift in Preference from Traditional Products to Advanced Therapies is a Key Market Trend

In Hong Kong, a positive shift has been observed in consumer preference from traditional wound dressing products to advanced products. This is one of the major trends observed in the Hong Kong wound dressing market. Traditional dressing generally involves products that facilitate dry healing or serve as secondary dressing products 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. Due to these advantages, healthcare professionals and consumers in the country are increasingly preferring advanced wound dressing products over their traditional counterparts. Thus, the outlook toward the advanced wound care is changing in the country.

Hong Kong Wound Dressing Market

Increasing Prevalence of Diabetes

Increasing prevalence of diabetes is fueling the growth of the Hong Kong wound dressing market. As diabetes lead to diabetic foot ulcer, a chronic complication of diabetes mellitus, which requires frequent dressings during its management. Moreover, wounds tend to develop quickly and heal slowly in diabetic patients. Thus, with the growing prevalence of diabetes, the demand for wound dressing products is rapidly increasing in the country, which, in turn, is driving the market growth.

Growing Geriatric Population

Surging geriatric population is playing a pivotal role in the growth of the Hong Kong wound dressing market. The number of people aged 65 years and above is increasing in the Asia-Pacific (APAC) region, including Hong Kong, which continues to fuel the demand for wound dressing products in the country. Moreover, the population of the elderly in Hong Kong is expected to increase significantly over the next few decades. According to the Chinese University of Hong Kong, the proportion of those aged 65 years and above was 11.7% in the country’s total population in 2003, which is projected to reach 27% by 2033.

Hong Kong Wound Dressing Market Report Coverage
Report Attribute Details
Historical Years 2014-2019
Forecast Years 2020-2030
Base Year (2019) Market Size $38.9 million
Forecast Period (2020-2030) CAGR 5.9%
Report Coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Company Revenue Share Analysis, Dressing Usage Share Analysis in Hospitals, Companies’ Strategical Developments, Product Benchmarking, Company Profiling
Market Size by Segments Type, Application, End User, and Distribution Channel
Secondary Sources and References (Partial List) Centre of Health Protection Hong Kong, Chinese University of Hong Kong, Department of Health Government of Hong Kong, Elderly Health Service Department of Health Hong Kong, Hong Kong College of Surgical Nursing, World Bank, Wound, Ostomy and Continence Nurses (WOCN) Society, International Ostomy Associations, World Health Organization, International Diabetes Federation

 

High Incidence of Traumatic Injuries

Road accidents are the most common cause of traumatic injuries and open wounds in Hong Kong. Since traumatic injuries caused by road accidents result in the high demand for wound dressing products, the high incidence of such injuries continues to drive the growth of the wound dressing market in Hong Kong.

However, due to the COVID-19 pandemic effect, the wound dressing manufacturing industry in Hong Kong is facing challenges, owing to the lockdown mandates by the government, low work force, and less demand from end users. Because of the pandemic, the demand for wound care products is hampered in the short run, resulting in the drop in the market growth rate. However, the wound dressing industry is expected to witness a rise after the operations being restarted in manufacturing plants, resumed of import and exports of wound dressing products and raw materials, and started of outpatient departments in healthcare facilities.

Market Players Adopting Mergers & Acquisitions Strategy to Gain Competitive Edge

The Hong Kong wound dressing market is consolidated in nature, with presence of few major players, such as 3M Company, ConvaTec Group, Coloplast A/S, Paul Hartmann Asia-Pacific Ltd., Winner Medical Co. Ltd, Mölnlycke Health Care AB, Johnson & Johnson, Cardinal Health Inc., and Medtronic plc.

In recent years, players in the Hong Kong wound dressing industry are involving themselves into mergers and acquisitions, in order to stay ahead of their competitors. 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 assumption of debt and other adjustments. The acquisition is expected to help the company expand its medical solutions business and support its strategy to offer comprehensive advanced and surgical wound care solutions.
  • In April 2019, Urgo Medical announced the signature of asset purchase agreement with REALM Therapeutics. The acquisition is intended to reinforce URGO Medical’s innovative product portfolio and its presence in North America.

Some of Key Players in Hong Kong Wound Dressing Market Include:

  • 3M Company
  • ConvaTec Group
  • Coloplast A/S
  • Paul Hartmann Asia-Pacific Ltd.
  • Mölnlycke Health Care AB
  • Johnson & Johnson
  • Cardinal Health Inc.
  • Medtronic plc
  • B. Braun Melsungen AG
  • Smith & Nephew plc
  • BSN medical GmbH
  • Beiersdorf AG
  • Urgo Medical
  • Integra LifeSciences Holdings Corporation

Market Size Breakdown by Segment

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

Based on Type

  • Advanced
    • Foams
      • By hospital type
      • By prescription mode
    • Hydrocolloids
      • By hospital type
      • By prescription mode
    • Films
      • By hospital type
      • By prescription mode
    • Alginates
      • By hospital type
      • By prescription mode
    • Antimicrobials
      • By hospital type
      • By prescription mode
    • Hydrogels
      • By hospital type
      • By prescription mode
    • Collagen
      • By hospital type
      • By prescription mode
    • Hydrofiber
      • By hospital type
      • By prescription mode
    • Wound contact layers
      • By hospital type
      • By prescription mode
    • Superabsorbents
      • By hospital type
      • By prescription mode
    • Negative pressure wound therapy (NPWT)
      • By hospital type
      • By prescription mode
  • Traditional
    • Bandages
    • Gauzes
    • Sponges
    • Abdominal Pads

Based on Application

  • Chronic Wounds
    • Diabetic foot ulcers (DFUs)
    • Venous leg ulcers (VLUs)
    • Pressure ulcers
  • Active 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
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