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

Market Overview

The Hong Kong wound dressing market generated $40.1 million revenue in 2020, and it is expected to grow at a CAGR of 6.0% during the forecast period (2021–2030). The key factors responsible for the growth of the market include the booming geriatric population, increasing prevalence of diabetes, and high incidence of traumatic injuries.

During the COVID-19 pandemic, the market for wound dressings in Hong Kong faced a negative impact due to movement restrictions, which have forced people to stay home, and, thus, there has been a huge decline in the incidence of injuries among school and college students. In addition, the number of road accidents decreased due to the reduced usage of vehicles. Moreover, companies faced disruptions in the supply chain during the first wave in 2020. Thus, there was a negative impact on the sale of wound dressing products in Hong Kong.

Demand for Advanced Wound Care Products Is Higher due to Their Higher Efficiency

The advanced products category held the larger share in 2020 in the Hong Kong wound dressing market, based on type. This is majorly attributed to the fact that these products facilitate proper oxygen flow, maintain a stable temperature around the wound, provide protection from infections, remove dead tissues, allow new cells to emerge, and relieve pain during dressing change.

High Prevalence of Diabetes Is Leading to Faster Growth of Chronic Wounds Application

The chronic wounds category is expected to be the faster-growing category in the market for wound dressing in the metropolis during the forecast period, based on application. This will majorly be due to the high incidence of diabetes mellitus, which often leads to diabetic foot ulcers, a type of chronic wound.

Due to Largest Patient Pool, Hospitals & Specialty Clinics Accounted for Largest Revenue Share

Hospitals and specialty clinics have emerged as the highest-revenue-generating, as well as the fastest-growing category, amongst all the end users in the Hong Kong wound dressing market, owing to the greater footfall of patients and increasing accessibility of such places to people with varying incomes.

Pharmacies Dominated Market due to Easy Availability of Wound Dressing Products

The pharmacies category held the dominating share of the market for wound dressing in the megacity during the historical period (2015–2020), and it is expected to retain its position during the forecast period, based on distribution channel. This can be attributed to the easy availability of a larger variety of wound dressings at pharmacies.

Shift in Consumer Preference from Traditional Products to Advanced Therapies Is Key Market Trend

In Hong Kong, a shift has been observed in the consumer preference from traditional wound dressing products to advanced products, which would lead to significant growth of the wound dressing market in the country. Advanced wound dressings, such as hydrogel dressings and hydrocolloid dressings, accelerate healing, as well as provide optimal comfort and quick recovery. For example, Coloplast A/S’s Biatain Alginate is a highly absorbent alginate dressing for moderate-to-heavy-exuding wounds. Similarly, ConvaTec Group PLC’s AQUACEL Ag Foam is a silver foam dressing that offers rapid and effective antimicrobial action.

Rising Geriatric Population Is Driving Market Growth

The increasing aging population is playing a pivotal role in the growth of the market for wound dressing in Hong Kong. According to the Chinese University of Hong Kong, the share of those aged 65 years and above was 11.7% in Hong Kong’s total population in 2003, which is projected to reach 27% by 2033. Since the elderly are more prone to medical conditions owing to their physical and immunological weakness, they generate a considerable demand for wound dressing products.

Market Players Involved in Mergers and Acquisitions to Gain Significant Position

In recent years, players in the wound dressing industry have been involved in mergers and acquisitions in order to attain a significant position. For instance:

• In January 2021, Smith & Nephew plc, a global medical technology company, announced its decision to acquire the Extremity Orthopaedics business of Integra LifeSciences Holdings Corporation for $240 million. The acquisition is expected to support the former company’s strategy to invest in high-growth segments, including advanced wound management.
• In July 2020, Medtronic plc and Medicrea entered into a tender offer agreement for the acquisition of all the outstanding shares of Medicrea. The friendly voluntary all-cash tender offer was priced at $8.2 per share. The board of directors of both the companies unanimously approved the transaction.

Key Players in Hong Kong Wound Dressing Market Are:

Market Size Breakdown by Segment

The Hong Kong wound dressing market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.

Based on Type

• Advanced
  • 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
  • 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
• Acute Wounds
  • Surgical and traumatic wounds
  • Burns

Based on End User

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

Based on Distribution Channel

• Pharmacies
• Online Channels