Published: September 2021 | Report Code: LS11699 | Available Format: PDF | Pages: 163
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.
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.
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.
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.
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.
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.
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.
|Base Year (2020) Market Size||$40.1 Million|
|Market Size Forecast in 2030||$70.6 Million|
|Forecast Period CAGR||6.0%|
|Report Coverage||Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Company Profiling|
|Market Size by Segments||By Type; By Application; By End User; By Distribution Channel|
|Secondary Sources and References (Partial List)||Asian Pacific Enterostomal Therapy Nurses Association (APETNA); Asian Wound (Healing) Care Association; Chinese Tissue Repair Society; Department of Health, Government of Hong Kong; Hong Kong Association of Family Medicine and Primary Health Care Nurses; Hong Kong Burns and Wound Healing Society; Hong Kong College of Surgical Nursing; Hong Kong Enterostomal Therapists Association; Hong Kong Society for Surgery of the Hand; Hong Kong Stoma Association; International Ostomy Association; Journal of the Chinese Medical Association; Organisation for Economic Co-operation and Development (OECD); World Bank|
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:
The Hong Kong wound dressing market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.
Based on Type
Based on Application
Based on End User
Based on Distribution Channel
The wound dressing market in Hong Kong will generate $70.6 million in 2030.
The Hong Kong wound dressing industry report has four segments: type, application, distribution channel, and end user.
The biggest end user in the wound dressing market of Hong Kong is hospitals and specialty clinics.
Advanced products are the biggest Hong Kong wound dressing industry trend as they allow for faster healing, temperature control, infection prevention, and tissue regeneration.
Companies in the wound dressing market of Hong Kong are launching new products and acquiring similar players.
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