The high incidence of traumatic injuries, growing geriatric population, and increasing prevalence of diabetes are the key factors boosting the growth of the Hong Kong wound care market. Based on these factors, the industry is expected to generate $80.7 million revenue by 2030, witnessing a CAGR of 5.4% during the forecast period (2020–2030).
Advanced Category To Generate Higher Revenue in Industry during Forecast Period
On the basis of type, the Hong Kong wound care market is classified into advanced and traditional wounds. Between these, the advanced category is expected to lead the market in the coming years, due to the large number of benefits associated with advanced wound care, such as quick healing and help with formation of the natural tissue matrix. Furthermore, the growing prevalence of chronic diseases in the metropolis further supports the dominance of this category on the market.
Further, on the basis of application, the Hong Kong wound care market is categorized into chronic wounds and acute wounds. The chronic wounds category generated the higher revenue in 2019, and it is expected to witness the faster growth during the forecast period. This is majorly due to the fact that patients with chronic wounds require extensive treatment, such as change of wound dressings frequently. The prevalence of chronic wounds, such as pressure ulcers and diabetic foot ulcers (DFUs), is rising in Hong Kong, which is further supporting the category growth in the market.
Due to the COVID-19 pandemic, the market has witnessed a reduced demand for wound care products in 2019, which, however, is expected to rise in the mid and long terms. The reduced demand has hampered the growth of the Hong Kong wound care market in recent period.
Mergers & Acquisitions Are Key Growth Measures among Industry Players
Players in the Hong Kong wound care market are involving in mergers & acquisitions, for improving their industry position by enhancing their product portfolio, customer base, and geographical reach.
For instance, in October 2019, 3M Company acquired Acelity Inc., along with its KCI subsidiaries, for around $6.7 billion, which included the assumption of debt and other adjustments. The acquisition helped 3M expand its medical solutions portfolio and supported its strategy to offer solutions for surgical and advanced wound care.
Moreover, 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, wearable sensor that wirelessly monitors patients’ mobility while in the hospital. The data is further used to automate and document the compliance with prescribed protocols for patients at risk of pressure injuries.
Browse report overview with detailed TOC on "Hong Kong Wound Care Market Research Report: By Type (Advanced, Traditional), Application (Chronic Wounds, Acute 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" at:https://www.psmarketresearch.com/market-analysis/hong-kong-wound-care-market
Some of the major players in the Hong Kong wound care market are 3M Company, Coloplast A/S, Paul Hartmann AG, Winner Medical Co. Ltd., Mölnlycke Health Care AB, Smith and Nephew plc, ConvaTec Group plc, Allmed Medical Products Co. Ltd., Wayson Medical Co. Ltd., BSN medical GmbH, Johnson & Johnson, Cardinal Health Inc., Medtronic plc, Integra LifeSciences Holdings Corporation, Zhende Medical Co. Ltd., Weigao Group Co. Ltd., Lohmann & Rauscher GmbH & Co. KG, Wright Medical Group N.V., and Medela Healthcare.