The Hong Kong wound care market held an estimated value of $44.6 million in 2019, which is projected to reach $58.4 million by 2024, progressing at a CAGR of 5.6% during the forecast period (2019–2024). Based on type of advanced wound dressings, the foam category held the largest market share, of 29.3%, in 2019, mainly on account of the fact that wound management with foams reduces the need to change the dressings frequently.
Whereas, the Hong Kong wound care market is expected to witness faster growth in the chronic wounds category under the application segment during the forecast period. This can be attributed to the high incidence of chronic wounds, such as diabetic foot ulcer (DFU), venous leg ulcer (VLU), and pressure ulcer.
Shift in Preference from Traditional Products to Advanced Therapies is a Key Trend in the Market
The region is encountering a positive shift in consumer preference from traditional wound care products to advanced therapies. This is mainly due to the advanced wound care products that accelerate healing in addition to providing quick relief to patients. Whereas, traditional wound care products facilitate dry healing when used for primary dressing and also serve as secondary dressing products either to hold the primary dressing in place or to absorb excess exudate.
Market is Likely to Witness Significant Progress Due to Surge in Geriatric Population and High Incidence of Traumatic Injuries
Surging geriatric population in Hong Kong is playing a pivotal role in the growth of the wound care market in the region. This is due to the fact that elderly people are more prone to developing medical conditions and are susceptible to chronic diseases, such as cancer, diabetes, neurological disorders, and cardiovascular diseases. In addition, the process of wound healing in the geriatric population is delayed, owing to the reduced elasticity of skin and slower collagen production. This in turn, leads to increase the demand for wound care products in the region.
Furthermore, increasing prevalence of diabetes is also a major factor driving the Hong Kong wound care market. According to the Centre for Health Protection, Department of Health in Hong Kong, diabetes is a leading cause of mortality and morbidity in the region. The agency claimed that there were 13,700 in-patient discharges and in-patient deaths in hospitals in 2015, due to diabetes. Later in 2017, this number increased to 14,076.
Segmentation Analysis of Hong Kong Wound Care Market
Competitive Landscape of Hong Kong Wound Care Market
The wound care market in Hong Kong is fragmented in nature, with the presence of regional and international players, such as Coloplast A/S, Paul Hartmann AG, 3M Company, Winner Medical Co. Ltd., Smith & Nephew PLC, ConvaTec Group PLC, Zhende Medical Co. Ltd., and Wayson Medical Co. Ltd.
Players in the Hong Kong wound care market are adopting several strategic measures, such as product launches, partnerships, and mergers & acquisitions, to maintain their position. For instance, in October 2019, 3M Company closed the acquisition deal of Acelity Inc. and its KCI subsidiaries in order to expand its medical solutions business and support its strategy to offer comprehensive advanced and surgical wound care solutions.
Furthermore, in January 2019, Mölnlycke Health Care AB announced its partnership with Tissue Analytics, a developer of digital wound imaging platforms. The partnership is expected to help Mölnlycke Health Care AB to leverage its expertise in wound care and Tissues Analytics’ advanced digital capabilities for the development and commercialization of advanced digital solutions for wound assessment and treatment.
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 Trends and Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/hong-kong-wound-care-market
Similarly, in November 2018, Mölnlycke Health Care AB launched Mepilex Border Flex dressing, specifically engineered to support fewer dressing changes and reduce dressing costs and waste, while creating an optimal healing environment.
Some other important players operating in the Hong Kong wound care market are Mölnlycke Health Care AB, Allmed Medical Products Co. Ltd., Urgo Medical, Johnson & Johnson, Integra LifeSciences Holdings Corporation, and Weigao Group Co. Ltd.