Traumatic injuries increase patients’ susceptibility to infections and require immediate medical attention. Diabetic foot ulcer is also one of the common traumatic wounds. Further, the number of diabetic foot ulcer patients is increasing at a significant rate in the country, which require proper wound dressings. All these factors are together expected to drive the Hong Kong wound dressing market, with a 5.9% CAGR, during 2020–2030.
Advanced Wound Dressing to Hold the Largest Share in the Market
The advanced wound dressing possesses several advantages, such as it can hydrate wound to provide a moist environment, thereby promoting autolysis debridement for wound scab; and it does not stick to the wound bed and can be easily removed causing less pain. It is used to treat more complex wounds, including ulcers such as diabetic foot ulcers. For instance, collagen dressing accelerates the wound healing process by allowing the skin and tissue regeneration and reducing the risk of infection by preventing the bacteria to pass through the wound.
Among the varied advanced wound dressings, the foams category held the largest share in 2019, mainly on account of the fact that wound management with foams reduces the need to change the dressings frequently. In addition to this, foams also help in cushioning the wound and peri-wound areas from any further trauma, and also providing thermal insulation to the wounds.
The demand for antimicrobial dressings, under the advanced wound dressing category, is expected to witness the fastest growth during the forecast period in the Hong Kong wound dressing market. Antimicrobial dressings are applied topically on wounds that exert a wide-ranging spectrum of non-selective antibacterial actions. These dressings act at multiple sites within microbial cells, and hence reduce the likelihood of developing bacteria.
Owing to the COVID-19, the manufacturing industry in Hong Kong is facing several challenges due to low work force, government mandates for lockdown, and less demand from end users. Thus, due to the pandemic, it is projected that the demand for wound care products will witness a negative impact in the short run, leading to the reduction in the Hong Kong wound dressing market growth. However, there will be a notable increase in the demand after resuming of operations in manufacturing plants, starting of outpatient departments in healthcare facilities, and streamlining of import and exports of wound dressing raw materials and products.
Mergers & Acquisitions Being Seen as Engine of Growth by Market Players
Players in the Hong Kong wound dressing market are rapidly involving into mergers and acquisitions for improving their industry position, by enhancing their product portfolio, customer base, research teams, and geographical reach.
For instance, in January 2019, Mölnlycke Health Care AB announced the acquisition of M&J Airlaid Products A/S, a Danish private company and manufacturer of specialized and high-quality absorbent airlaid nonwoven materials. The acquisition is intended to improve Mölnlycke’s security of supply of the airlaid material that is essential in the production of advanced wound care dressings and will help grow the wound care business by accelerating innovation and product development in existing and future products.
Browse report overview with detailed TOC on "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" at:https://www.psmarketresearch.com/market-analysis/hong-kong-wound-dressing-market
Similarly, 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 in hospitals. The data is further used to automate and document the compliance with prescribed protocols for patients at risk of pressure injuries.
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., Medtronic plc, B. Braun Melsungen AG, Smith & Nephew plc, BSN medical GmbH, Beiersdorf AG, Urgo Medical, and Integra LifeSciences Holdings Corporation are the major players operating in the Hong Kong wound dressing market.