The high incidence of diabetes, which often gives rise to chronic wounds, rising number of traumatic injuries, and growing geriatric population are the major growth drivers for the Hong Kong wound dressing market. Due to the aforementioned factors, the industry is projected to generate $70.6 million revenue in 2030, advancing at a CAGR of 6.0% during the forecast period (2021–2030).
During COVID-19, manufacturing facilities of wound dressing industry players were partially closed due to lockdowns, thereby leading to a negative impact on the market for wound dressing in Hong Kong. Moreover, there has been a reduced demand for wound care products owing to these lockdowns and other strict government regulations, which have forced people to stay inside their homes. This has essentially brought down the incidence of injuries, burns, trauma, and wounds caused by surgeries. Thus, there has been a negative impact of the pandemic on the sale of wound care products.
The Hong Kong wound dressing market is categorized into advanced and traditional, based on type. Of these, the advanced category dominated the market during the historical period (2015–2020), and it is expected to retain its dominance during the forecast period. This would be mainly due to the fact that advanced wound care products provide faster healing, optimized drainage, and, in certain instances, a lower risk of accompanying infections.
Moreover, the market for wound dressing in Hong Kong is categorized into chronic wounds and acute wounds, based on application. Out of these, the chronic wounds category is expected to be the faster-growing category during the forecast period. This will be primarily due to the rising prevalence of diabetes, including among a large proportion of the older population. Diabetes may lead to diabetic foot ulcers (DFUs) and several other types of chronic wounds.
Players in the Hong Kong wound dressing market are frequently involving in mergers and acquisitions to gain a significant position. For instance, in January 2021, Smith & Nephew plc announced the $240-million acquisition of the Extremity Orthopaedics business of Integra LifeSciences Holdings Corporation. The aim of this acquisition was to support the former company’s strategy to invest in high-growth segments, including advanced wound management.
Major players operating in the market for wound dressing in Hong Kong are ConvaTec Group plc, Smith & Nephew plc, Mölnlycke Health Care AB, 3M Company, Essity AB, Winner Medical Co. Ltd., Paul Hartmann AG, Allmed Medical Products Co. Ltd., Zhende Medical Co. Ltd., Wayson Medical Co. Ltd., B. Braun Melsungen AG, Beiersdorf AG, Johnson & Johnson, and Coloplast A/S.