The Hong Kong wound dressing market is forecasted to generate $27.1 million revenue by 2024, progressing at a CAGR of 5.5% during the forecast period. Factors driving the growth of the market include growing geriatric population, increasing prevalence of diabetes, increasing prevalence of chronic wounds, and high incidence of traumatic injuries, according to P&S Intelligence.
Insights into the Market Segments
Based on type, the Hong Kong wound dressing market is bifurcated into traditional and advanced wound dressings. Traditional wound dressings held larger share in the market, contributing a revenue share of 69.7%, in 2018. This can be attributed to the low cost of these dressings, and increasing number of road accidents and injuries in the region.
The Hong Kong advanced wound dressing market is further categorized into foams, hydrocolloids, films, alginates, antimicrobials, hydrogels, collagen, hydrofiber, wound contact layers, superabsorbents, negative pressure wound therapy (NPWT), and others. Among these, foams held the largest share, of 25.5%, in the market in 2018, mainly on account of the fact that wound management with foams reduces the need to change the dressings frequently. The demand for foam dressings is expected to observe the fastest growth in the market, with a CAGR of 6.0%, during the forecast period.
On the basis of application, the Hong Kong wound dressing market is categorized into chronic and acute wounds. The market in the category of chronic wounds is expected to hold larger share, of 56.3%, by 2024.
Based on end user, the Hong Kong wound dressing market is categorized into hospitals and specialty clinics, home healthcare, and long-term care settings. Hospitals and specialty clinics, as an end-user category, is projected to be the largest as well as the fastest growing category in the market in the coming years. The category is expected to hold more than 60% market share by 2024, exhibiting a CAGR of 6.0% during the forecast period. This can be mainly ascribed to the fact that a large number of patients prefer to visit hospitals and specialty clinics in case of severe injuries in the region.
Surging Incidence of Traumatic Injuries is Driving the Growth of the Hong Kong Wound Dressing Market
As per the data provided by the Transport Department, Government of Hong Kong, the total number of causalities reported due to road accidents increased from 18,138 in 2009 to 20,132 in 2016. Traumatic injuries are severe, require immediate medical attention, and increase patients’ susceptibility to infections. Since traumatic injuries caused by road accidents result in high demand for wound dressing products, the high incidence of such injuries continues to drive the growth of the advanced wound dressing market in Hong Kong.
Browse report overview with 111 tables and 29 figures spread through 141 pages and detailed TOC on "Hong Kong Wound Dressing Market Research Report: By Type (Bandages, Gauzes, Sponges, Abdominal Pads, Foams, Hydrocolloids, Films, Alginates, Antimicrobials, Hydrogels, Collagen, Hydrofiber, Wound contact layers, Superabsorbents), Application (Chronic Wounds, Acute Wounds), End-User (Hospitals and Specialty Clinics, Home Healthcare, Long-Term Care Settings) – Competition Analysis and Growth Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/hong-kong-wound-dressing-market
Hong Kong Wound Dressing Market Competitive Landscape
Key players operating in the Hong Kong wound dressing market are acquiring other players to strengthen their product portfolio and increase their market share. For instance, in May 2019, 3M Company entered into a definitive agreement to acquire Acelity Inc. and its KCI subsidiaries. The acquisition is expected to help the company to expand its medical solutions business and support its strategy to offer comprehensive advanced and surgical wound care solutions.
New product launches by the market players are also propelling the industry growth. For example, in November 2018, Mölnlycke Health Care AB launched Mepilex Border Flex dressing, specifically engineered to support fewer dressing changes, and reduce dressing cost and waste, while creating an optimal healing environment. The product features a five-layer absorbent foam structure with Safetac that effectively absorbs and retains exudate, keeping the wound environment moist. This makes Mepilex Border Flex dressing effective for the treatment of diabetic foot ulcers, pressure ulcers, secondary healing wounds, and traumatic wounds.
Some of the key players in the Hong Kong wound dressing market are Coloplast A/S, Paul Hartmann AG, Winner Medical Co. Ltd., Smith & Nephew plc, ConvaTec Group PLC, Allmed Medical Products Co. Ltd., Zhende Medical Co. Ltd., and Wayson Medical Co. Ltd.
The report also provides insights about regulatory framework and product pricing, associated with the Hong Kong wound dressing market.
HONG KONG WOUND DRESSING MARKET SEGMENTATION
Market Segmentation by Type
Market Segmentation by Application
Market Segmentation by End User
Market Segmentation by Distribution Channel