Hong Kong Wound Dressing Market to Cross $70.6 Million Revenue by 2030, says P&S Intelligence

NEW YORK, Oct. 4, 2021 /PRNewswire/ -- From $40.1 million in 2020, the Hong Kong wound dressing market size is projected to increase to $70.6 million by 2030, at a 6.0% CAGR between 2021 and 2030.

The major reasons behind the growing demand for products are:

Booming Geriatric Population: According to the Chinese University of Hong Kong, people aged 65 and above will make up 27% of the metropolis' population by 2033, compared to 11.7% in 2003. Such people often injure themselves, getting nasty wounds. Additionally, they suffer from many chronic diseases that lead to wounds, thereby propelling the market growth.

Rising Diabetes Prevalence: The increasing cases of diabetes are also driving the Hong Kong wound dressing market as the disease often leads to diabetic foot ulcers, a type of chronic wound, which is hard to cure using traditional methods. A key reason behind the increasing diabetes incidence in the megacity is the rising number of obese people, as obesity is a major risk factor for this endocrine disorder.

The COVID-19 pandemic has affected the Hong Kong wound dressing market negatively as the lockdowns confined people inside their homes. This led to a major reduction in the incidence of road accidents and injuries among school and college students. In the same way, the closed surgery departments resulting in a low incidence of surgical wounds, thereby further pushing down the demand for wound dressing products.

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In the coming years, the advanced bifurcation will witness the faster growth in the Hong Kong wound dressing market, within the type segment. Advanced wound dressings allow for rapid healing, temperature and moisture control around the wound, gaseous exchange, infection inhibition, and tissue regeneration.

The chronic wounds bifurcation held the larger share in the application segment of the Hong Kong wound dressing market in the past. Such wounds are long lasting and difficult to treat, which is why they require frequent changes of the dressing, preferably advanced dressing.

Browse detailed report on Hong Kong Wound Dressing Market Size, Key Players and Industry Growth Forecast to 2030

In the near future, the Hong Kong wound dressing market, under the end user segment, will be dominated by the hospitals & specialty clinics category. As such medical facilities employ experienced professionals and boast advanced equipment, people, especially trauma and burn victims, prefer them for getting their wounds dressed.

The pharmacies category generated the highest revenue in the Hong Kong wound dressing market historically, based on distribution channel. Being dedicated to pharma and other healthcare-related products, pharmacies offer a wide variety of traditional and advanced dressings for wounds.

Major players in the Hong Kong wound dressing market are Coloplast A/S, Paul Hartmann AG, 3M Company, Winner Medical Co. Ltd., Smith & Nephew plc, Mölnlycke Health Care AB, ConvaTec Group plc, Zhende Medical Co. Ltd., Allmed Medical Products Co. Ltd., Wayson Medical Co. Ltd., Essity AB, B. Braun Melsungen AG, Beiersdorf AG, Urgo Medical, Johnson & Johnson, Cardinal Health Inc., Integra LifeSciences Holdings Corporation, Medtronic plc, Wright Medical Group N.V., Lohmann & Rauscher GmbH & Co. KG, Medela AG, Weigao Group Co. Ltd., and Nitto Denko Corporation.

Market Size Breakdown by Segment

Based on Type

• Advanced
• Foam
• Hydrocolloid
• Film
• Alginate
• Antimicrobial
• Hydrogel
• Collagen
• Hydrofiber
• Wound contact layer
• Superabsorbent
• Negative-pressure wound therapy (NPWT)
• Traditional
• Bandages
• Gauzes
• Sponges
• Abdominal pads

Based on Application

• Chronic Wounds
• Diabetic foot ulcers (DFUs)
• Venous leg ulcers (VLUs)
• Pressure ulcers
• Acute Wounds
• Surgical and traumatic wounds
• Burns

Based on End User

• Hospitals and Specialty Clinics
• Inpatient settings
• Outpatient settings
• Homecare Settings
• Long-Term-Care Settings

Based on Distribution Channel

• Pharmacies
• Online Channels

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Wound Dressing Market

Geographically, the North American wound dressing market generated the highest revenue in 2017, as a result of a rise in the incidence of road accidents, increase in the number of burn cases, boom in the geriatric population, and rise in the number of diabetes and obesity cases.

Latin America Wound Dressing Market

Factors such as the rising prevalence of diabetes, growing aging population, increasing cases of injuries and physical trauma, and surging incidence of chronic wounds are projected to propel the growth of the Latin American (LATAM) wound dressing market at a CAGR of 5.0% in the forecast period (2021–2030).

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SOURCE P&S Intelligence