How Is Rising Diabetes Prevalence Strengthening Hong Kong Wound Dressing Market?

Posted by Aryan on October 19th, 2023

Factors such as the surging geriatric population, increasing incidence of traumatic injuries, and growing prevalence of diabetes are expected to propel the Hong Kong wound dressing market at a CAGR of 6.0% during the forecast period (2021–2030). According to P&S Intelligence, the market was valued at .1 million in 2020, and it will generate .6 million revenue by 2030. In recent years, the rising consumer preference for advanced therapies over traditional products has become a major market trend.

The booming population of the elderly is driving the wound dressing product demand in Hong Kong, as wounds take longer to heal in old people due to their weak immune systems. According to the Demographic Statistics Section, Census and Statistics Department, the Government of the Hong Kong Special Administrative Region, the population of people aged 75 years or above in Hong Kong will surge from 0.57 million in 2018 to 1.40 million by 2038. The department also forecasts that the number of individuals within the age group of 65–74 years will rise from 0.71 million in 2018 to 1.04 million by 2038.

Moreover, the surging incidence of chronic wounds, owing to the growing prevalence of diabetes, will is also expected to facilitate the Hong Kong wound dressing market growth. The Centre for Health Protection, the Government of the Hong Kong Special Administrative Region, states that 477 diabetes-related deaths were recorded in the nation in 2018. As per this division, diabetes claimed around 15,400 inpatient discharges and inpatient deaths in all hospitals in the country in 2018.

The type segment of the Hong Kong wound dressing market is bifurcated into advanced and traditional. Of these, the advanced category accounted for a larger market share in 2020. This is because advanced products help in maintaining proper oxygen flow, providing protection from infections, maintaining a stable temperature around the wound, allowing the emergence of new cells, relieving pain during a dressing change, and removing dead tissues. This category is further classified into antimicrobial, alginate, collagen, film, foam, hydrogel, hydrocolloid, hydrofiber, superabsorbent, negative-pressure wound therapy (NPWT), wound contact layer, and others.

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The end user segment of the Hong Kong wound dressing market is categorized into homecare settings, hospitals and specialty clinics, and long-term-care settings. Among these, the hospitals and specialty clinics category generates the highest revenue and it will demonstrate the fastest growth in the market during the forecast period. This can be attributed to the surging footfall of patients in these healthcare facilities and the increasing accessibility of these facilities to people of all sections of the country. This category is further bifurcated into outpatient settings and inpatient settings.

Currently, players in the Hong Kong wound dressing market are undertaking strategic measures, such as mergers and acquisitions to gain a competitive edge. For example, in January 2021, Smith & Nephew plc acquired the Extremity Orthopaedics business of Integra LifeSciences Holdings Corporation for 0-million to support its strategy to invest in high-growth segments, such as advanced wound management. Other players engaging in mergers and acquisitions include Mölnlycke Health Care AB, Johnson & Johnson, Medela AG, Weigao Group Co. Ltd., and Lohmann & Rauscher GmbH & Co. KG.

Therefore, the growing geriatric population and the rising cases of diabetes will drive the demand for wound dressing products in Hong Kong.

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