DUBLIN--(BUSINESS WIRE)--The "Hong Kong Wound Care Market Research Report: By Type, Application, End User, Distribution Channel - Industry Trends and Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Hong Kong wound care market held an estimated value of $44.6 million in 2019, which is projected to reach $58.4 million by 2024, progressing at a CAGR of 5.6% during the forecast period (2019-2024).
Based on type of advanced wound dressings, the foam category held the largest market share, of 29.3%, in 2019, mainly on account of the fact that wound management with foams reduces the need to change the dressings frequently. Whereas, the Hong Kong wound care market is expected to witness faster growth in the chronic wounds category under the application segment during the forecast period. This can be attributed to the high incidence of chronic wounds, such as diabetic foot ulcer (DFU), venous leg ulcer (VLU), and pressure ulcer.
The region is encountering a positive shift in consumer preference from traditional wound care products to advanced therapies. This is mainly due to the advanced wound care products that accelerate healing in addition to providing quick relief to patients. Whereas, traditional wound care products facilitate dry healing when used for primary dressing and also serve as secondary dressing products either to hold the primary dressing in place or to absorb excess exudate.
Surging geriatric population in Hong Kong is playing a pivotal role in the growth of the wound care market in the region. This is due to the fact that elderly people are more prone to developing medical conditions and are susceptible to chronic diseases, such as cancer, diabetes, neurological disorders, and cardiovascular diseases. In addition, the process of wound healing in the geriatric population is delayed, owing to the reduced elasticity of skin and slower collagen production. This in turn, leads to increase the demand for wound care products in the region.
Furthermore, increasing prevalence of diabetes is also a major factor driving the Hong Kong wound care market. According to the Centre for Health Protection, Department of Health in Hong Kong, diabetes is a leading cause of mortality and morbidity in the region. The agency claimed that there were 13,700 in-patient discharges and in-patient deaths in hospitals in 2015, due to diabetes. Later in 2017, this number increased to 14,076.
The advanced category is expected to hold larger share, of 69%, in the Hong Kong wound care market in 2024. This can be attributed to fact that advanced wound care products induce rapid healing with minimal inconvenience to patients.
The chronic wounds category is expected to witness higher CAGR, of 5.7%, during the forecast period. This can be primarily attributed to the increasing incidence of DFU, VLU, and pressure ulcer in Hong Kong.
The hospitals and specialty clinics category held the largest share, of 67%, in 2019. This is mainly due to a large number of patients prefer to visit hospitals and specialty clinics in case of severe injuries.
The Hong Kong wound care market in the pharmacies category is projected to grow at a faster rate, with a CAGR of 6.1%, during the forecast period. This can be ascribed to the easy availability, accessibility, and reliability of wound care products in pharmacies.
Market Dynamics
Trend
- Shift in Preference from Traditional Products to Advanced Therapies
Drivers
- Growing Geriatric Population
- Increasing Prevalence of Diabetes
- High Incidence of Traumatic Injuries
Restraint
- High Cost of Advanced Wound Care Products
Opportunities
- Improving Economy and Increasing Health Expenditure
- Ineffectiveness of Traditional Wound Dressings in Acute Wound Management
Company Profiles
- Coloplast A/S
- 3M Company
- Paul Hartmann AG
- Winner Medical Co. Ltd.
- Mlnlycke Health Care AB
- Smith & Nephew PLC
- ConvaTec Group PLC
- Allmed Medical Products Co. Ltd.
- Zhende Medical Co. Ltd.
- Wayson Medical Co. Ltd.
- B. Braun Melsungen AG
- BSN medical GmbH
- Beiersdorf AG
- Johnson &
- Johnson
- Cardinal Health Inc.
- Medtronic plc
- Integra LifeSciences Holdings Corporation
- Wright Medical Group N.V.
- Medela Healthcare
- Lohmann & Rauscher GmbH & Co. KG
- Nitto Denko Corporation
- Weigao Group Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/jpd47c
