Notifications
The Office of the Government Economist, under the Government of the Hong Kong Special Administrative Region, forecasts that the population of people in the age group 65–74 years and 75–84 years in Hong Kong will surge from 0.71 million and 0.37 million in 2018 to 1.12 million and 0.61 million by 2028, respectively. As old people are extremely prone to illnesses and injuries owing to their weak physical condition and immune system, they require a high volume of wound dressing products. Thus, the rising aging population will propel the usage of wound dressing products in Hong Kong.
Moreover, the surging prevalence of diabetes will 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 revenue will grow from $40.1 million in 2020 to $70.6 million by 2030. As diabetes slows the healing process, diabetic patients suffering from chronic wounds need a frequent change of dressing. The International Diabetes Federation (IDF) states that 723,400 adults in Hong Kong are currently living with diabetes.
The end user segment of the Hong Kong wound dressing market is divided into homecare settings, inpatient and outpatient settings of hospitals and specialty clinics, and long-term-care settings. At present, hospitals and specialty clinics are the highest-revenue-generating category as they record the highest footfall of patients and are easily accessible to people across income levels. All these settings use wound dressing products to treat diabetic foot ulcers, pressure ulcers, venous leg ulcers, and surgical and traumatic wounds.
Currently, the people of Hong Kong are shifting from traditional wound dressing products to advanced therapies to hasten healing. Apart from quicker healing, advanced wound dressing products, such as hydrocolloid dressings and hydrogel dressings, provide higher comfort. To meet the surging customer needs, players in the Hong Kong wound dressing market are constantly working to develop advanced products. For instance, Coloplast A/S offers Biatain Alginate, a highly absorbent alginate dressing, for wounds with moderate-to-heavy-exudate.
Therefore, the rising burden of diabetes and the booming geriatric population will accelerate the usage of wound dressing products in Hong Kong.
Access Report Summary - Hong Kong Wound Dressing Market Growth Analysis Report
