How Will Advanced Dressings Enhance Hong Kong Wound Dressing Market Size?

The Hong Kong wound dressing market stood at $38.9 million in 2019, and it is projected to advance at a CAGR of 5.9% during the forecast period (2020–2030).

The growth will be driven by factors such as the increasing occurrence of traumatic injuries, growing cases of diabetes, and rising population of the elderly. Additionally, the market is experiencing a rapid shift toward advanced wound dressing products and therapies from the traditional options. Advanced wound dressing products expedite the healing process and offer quicker relief to patients in comparison to traditional dressings.

In Hong Kong, a large chunk of the population is affected by diabetes, which can lead to diabetic foot ulcers, one of its common complications, which needs frequent dressings during its treatment course. Moreover, in diabetic patients, the wounds develop at a quicker rate and heal slowly, which is why traditional therapies have not proved too effective. Even in cases where the conventional dressing is used, it needs to be used in higher volumes, more frequently, which is giving a push to the market.

The type segment of the Hong Kong wound dressing market is bifurcated into advanced and traditional. Of these, the advanced bifurcation dominated the market in 2019 due to the increasing usage of advanced wound dressings for treating traumatic injuries. These dressings are applied to injuries that are more severe and need prompt medical attention to reduce the chances of infection in patients. This is because advanced dressings absorb the mucus and regulate the moisture in and around the wound, thus protecting the wound base and the tissue surrounding it.

The presence of a small number of players in the Hong Kong wound dressing market makes it highly consolidated. The major players in the market include ConvaTec Group, Paul Hartmann Asia-Pacific Ltd., Mölnlycke Health Care AB, Cardinal Health Inc., 3M Company, Coloplast A/S, Winner Medical Co. Ltd., Johnson & Johnson, and Medtronic plc. These companies are entering into mergers and acquisitions to enhance their position in the industry, by amplifying their product portfolio, research teams, customer base, and geographical reach.

Source: P&S Intelligence