Rising Incidence of Diabetes Boost Hong Kong Wound Care Market
The hong kong wound care market will touch USD 80.7 million, growing at a 5.4% compound annual growth rate, by 2030. The growth of this industry is mainly ascribed to the increasing aging populace, high occurrence of traumatic injuries, and rising incidence of diabetes in the city.
A key trend being observed in this industry is the change in customer preference to advanced wound dressing products from conventional products.
Conventional wound dressing usually comprises the utilization of products that enable dry healing, absorb excess exudate, and help as secondary dressings to keep the main dressing in place. Whereas, advanced wound dressing products enhance the process of healing, along with offering swift relief to patients.
In the past few years, the advanced category, based on type, was the higher contributor to the industry, and it will remain the highest throughout this decade. This can be primarily because advanced wound care products enhance the wound healing process while also providing greater patient convenience. Moreover, the surge in the incidence of chronic ailments in the city will also help the progression of this category.
In the past few years, the chronic wounds category, on the basis of application, accounted for the larger Hong Kong wound care market share. This will be primarily because patients with chronic wounds need wide-ranging treatment, for instance, frequently changing wound dressings.
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Moreover, this category will further advance at a faster rate during this decade. In addition, the incidence of chronic wounds, including diabetic foot ulcers and pressure ulcers, is rapidly increasing in the city, which is also assisting the progression of this category.
On the basis of end users, the hospitals and specialty clinics accounted for the dominating category in the industry, in the past few years. This is primarily because most patients prefer specialty clinics and hospitals in the case of a serious injury. Moreover, most patients with chronic wounds prefer to visit such healthcare facilities, as these wounds generally require a long time to heal.
In the past few years, the pharmacies category, on the basis of distribution channel, was the higher contributor to the Hong Kong wound care industry. This can be primarily because of the accessibility of different types of wound care products at pharmacies as well as the greater preference of the people for this store. Moreover, the category is likely to further advance at a significant rate during this decade.
It is because of the surging elderly population, coupled with the rising incidence of diabetes, the Hong Kong wound care industry will continue to progress in the years to come.
SOURCE: P&S Intelligence
