Growth of the Wound Care Industry in Hong Kong

With the mushrooming population of geriatric people, rising incidence of diabetes, and growing prevalence of traumatic injuries, the Hong Kong wound care market value is predicted to rise from $46.0 million in 2019 to $80.7 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will exhibit a CAGR of 5.4% from 2020 to 2030. Owing to advancements in medical sciences, the population of geriatric people is growing rapidly in the Asia-Pacific region, especially in Hong Kong.

As per the findings of the Chinese University of Hong Kong, the share of people aged 65 years and above in the population of Hong Kong was 11.7% in 2003. Moreover, the university estimates that this share will rise to 27% by 2033. Besides, the growing prevalence of traumatic injuries, on account of the increasing occurrence of road accidents, is also propelling the requirement for wound care in Hong Kong. According to the data released by the Transport Department of the Government of Hong Kong, the road accident fatality rate in the country was 2.6% per every 1,000 people in the country in 2018.

As wound dressing is required for treating road injuries, the increasing incidence of these accidents is positively impacting the sales of wound care products in Hong Kong. The Hong Kong wound care market is classified, depending on type, into traditional and advanced wounds. Of these, the advanced category is predicted to contribute higher revenue to the market in the forthcoming years. This will be because of the several benefits provided by advanced wound care, such as rapid healing and the ability to assist in the development of the natural tissue matrix.

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When application is taken into consideration, the Hong Kong wound care market is divided into acute wounds and chronic wounds. Between these, the chronic wounds category held larger share in the market in 2019, and it is predicted to demonstrate higher CAGR in the coming years. This is credited to the fact that the patients living with chronic wounds need extensive medical treatment, such as frequent change of wound dressings. Moreover, the rising incidence of chronic wounds, such as diabetic foot ulcers (DFUs) and pressure ulcers, in Hong Kong is also supporting the growth of the category.

The players operating in the Hong Kong wound care market are focusing on mergers and acquisitions in order to bolster their position in the industry, enhance their product portfolio and geographical reach, and expand their customer pool. For example, 3M Company completed the acquisition of Acelity Inc. along with its KCI subsidiaries in October 2019 for nearly $6.7 billion. With this acquisition, 3M expanded its medical solutions portfolio. The acquisition also supported 3M’s strategy of offering solutions for advanced and surgical wound care.

Thus, it can be safely said that the demand for wound care will rise enormously in Hong Kong in the forthcoming years, mainly because of the mushrooming population of geriatric people and rising incidence of road accidents in the country.

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