The Hong Kong wound care market is predicted to reach a value of $80.7 million by 2030, rising from $46.0 million in 2019, progressing at a 5.4% CAGR during the forecast period (2020–2030), as stated by a P&S Intelligence report.
The key factors leading to the growth of the market are the increasing incidence of traumatic injuries, surging prevalence of diabetes, and rising geriatric population. The market is bifurcated into traditional an advanced, on the basis of type.
Between these two, the advanced bifurcation held the larger revenue share of the market in 2019, as advanced wound care products aid in accelerating the wound healing process and further provide patients with convenience. In addition to this, these wound care products have the advantage of forming part of the natural tissue matrix. The increasing prevalence of chronic diseases across the globe is also driving the demand for advanced wound care products. The bifurcation is further divided into wound therapy devices, wound dressings, and wound care biologics.
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In terms of application, the Hong Kong wound care market is categorized into acute wounds an chronic wounds, between which, the chronic wound category held the major share of the market in 2019. The category is further projected to grow at a faster pace during the forecast period, owing to the surging incidence of diabetic foot ulcers, venous leg ulcers, and pressure ulcers. Chronic wounds need frequent and more-efficient dressing for their management, which is leading to the growth of the market.
When end user is taken into consideration, the Hong Kong wound care market is divided into long-term care settings, home healthcare, and hospitals & specialty clinics, among which, hospitals & specialty clinics dominated the market in the 2019. In case of a severe injury, most patients prefer specialty clinics and hospitals over other medical settings. Moreover, these healthcare settings are mostly preferred by people suffering from chronic wounds, which take longer to heal.
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The surging incidence of traumatic injuries in the country are a key factor leading to the growth of the Hong Kong wound care market. Road accidents are majorly responsible for open wounds and traumatic injuries in Hong Kong. According to the data published by the Transport Department of the Government of Hong Kong, the causality rate of road accidents in 2018 was 2.6 per 1000 population. Moreover, road accidents often lead to severe wounds, thereby driving the demand for advanced wound care products.
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