The Hong Kong wound care market held an estimated value of $44.6 million in 2019, which is projected to reach $58.4 million by 2024, progressing at a CAGR of 5.6% during the forecast period (2019–2024). Based on type of advanced wound dressings, the foam category held the largest market share, of 29.3%, in 2019, mainly on account of the fact that wound management with foams reduces the need to change the dressings frequently.
Whereas, the Hong Kong Wound care market is expected to witness faster growth in the chronic wounds category under the application segment during the forecast period. This can be attributed to the high incidence of chronic wounds, such as diabetic foot ulcer (DFU), venous leg ulcer (VLU), and pressure ulcer.
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Surging geriatric population in Hong Kong is playing a pivotal role in the growth of the wound care market in the region. This is due to the fact that elderly people are more prone to developing medical conditions and are susceptible to chronic diseases, such as cancer, diabetes, neurological disorders, and cardiovascular diseases. In addition, the process of wound healing in the geriatric population is delayed, owing to the reduced elasticity of skin and slower collagen production. This in turn, leads to increase the demand for wound care products in the region.
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Furthermore, increasing prevalence of diabetes is also a major factor driving the Hong Kong wound care market. According to the Centre for Health Protection, Department of Health in Hong Kong, diabetes is a leading cause of mortality and morbidity in the region. The agency claimed that there were 13,700 in-patient discharges and in-patient deaths in hospitals in 2015, due to diabetes. Later in 2017, this number increased to 14,076.
