What are Major Factors Driving Growth of Hong Kong Wound Care Market?

Hong Kong is observing a significant rise in traumatic injuries, primarily caused by road accidents. According to the Transport Department of the Government of Hong Kong, casualty rate in road accidents was 2.6% per 1,000 population in 2018. Thus, increasing incidences of traumatic injuries require advanced wound care dressing products in large quantities. This will, therefore, accelerate the Hong Kong wound care market at a 5.4% CAGR during 2020–2030 (forecast period). The market was valued at $46.0 million in 2019 and it will reach $80.7 million by 2030.

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Currently, Hong Kong is witnessing a shift from traditional care to advanced therapies, on account of growing preference from people of the country. Traditional dressing usually involves the usage of products that serve as secondary dressings to hold the primary dressings in their position, facilitate dry healing, and absorb extra exudate. Whereas, advanced wound dressing products speed up the healing process and provide rapid relief to patients. These advanced therapies also aid in the formation of natural tissue matrix, thereby, offering better treatment to the patients.

Moreover, based on end user, the market is categorized into hospitals and specialty clinics, long-term care settings, and home healthcare. Among these, the hospitals and specialty clinics utilize the largest quantity of wound dressings, as most patients suffering from chronic wounds are likely to visit these healthcare settings than any other facilities. Apart from these healthcare units, individuals are also using advanced and traditional wound care products, due to their easy availability and smooth application. All these end users can procure such products from pharmacies and online channels of Hong Kong.

Thus, with the increasing number of road accidents and diabetic patients, the requirement for wound care products will escalate in Hong Kong, in the future.

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