How is the Rising Geriatric Population in Hong Kong Contributing toward Boom in Wound Care Market?

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).
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* Wound Care Market

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* Alhambra - California - US

* Reports

ALHAMBRA, Calif. - May 22, 2020 - PRLog -- People aged 65 or above have steadily risen in Hong Kong, from 0.46 million in 1988 to 1.27 million in 2018, as per government sources. The rising geriatric population is one of the key factors fuelling the demand for wound care products in the metropolis. This is mainly due to the fact that the elderly are more vulnerable to various chronic diseases, such as cancer, cardiovascular diseases, and neurological disorders. In addition to this, the whole process of wound healing takes more time in the geriatric population, due to the slower collagen production in their bodies and the reduced elasticity of their skin.

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Due to these factors, the Hong Kong wound care market is expected to progress at a CAGR of 5.6% during the forecast period (2019–2024), which would lead to an increase in its revenue from $44.6 million in 2019 to $58.4 million by 2024. There are two types of wound care products available in the megacity, advanced and traditional. Of these, the advanced wound care products, owing to their ability to induce swift healing with minimal discomfort to patients, are expected to record higher demand in the coming years.

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This is also why such products are currently a rage in the Hong Kong wound care market, and the preference of an increasing number of consumers is shifting toward advanced wound care therapies. The main reasons behind this shifting preference are the numerous advantages provided by such therapies and products, such as their ability to provide rapid healing and quick relief to the patients. Moreover, the advanced wound care procedures carry lower risks of infection, as compared to the conventional methods of wound care. For instance, Biatain alginate, offered by Coloplast A/S, is a highly absorbent alginate dressing, applied on moderate-to-heavy exuding wounds.

Hence, it can be concluded that owing to the soaring geriatric population and increasing occurrence of numerous chronic diseases and ailments in this global financial hub, the demand for wound care products and therapies will witness a massive growth in the coming years.

Pramod Kumar
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Tags:Wound Care Market
Location:Alhambra - California - United States
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