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Why Is Diabetic Populace Generating Wound Dressing Product Demand in Hong Kong?
Moreover, the surging prevalence of diabetes will propel the Hong Kong wound dressing market at a CAGR of 6.0% during the forecast period (2021–2030).
By: P&S Intelligence
Access Report Summary - Hong Kong Wound Dressing Market Segmentation Analysis Report (https://www.psmarketresearch.com/
According to P&S Intelligence, the market revenue will grow from $40.1 million in 2020 to $70.6 million by 2030. As diabetes slows the healing process, diabetic patients suffering from chronic wounds need a frequent change of dressing. The International Diabetes Federation (IDF) states that 723,400 adults in Hong Kong are currently living with diabetes.
In the megacity, a variety of traditional and advanced wound care products are currently available. Of these, advanced variants are preferred because they assist in enabling the growth of new cells, maintaining a stable temperature in areas surrounding the wound, sustaining a proper oxygen flow, eliminating dead tissues, relieving pain during a dressing change, and preventing infections. This category is further divided into alginate, antimicrobial, collagen, foam, film, Hydrofiber, hydrocolloid, hydrogel, negative-pressure wound therapy (NPWT), superabsorbent, wound contact layer, and others.
In recent years, medical device companies have engaged in mergers and acquisitions to stay ahead of their competitors. For instance, in July 2020, Medtronic plc signed an agreement to acquire all the outstanding shares of Medicrea at $8.2 per share. Other companies opting for such strategic measures are ConvaTec Group plc, Weigao Group Co. Ltd., Mölnlycke Health Care AB, Lohmann & Rauscher GmbH & Co. KG, Paul Hartmann AG, Medela AG, 3M Company, Nitto Denko Corporation, Smith & Nephew PLC, and Johnson & Johnson.
Therefore, the rising burden of diabetes and the booming geriatric population will accelerate the usage of wound dressing products in Hong Kong.