Hong Kong Wound Care - Industry Growth and Demand Forecast to 2030

HONG KONG, China - Oct. 17, 2023 - PRLog -- The Hong Kong wound care market will witness at a rate of 5.4% by the end of this decade, to reach at a value of USD 80.7 million by 2030. The increasing elderly populace, growing incidence of diabetes, and high incidence of traumatic injuries are the main growth factors powering the industry.

The hospitals and specialty clinics category led the industry in the past, as per the end user segment. The dominance of this category can be credited to the fact that most of the patients prefer hospitals and specialty clinics in case of a severe injury.

Also, most persons suffering from chronic wounds visit these healthcare settings, as these sorts of wounds generally take longer to heal.

Pharmacies had the higher revenue in the recent past, on the basis of distribution channel, in the industry. It was mostly as a result of the higher fondness of patients for and obtainability of various wound care products at pharmacies. The Hong Kong wound care market for this category is further will witness substantial growth by the end of this decade.

The increasing elderly population plays an important role in the industry. The count of individuals aged 65 years or more is snowballing in APAC, including Hong Kong, which powers the requirement for wound care products in the city.

As per the Chinese University of Hong Kong, the proportion of people, who are aged 65 years or more in the total population of the city was 11.7% in 2003, which will reach 27% by 2033.

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Road accidents increase the need for wound care products, further helping in the market growth. Road accidents are the most prevalent cause of open wounds and traumatic injuries in Hong Kong. According to the data provided by the Transport Department of Hong Kong, the road accident causality rate was 2.6 per 1,000 people in 2018. wound dressing for treatment, which further generates a high demand for wound care products in Hong Kong.

It is because of the increasing elderly population all around the city of Hong Kong, the demand for wound care products in the city is on the rise. And, this trend will continue in the years to come as well.