As per a statement by a market research professional at P&S Intelligence, a market research institution Hong Kong wound dressing market will grow at a rate of 6% in the years to come, to reach USD 70.6 million by 2030.
The factors accountable for the industry growth include the booming elderly population, growing prevalence of diabetes, and high frequency of traumatic injuries.
The advanced products had the larger share in the market, on the basis of type. This is majorly credited to the fact that these products enable proper flow of oxygen, sustain a stable temperature, protect from infections, eliminate dead tissues, let new cells to arise, and relieve pain through change of dressing.
Hospitals and specialty clinics have arisen as the maximum-revenue-generating institutions, along with being the fastest-growing category, among all the end users, due to the greater patient footfall and growing convenience of these places to people with fluctuating incomes.
Pharmacies dominated the Hong Kong wound dressing market in the past, and it will retain its position in the years to come, on the basis of distribution channel. This can be credited to the easy obtainability of a larger variability of wound dressings at pharmacies.
Presently, the major players operating in the wound dressing sector are involved in acquisitions and mergers for attaining a substantial position in the market, ahead of all the competition.
It is because of the rising prevalence of diabetes in the people, and growing elderly population the demand for wound dressing will continue to grow in Hong Kong.