How is Rising Prevalence of Diabetes Driving Hong Kong Wound Care Market?

1. Wound Care Demand with Growing Chronic Disease Incidence 1 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

2. A wound is one of the most-common signs of a physical injury, prompting the conscious to take action to seal it and stop blood loss. As a result, the science of wound care is an ancient one, with traditional techniques involving wrapping a piece of cloth tightly around the injured area (tourniquet) and even applying the sap or crushed leaves of certain plants said to contain antiseptic properties. Hence, as the global population grows, so will the number of people with wounds. This is why according to P&S Intelligence, the wound care market value will increase from $20,368.2 million in 2020 to $34,459.2 million by 2030, at a 5.5% CAGR during 2021–2030 (forecast period). With time, as new types of wounds have been discovered and studied that aren’t curable with traditional methods, the wound care science has continuously evolved. For a long time, bandages and gauzes were preferred, but even they have proven slightly ineffective in treating severe and deep wounds. Thus, the demand for advanced wound care products is surging around the world. These products include foam, film, hydrocolloid, alginate, hydrogel, antimicrobial, collagen, wound contact layer, Hydrofiber, and superabsorbent dressings; pressure-relief and negative-pressure wound therapy (NPWT) devices; and skin substitutes, collagen-based biologics, and growth factors. Compared to traditional wound care products, they provide faster and more- effective healing, by keeping the wound moist, allowing for gaseous exchange, and preventing microbial colonization. Request for sample copy of this report: https://www.psmarketresearch.com/market-analysis/wound-care- market/report-sample In this regard, the growing geriatric population is a key reason for the wound care market advance. With age, the body loses its ability to heal itself, which is why it needs external care. Moreover, wounds in older people are nastier and longer-lasting, which makes advanced wound care imperative. Another reason the requirement for extensive care among the elderly is high is the higher prevalence of chronic diseases, such as cancer and diabetes, in them. These diseases often lead to wounds, which take a long time to heal unless extensive wound care is constantly provided. Considering the increasing incidence of all these issues and of physical injuries due to accidents and violence, wound care is easily available at hospitals and clinics, long-term-care settings, and homecare settings. Among these places, hospitals and clinics dispense wound care services to the largest number of people as these places have trained professionals with extensive experience and advanced equipment. Moreover, victims of extreme violence and accidents often 2 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

3. require immediate and extensive surgery and wound care, which is mostly provided by the trauma departments at full-fledged hospitals. During 2014–2020 (historical period), the wound care market was led by North America because of the high prevalence of chronic diseases, rising geriatric population, and high healthcare spending. With over $4 trillion, the healthcare spending of the U.S. was the highest in the world in 2020. Such a high spending leads to numerous research and development (R&D) projects, which, ultimately result in the availability of more-effective wound care solutions. In the coming years, the demand for these solutions is set to grow the fastest in Asia-Pacific (APAC), which is the most-populous region on earth. This is why the geriatric population of the region is also the largest in the world, as is the population of people with medical issues. Therefore, governments in the region are spending huge sums to develop their healthcare infrastructure, boost R&D, and make effective care available to the masses. Therefore, as the number of people with chronic diseases and wounds increases, so will the demand for wound care. The research offers market size of the global wound care market for the period 2014–2030. Market Segmentation by Product Type  Advanced oDressing Foam Hydrocolloid Film    Alginate Antimicrobial Hydrogel Collagen Hydrofiber Wound contact layer Superabsorbent Others         oTherapy device Negative pressure wound therapy (NPWT) device  3 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

4. Pressure relief device Others   oBiologic Skin substitute Growth factor Collagen-based Others Traditional      oBandage oFixation tape oGauze oSponge oAbdominal pad oOthers  Wound Closure oSuture oHemostat oSurgical staple oAdhesive & tissue sealant oWound closure strip Market Segmentation by Wound Type  Diabetic Foot Ulcer (DFU) Pressure Ulcer Surgical & Traumatic Wound Burn Venous Leg Ulcer (VLU)      Others Market Segmentation by Age Group  Under 14 14–49 50–64 65–74 75–80 Above 80 Market Segmentation by End User      4 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

5. Hospital & Clinic Homecare Setting    Long-Term Care Setting Market Segmentation by Region  North America Wound Care Market oBy product type oBy wound type oBy age group oBy end user oBy country – U.S. and Canada U.S. wound care market  By product type By wound type By age group By end user Canada wound care market By product type By wound type By age group By end user Europe Wound Care Market           oBy product type oBy wound type oBy age group oBy end user oBy country – Germany, France, U.K., Italy, Spain, Russia, Netherlands, Belgium, Switzerland, and Rest of Europe Germany wound care market By product type By wound type By age group By end user France wound care market By product type By wound type By age group          5 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

6. By end user U.K. wound care market   By product type By wound type By age group By end user Italy wound care market By product type By wound type By age group By end user Spain wound care market           By product type By wound type By age group By end user Asia-Pacific (APAC) Wound Care Market      oBy product type oBy wound type oBy age group oBy end user oBy country – Japan, China, India, South Korea, Australia, and Rest of APAC Japan wound care market By product type By wound type By age group By end user      China wound care market By product type By wound type By age group By end user India wound care market By product type By wound type By age group          6 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

7. By end user Latin America (LATAM) Wound Care Market   oBy product type oBy wound type oBy age group oBy end user oBy country – Brazil, Mexico, and Rest of LATAM  Middle East and Africa (MEA) Wound Care Market oBy product type oBy wound type oBy age group oBy end user oBy country – Saudi Arabia, South Africa, and Rest of MEA. 7 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

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