Market Insights Health Pharmacies OTC Products

Wound Care (Pharmacies) - South Africa

South Africa

Revenue in the Wound Care market is projected to reach €7.02m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.14%, resulting in a market volume of €7.43m by 2029.
In global comparison, most revenue will be generated in the United States (€966.50m in 2024).
In relation to total population figures, per person revenues of €0.12 are generated in 2024.

Key regions: China, South Korea, Japan, Canada, India

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Analyst Opinion

The Wound Care (Pharmacies) market in South Africa is experiencing significant growth due to customer preferences for convenient and accessible healthcare products, as well as the increasing prevalence of chronic wounds and injuries.

Customer preferences: Customers in South Africa are increasingly seeking convenience and accessibility when it comes to healthcare products. Pharmacies provide a convenient one-stop solution for customers to purchase wound care products, as they are easily accessible and often located in close proximity to residential areas. Additionally, pharmacies typically have knowledgeable staff who can provide advice and recommendations on the most suitable wound care products for specific needs.

Trends in the market: One of the key trends in the Wound Care (Pharmacies) market in South Africa is the increasing prevalence of chronic wounds and injuries. Factors such as an aging population, rising incidence of diabetes, and a high prevalence of road accidents contribute to the growing demand for wound care products. Chronic wounds require specialized care and treatment, which often includes the use of advanced wound care products that promote healing and prevent infection. Another trend in the market is the growing adoption of innovative wound care products. South African customers are becoming more aware of the latest advancements in wound care, such as the use of bioactive dressings, negative pressure wound therapy, and advanced wound dressings. These products offer improved outcomes and faster healing times, which is driving their demand in the market.

Local special circumstances: South Africa has a high burden of non-communicable diseases, such as diabetes and hypertension, which are risk factors for chronic wounds. The prevalence of diabetes in the country is among the highest in the world, which increases the demand for wound care products to manage diabetic foot ulcers. Additionally, the country has a high incidence of road accidents, resulting in a significant number of traumatic injuries that require wound care.

Underlying macroeconomic factors: The South African economy has been experiencing slow economic growth in recent years, which has affected consumer spending power. However, healthcare expenditure remains a priority for consumers, and the demand for wound care products is expected to continue growing. The government's focus on improving healthcare infrastructure and access to healthcare services also contributes to the growth of the Wound Care (Pharmacies) market in South Africa. In conclusion, the Wound Care (Pharmacies) market in South Africa is driven by customer preferences for convenience and accessibility, as well as the increasing prevalence of chronic wounds and injuries. The market is characterized by the adoption of innovative wound care products and the presence of local special circumstances such as a high burden of non-communicable diseases and a high incidence of road accidents. Despite slow economic growth, healthcare expenditure remains a priority for consumers, supporting the growth of the market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.