Market Insights Health Pharmacies OTC Products

Wound Care (Pharmacies) - Worldwide

Worldwide

Revenue in the Wound Care market is projected to reach €2.37bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.75%, resulting in a market volume of €2.46bn 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 €0.31 are generated in 2024.

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

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Analyst Opinion

The Wound Care (Pharmacies) market in worldwide is witnessing significant growth due to increasing customer preferences for convenient and accessible healthcare products.

Customer preferences: Customers are increasingly seeking convenient and accessible healthcare solutions, including wound care products, which can be easily purchased from local pharmacies. This preference is driven by the need for immediate treatment and relief from wounds, as well as the convenience of obtaining these products without a prescription. Additionally, customers are becoming more aware of the importance of proper wound care and are actively seeking products that promote faster healing and minimize the risk of infection.

Trends in the market: One of the key trends in the Wound Care (Pharmacies) market is the growing demand for advanced wound care products. These products offer innovative solutions for wound healing, such as advanced dressings, wound closure devices, and negative pressure wound therapy. The increasing prevalence of chronic wounds, such as diabetic foot ulcers and pressure ulcers, is driving the demand for these advanced products. Additionally, the aging population worldwide is also contributing to the growth of the market, as older adults are more prone to wounds and require specialized wound care products. Another trend in the market is the rising popularity of natural and organic wound care products. Customers are becoming more conscious of the ingredients used in healthcare products and are opting for natural alternatives. This trend is particularly prominent in developed countries, where customers have higher disposable incomes and are willing to spend more on premium products. Natural wound care products, such as honey-based dressings and aloe vera gels, are gaining traction due to their perceived effectiveness and minimal side effects.

Local special circumstances: In developing countries, where access to healthcare facilities may be limited, the role of pharmacies in providing wound care products becomes even more crucial. Pharmacies often serve as the first point of contact for individuals seeking healthcare advice and treatment. In these regions, the availability of affordable wound care products in local pharmacies can significantly improve access to essential healthcare services.

Underlying macroeconomic factors: The growth of the Wound Care (Pharmacies) market is also influenced by underlying macroeconomic factors. The increasing prevalence of chronic diseases, such as diabetes and obesity, is driving the demand for wound care products. Additionally, the rising healthcare expenditure and improving healthcare infrastructure in emerging economies are creating opportunities for market growth. Furthermore, the growing awareness of wound care management and the importance of early intervention are also contributing to the expansion of the market. In conclusion, the Wound Care (Pharmacies) market in worldwide is witnessing growth due to increasing customer preferences for convenient and accessible healthcare products. The demand for advanced wound care products and natural alternatives is driving market trends. In developing countries, pharmacies play a crucial role in providing access to wound care products. The growth of the market is also influenced by underlying macroeconomic factors, such as the prevalence of chronic diseases and improving healthcare infrastructure.

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.