Market Insights Consumer OTC Pharmaceuticals

Wound Care - Vietnam

Vietnam

Revenue in the Wound Care market amounts to €8.23m in 2024. The market is expected to grow annually by 0.77% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€965m in 2024).
In relation to total population figures, per person revenues of €0.08 are generated in 2024.

Key regions: United States, Indonesia, Germany, Europe, United Kingdom

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Analyst Opinion

The Wound Care market in Vietnam is experiencing significant growth due to several factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the development of the market.

Customer preferences: In Vietnam, customers are increasingly seeking advanced wound care products to treat various types of wounds. This includes products such as dressings, bandages, and wound closure devices. There is a growing demand for products that promote faster healing, minimize pain, and reduce the risk of infection. Customers also prefer products that are easy to use and provide long-lasting relief. As a result, manufacturers are focusing on developing innovative wound care solutions that meet these customer preferences.

Trends in the market: One of the key trends in the Wound Care market in Vietnam is the adoption of advanced wound care technologies. This includes the use of products such as hydrocolloid dressings, foam dressings, and negative pressure wound therapy systems. These technologies offer several advantages over traditional wound care methods, including faster healing, reduced scarring, and improved patient comfort. The increasing awareness and availability of these advanced wound care products are driving their adoption in the market. Another trend in the market is the rising prevalence of chronic wounds, such as diabetic foot ulcers and pressure ulcers. The aging population and the increasing prevalence of chronic diseases contribute to the higher incidence of these wounds. As a result, there is a growing need for specialized wound care products and services to manage and treat these chronic wounds effectively.

Local special circumstances: Vietnam has a rapidly growing healthcare sector, with increasing investments in healthcare infrastructure and facilities. The government has implemented various initiatives to improve healthcare services and access to medical treatments. This includes the expansion of healthcare facilities in rural areas and the promotion of preventive healthcare practices. These efforts have contributed to the increased demand for wound care products and services in the country.

Underlying macroeconomic factors: Vietnam's growing economy and rising disposable incomes have also played a significant role in the development of the Wound Care market. As people have more purchasing power, they are more likely to invest in high-quality healthcare products and services. This has led to increased spending on wound care products, driving the growth of the market. In conclusion, the Wound Care market in Vietnam is experiencing growth due to customer preferences for advanced wound care products, the adoption of advanced wound care technologies, the rising prevalence of chronic wounds, the expansion of healthcare infrastructure, and the country's growing economy. These factors are driving the demand for wound care products and services in Vietnam.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.