Market Insights Health Pharmacies OTC Products

Wound Care (Pharmacies) - Asia

Asia

Revenue in the Wound Care market is projected to reach €0.48bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.41%, resulting in a market volume of €0.49bn by 2029.
In global comparison, most revenue will be generated in the United States (€956.50m in 2024).
In relation to total population figures, per person revenues of €0.11 are generated in 2024.

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

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Analyst Opinion

The Wound Care (Pharmacies) market in Asia is witnessing significant growth and development due to several key factors.

Customer preferences: Customers in the Asian market are increasingly seeking high-quality wound care products and services from pharmacies. This is driven by the growing awareness about the importance of proper wound care and the desire for quick and effective healing. Customers also prefer products that are easy to use, have minimal side effects, and provide long-lasting relief. Additionally, there is a rising demand for wound care products that are suitable for specific cultural and environmental conditions in different Asian countries.

Trends in the market: One of the key trends in the Asian wound care market is the increasing adoption of advanced wound care products. These products, such as hydrogels, foam dressings, and alginate dressings, offer superior healing properties compared to traditional wound care products. They promote faster healing, reduce the risk of infection, and provide better comfort for patients. The demand for advanced wound care products is driven by the aging population in Asia, as elderly individuals are more prone to chronic wounds that require specialized care. Another trend in the Asian market is the growing popularity of natural and organic wound care products. Customers are becoming more conscious about the ingredients used in their healthcare products and are seeking natural alternatives. This trend is particularly prominent in countries like Japan and South Korea, where natural and traditional remedies have a strong cultural significance. Pharmacies are responding to this trend by stocking a wider range of natural wound care products and promoting their benefits to customers.

Local special circumstances: Asia is a diverse region with unique cultural, environmental, and healthcare system characteristics that influence the wound care market. For example, in countries like China and India, where traditional medicine plays a significant role, there is a preference for wound care products that combine traditional remedies with modern science. Pharmacies in these countries often stock a wide range of products that cater to both traditional and modern healing practices. In Southeast Asian countries, where tropical climates prevail, there is a higher incidence of wounds caused by insect bites, tropical diseases, and environmental factors. As a result, pharmacies in these regions focus on stocking products that are specifically designed to address these local challenges. They may also provide additional services such as wound assessment and education on wound prevention and management.

Underlying macroeconomic factors: The growth of the wound care market in Asia is also influenced by underlying macroeconomic factors. The increasing disposable income and improving healthcare infrastructure in many Asian countries have led to higher healthcare spending and greater accessibility to wound care products and services. Additionally, the aging population in Asia is driving the demand for wound care products, as older individuals are more prone to chronic wounds and require specialized care. In conclusion, the Wound Care (Pharmacies) market in Asia is experiencing significant growth and development due to customer preferences for high-quality products, the adoption of advanced wound care solutions, the popularity of natural and organic products, and the unique local circumstances and macroeconomic factors in different Asian countries. As the market continues to evolve, pharmacies in Asia will need to stay abreast of these trends and cater to the specific needs of their customers to maintain their competitive edge.

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.