Market Insights Health Pharmacies OTC Products

Wound Care (Pharmacies) - Canada

Canada

Revenue in the Wound Care market is projected to reach €81.03m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.65%, resulting in a market volume of €83.70m 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 €2.07 are generated in 2024.

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

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Analyst Opinion

The Wound Care (Pharmacies) market in Canada is experiencing steady growth due to several factors.

Customer preferences: Customers in the Wound Care (Pharmacies) market in Canada are increasingly seeking products that are effective in treating wounds and promoting healing. They are looking for products that are easy to use, provide quick relief, and have minimal side effects. Additionally, customers are becoming more conscious of the ingredients used in wound care products and are opting for natural and organic options. They also prefer products that are affordable and easily accessible in pharmacies.

Trends in the market: One of the key trends in the Wound Care (Pharmacies) market in Canada is the increasing demand for advanced wound care products. As the population ages and chronic diseases become more prevalent, the need for specialized wound care products is rising. Advanced wound care products, such as hydrogels, foam dressings, and negative pressure wound therapy, are gaining popularity due to their ability to promote faster healing and reduce the risk of infection. These products are often recommended by healthcare professionals and are available in pharmacies across Canada. Another trend in the market is the growing popularity of wound care products with antimicrobial properties. With the increasing concern over antibiotic resistance, customers are turning to antimicrobial wound care products to prevent and treat infections. These products contain ingredients such as silver, iodine, or honey, which have antimicrobial properties and can help reduce the risk of infection. Pharmacies are stocking a wide range of antimicrobial wound care products to meet the demand of customers.

Local special circumstances: Canada has a publicly funded healthcare system, which means that the government plays a significant role in the provision of healthcare services. This includes the reimbursement of certain wound care products. The government's involvement in healthcare has created a favorable environment for the growth of the Wound Care (Pharmacies) market in Canada. Customers can access wound care products through their local pharmacies and may receive partial or full reimbursement for certain products, making them more affordable and accessible.

Underlying macroeconomic factors: The steady growth of the Wound Care (Pharmacies) market in Canada can be attributed to several macroeconomic factors. Firstly, the aging population in Canada is driving the demand for wound care products. As the population ages, the incidence of chronic diseases and conditions that require wound care, such as diabetes and cardiovascular diseases, is increasing. This has created a larger customer base for wound care products. Secondly, the increasing healthcare expenditure in Canada is contributing to the growth of the market. The government has been investing in healthcare infrastructure and services, which has led to improved access to healthcare and increased awareness about wound care. This has resulted in higher demand for wound care products in pharmacies. Lastly, the growing focus on preventive healthcare and wellness in Canada is also driving the growth of the Wound Care (Pharmacies) market. Customers are becoming more proactive in managing their health and are seeking products that can help prevent wounds or promote healing. This trend is expected to continue, further fueling the growth of the market. Overall, the Wound Care (Pharmacies) market in Canada is experiencing steady growth due to customer preferences for effective and accessible products, the increasing demand for advanced wound care and antimicrobial products, the favorable healthcare system, and underlying macroeconomic factors such as the aging population and increasing healthcare expenditure.

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.