Market Insights Health Pharmacies OTC Products

Wound Care (Pharmacies) - China

China

Revenue in the Wound Care market is projected to reach €117.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.10%, resulting in a market volume of €123.60m 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 €0.08 are generated in 2024.

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

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Analyst Opinion

The Wound Care (Pharmacies) market in China has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Chinese customers have shown a growing preference for wound care products available in pharmacies. This can be attributed to the convenience of accessing these products in pharmacies, as well as the trust and reliability associated with purchasing from established pharmacy brands. Customers also appreciate the professional advice and guidance provided by pharmacists, which helps them choose the most suitable products for their specific wound care needs.

Trends in the market: One of the key trends in the Chinese Wound Care (Pharmacies) market is the increasing demand for advanced wound care products. As the healthcare infrastructure in China continues to improve, there is a greater emphasis on providing high-quality wound care solutions. This has led to a rise in the adoption of innovative wound care products, such as hydrogels, foam dressings, and antimicrobial dressings, which offer superior healing properties compared to traditional options. Another trend in the market is the growing popularity of natural and organic wound care products. Chinese consumers are becoming more health-conscious and are seeking products that are free from harmful chemicals and additives. This has created a demand for natural wound care products that are made from organic ingredients and are gentle on the skin. Pharmacies in China are responding to this trend by stocking a wider range of natural and organic wound care products to cater to the evolving preferences of their customers.

Local special circumstances: China has a large aging population, which has contributed to the increased demand for wound care products. As people age, their skin becomes more fragile and prone to wounds, making proper wound care essential. The Chinese government has recognized the importance of addressing the healthcare needs of the elderly population and has implemented policies to improve access to healthcare services, including wound care products. This has created a favorable environment for the growth of the Wound Care (Pharmacies) market in China.

Underlying macroeconomic factors: China's rapid economic growth and rising disposable incomes have played a significant role in the development of the Wound Care (Pharmacies) market. As people's living standards improve, they are willing to spend more on healthcare products, including wound care products. Additionally, the increasing urbanization in China has led to lifestyle changes and a higher incidence of chronic diseases, which in turn has fueled the demand for wound care products. In conclusion, the Wound Care (Pharmacies) market in China is witnessing growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. As Chinese consumers continue to prioritize their health and well-being, the demand for high-quality wound care products is expected to further increase, presenting opportunities for both domestic and international players in 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.