Market Insights Health Pharmacies OTC Products

Wound Care (Pharmacies) - Europe

Europe

Revenue in the Wound Care market is projected to reach €0.69bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.85%, resulting in a market volume of €0.72bn 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 €0.82 are generated in 2024.

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

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Analyst Opinion

The Wound Care (Pharmacies) market in Europe is experiencing steady growth due to increasing customer preferences for convenient and accessible healthcare products.

Customer preferences: Customers in Europe are increasingly seeking convenience and accessibility when it comes to healthcare products, including wound care. Pharmacies offer a wide range of wound care products that can be easily purchased without a prescription. This convenience factor is driving customers to choose pharmacies as their preferred destination for wound care products. Additionally, pharmacies often have knowledgeable staff who can provide advice and guidance on the appropriate wound care products, further enhancing the customer experience.

Trends in the market: One of the key trends in the European wound care market is the growing demand for advanced wound care products. These products, such as dressings with antimicrobial properties or those that promote faster healing, are becoming increasingly popular among customers. This trend is driven by the desire for more effective and efficient wound care solutions. Another trend in the market is the increasing adoption of online pharmacies. Customers are now able to conveniently purchase wound care products online and have them delivered to their doorstep. This trend is particularly prominent in countries with high internet penetration rates, such as the United Kingdom and Germany. Online pharmacies offer a wide range of wound care products, often at competitive prices, making them an attractive option for customers.

Local special circumstances: In some European countries, such as France and Italy, there is a strong tradition of community pharmacies playing a central role in healthcare. Customers in these countries have a high level of trust in their local pharmacies and often rely on them for healthcare advice and products. This local special circumstance contributes to the growth of the wound care market in these countries, as customers are more likely to choose pharmacies as their preferred destination for wound care products.

Underlying macroeconomic factors: The growing elderly population in Europe is a significant macroeconomic factor driving the growth of the wound care market. As the population ages, the incidence of chronic wounds, such as pressure ulcers and diabetic foot ulcers, increases. This creates a higher demand for wound care products, leading to market growth. Additionally, the increasing healthcare expenditure in Europe is also contributing to the growth of the wound care market. Governments and healthcare systems are investing more in healthcare infrastructure and services, including wound care. This increased investment creates a favorable environment for the growth of the wound care market. In conclusion, the Wound Care (Pharmacies) market in Europe is developing due to customer preferences for convenience and accessibility, the adoption of advanced wound care products, the rise of online pharmacies, local special circumstances in certain countries, and underlying macroeconomic factors such as the growing elderly population and increased 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.