Market Insights Health Pharmacies OTC Products

Wound Care (Pharmacies) - South Korea

South Korea

Revenue in the Wound Care market is projected to reach €24.56m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.86%, resulting in a market volume of €25.63m 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 €0.47 are generated in 2024.

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

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Analyst Opinion

The Wound Care (Pharmacies) market in South Korea has been experiencing significant growth in recent years.

Customer preferences: South Korean consumers have shown a growing preference for wound care products available in pharmacies. This trend can be attributed to the convenience and accessibility of pharmacies, as well as the trust that consumers have in these establishments. Pharmacies in South Korea are known for their knowledgeable staff and wide range of healthcare products, including wound care products.

Trends in the market: One of the key trends in the South Korean wound care market is the increasing demand for advanced wound care products. As the healthcare system in the country continues to advance, there is a growing need for more effective and innovative wound care solutions. This has led to the introduction of products such as hydrogels, foam dressings, and negative pressure wound therapy systems in pharmacies across the country. Another trend in the market is the rising popularity of natural and organic wound care products. South Korean consumers are becoming more conscious of the ingredients used in healthcare products and are seeking out natural alternatives. This has led to the introduction of wound care products made from natural ingredients, such as aloe vera and honey, in pharmacies.

Local special circumstances: South Korea has a rapidly aging population, which has contributed to the increased demand for wound care products. As the elderly population grows, there is a higher prevalence of chronic wounds and a greater need for wound care management. This has created a significant market opportunity for wound care products in the country. Furthermore, South Korea has a strong healthcare infrastructure, with a high number of hospitals and clinics. This has led to a well-developed healthcare system that supports the distribution and use of wound care products. Pharmacies play a crucial role in this system by providing easy access to these products for both patients and healthcare professionals.

Underlying macroeconomic factors: The South Korean economy has been growing steadily in recent years, which has contributed to the increasing demand for healthcare products, including wound care products. As consumers have more disposable income, they are more willing to invest in their health and wellbeing, leading to higher sales of wound care products in pharmacies. Additionally, the government in South Korea has been focusing on improving healthcare services and infrastructure, which has further boosted the demand for wound care products. The government's initiatives to promote preventive healthcare and support the aging population have created a favorable market environment for wound care products in pharmacies. In conclusion, the Wound Care (Pharmacies) market in South Korea is experiencing growth due to customer preferences for pharmacy accessibility and trust, as well as the increasing demand for advanced and natural wound care products. The local special circumstances, such as the aging population and strong healthcare infrastructure, further contribute to the market's development. The underlying macroeconomic factors, including economic growth and government initiatives, also play a significant role in driving the market's growth.

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.