Wound Care - Canada

Canada

Highlights

Revenue in the Wound Care market amounts to US$88.17m in 2024. The market is expected to grow annually by 0.46% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$1bn in 2024).
In relation to total population figures, per person revenues of US$2.25 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Wound Care market in Canada has been experiencing steady growth in recent years. Customer preferences for advanced wound care products and an aging population are driving this growth.

Additionally, local special circumstances such as government healthcare policies and the prevalence of chronic diseases contribute to the development of the market. Customer preferences in the Wound Care market in Canada are shifting towards advanced wound care products. This is due to the increasing awareness among consumers about the benefits of these products in promoting faster wound healing and reducing the risk of infection.

Customers are also seeking products that are easy to use and provide long-lasting relief. As a result, there is a growing demand for wound dressings, wound closure devices, and other advanced wound care products in the market. In addition to customer preferences, the aging population in Canada is another key factor driving the growth of the Wound Care market.

As the population ages, the prevalence of chronic diseases such as diabetes and cardiovascular diseases increases. These conditions often lead to the development of chronic wounds, which require specialized wound care products for effective treatment. The growing number of elderly individuals in Canada is therefore creating a higher demand for wound care products and services.

Local special circumstances also play a role in the development of the Wound Care market in Canada. The Canadian government provides universal healthcare coverage to its residents, which ensures that individuals have access to necessary medical treatments, including wound care. This healthcare policy supports the demand for wound care products and services in the country.

Furthermore, the high prevalence of chronic diseases in Canada contributes to the growth of the Wound Care market. Chronic diseases such as diabetes and obesity are major risk factors for the development of chronic wounds. As the incidence of these diseases continues to rise, the demand for wound care products and services also increases.

Underlying macroeconomic factors, such as the overall economic growth and healthcare expenditure in Canada, also influence the development of the Wound Care market. As the Canadian economy grows, individuals have more disposable income to spend on healthcare products and services, including wound care. Additionally, the government's investment in healthcare infrastructure and research and development further supports the growth of the market.

In conclusion, the Wound Care market in Canada is developing due to customer preferences for advanced wound care products, an aging population, local special circumstances such as government healthcare policies, and the high prevalence of chronic diseases. These factors are driving the demand for wound care products and services in the country, resulting in steady growth in the market.

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.