Wound Care - NAFTA

NAFTA

Highlights

Revenue in the Wound Care market amounts to US$1.15bn in 2024. The market is expected to grow annually by 0.47% (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 NAFTA is experiencing significant growth and development due to several factors. Customer preferences for advanced wound care products, increasing prevalence of chronic wounds, and the growing aging population are driving the demand for wound care products in the region. Additionally, local special circumstances such as high healthcare expenditure and favorable reimbursement policies further contribute to the market growth. Underlying macroeconomic factors, including the strong healthcare infrastructure and technological advancements, also play a crucial role in the development of the Wound Care market in NAFTA.

Customer preferences: Customers in the NAFTA region are increasingly inclined towards advanced wound care products that offer better healing outcomes and improved patient comfort. This preference is driven by the rising awareness about the benefits of advanced wound care technologies and the desire for faster wound healing. As a result, there is a growing demand for products such as wound dressings, wound closure devices, and wound therapy devices.

Trends in the market: One of the key trends in the Wound Care market in NAFTA is the increasing prevalence of chronic wounds. Factors such as diabetes, obesity, and an aging population contribute to the rising incidence of chronic wounds, including diabetic foot ulcers and pressure ulcers. This trend is driving the demand for wound care products that can effectively manage and heal these chronic wounds. Another trend in the market is the growing aging population in the NAFTA region. With an increasing number of elderly individuals, there is a higher risk of developing chronic wounds and other age-related conditions. This demographic shift is fueling the demand for wound care products that cater to the specific needs of older adults, such as products that enhance mobility and reduce the risk of infection.

Local special circumstances: The Wound Care market in NAFTA is also influenced by local special circumstances, such as high healthcare expenditure and favorable reimbursement policies. The region has a well-developed healthcare system with high healthcare spending, which enables patients to access and afford advanced wound care products. Additionally, the presence of favorable reimbursement policies for wound care products encourages healthcare providers to prescribe and use these products, further driving market growth.

Underlying macroeconomic factors: The strong healthcare infrastructure in the NAFTA region, including advanced hospitals and healthcare facilities, contributes to the growth of the Wound Care market. These facilities provide a conducive environment for the adoption of advanced wound care technologies and products. Furthermore, ongoing technological advancements in wound care products, such as the development of smart dressings and wearable wound care devices, are driving market growth by offering innovative solutions for wound management. In conclusion, the Wound Care market in NAFTA is experiencing growth and development due to customer preferences for advanced wound care products, increasing prevalence of chronic wounds, and the growing aging population. Local special circumstances, such as high healthcare expenditure and favorable reimbursement policies, further contribute to the market growth. The strong healthcare infrastructure and ongoing technological advancements are underlying macroeconomic factors that drive the development of 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.