Market Insights Health OTC Pharmaceuticals

Wound Care - Vietnam

Vietnam

In Vietnam, the revenue in the Wound Care market market is projected to reach US$8.97m in 2024.
It is anticipated that the market will experience an annual growth rate of 0.92% (CAGR 2024-2029).
Comparatively, the in the United States generates the highest revenue in the global market, amounting to US$1,052.00m in 2024.
When considering the population size, the per person revenue in Vietnam is estimated to be US$0.09 in 2024.
In Vietnam, there is a growing trend towards using traditional herbal remedies for wound care in the OTC Pharmaceuticals market.

Key regions: Europe, United Kingdom, United States, Japan, Canada

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Analyst Opinion

The Wound Care market in Vietnam is experiencing significant growth due to several factors.

Customer preferences: Customers in the Wound Care market in Vietnam are increasingly seeking advanced and innovative wound care products. They are looking for products that are effective in promoting wound healing and reducing the risk of infection. Additionally, customers are also becoming more conscious about the quality and safety of the products they use, leading to a growing demand for products that are made from natural and organic ingredients.

Trends in the market: One of the key trends in the Wound Care market in Vietnam is the increasing adoption of advanced wound care products. As healthcare infrastructure continues to develop in the country, healthcare providers are increasingly utilizing advanced wound care products such as dressings, bandages, and wound closure devices. This trend is driven by the growing awareness about the benefits of advanced wound care products in promoting faster wound healing and reducing the risk of complications.Another trend in the market is the rising prevalence of chronic wounds. Factors such as an aging population, an increase in the incidence of diabetes, and lifestyle changes have contributed to the growing number of chronic wounds in Vietnam. This has created a significant demand for wound care products that are specifically designed for the management of chronic wounds.

Local special circumstances: Vietnam has a rapidly growing healthcare sector, with increasing investments in healthcare infrastructure and the expansion of healthcare services. This has led to improved access to healthcare facilities, including wound care services, across the country. Additionally, the government of Vietnam has been actively promoting the development of the healthcare industry, which has created a favorable environment for the growth of the Wound Care market.

Underlying macroeconomic factors: The economic growth in Vietnam has had a positive impact on the Wound Care market. As the disposable income of the population increases, people are willing to spend more on healthcare and wellness products, including wound care products. Additionally, the growing middle class in Vietnam has also contributed to the increasing demand for high-quality wound care products.In conclusion, the Wound Care market in Vietnam is experiencing significant growth due to customer preferences for advanced and innovative products, the increasing adoption of advanced wound care products by healthcare providers, the rising prevalence of chronic wounds, the favorable local circumstances, and the underlying macroeconomic factors such as economic growth and the growing middle class.

Methodology

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.