Market Insights Health Pharmacies OTC Products

Wound Care (Pharmacies) - Estonia

Estonia

Revenue in the Wound Care market is projected to reach US$0.43m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.79%, resulting in a market volume of US$0.47m by 2029.
In global comparison, most revenue will be generated in the United States (US$1,042.00m in 2024).
In relation to total population figures, per person revenues of US$0.32 are generated in 2024.

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

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Analyst Opinion

The Wound Care (Pharmacies) market in Estonia is experiencing steady growth due to several factors.

Customer preferences: Customers in the Wound Care (Pharmacies) market in Estonia prefer products that are effective in treating wounds and promoting healing. They also value products that are easy to use and provide comfort during the healing process. Additionally, customers in Estonia are increasingly seeking out products that are made from natural and organic ingredients, as they are perceived to be safer and more environmentally friendly.

Trends in the market: One of the key trends in the Wound Care (Pharmacies) market in Estonia is the growing demand for advanced wound care products. These products, such as foam dressings and hydrogels, offer superior wound healing properties compared to traditional wound care products. The increasing prevalence of chronic wounds, such as diabetic foot ulcers, is driving the demand for these advanced products. Another trend in the market is the rising popularity of online pharmacies. Customers in Estonia are increasingly turning to online platforms to purchase wound care products due to the convenience and wider product selection they offer. Online pharmacies also provide customers with the opportunity to compare prices and read reviews before making a purchase.

Local special circumstances: Estonia has a well-developed healthcare system, which includes a network of pharmacies that play a crucial role in providing wound care products to the population. The government has implemented policies to ensure the availability and affordability of essential wound care products in pharmacies across the country. This has contributed to the growth of the Wound Care (Pharmacies) market in Estonia.

Underlying macroeconomic factors: Estonia has experienced steady economic growth in recent years, which has led to an increase in disposable income among the population. This has resulted in higher healthcare spending, including the purchase of wound care products. Additionally, the aging population in Estonia is driving the demand for wound care products, as older individuals are more prone to developing chronic wounds. In conclusion, the Wound Care (Pharmacies) market in Estonia is growing due to customer preferences for effective and easy-to-use products, as well as the increasing demand for advanced wound care solutions. The rise of online pharmacies and the government's focus on ensuring the availability of essential wound care products have also contributed to the market's development. The country's strong economy and aging population further support the growth of the market.

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.