Wound Care (Pharmacies) - Ghana

Ghana

Highlights

Revenue in the Wound Care market is projected to reach US$771.80k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.45%, resulting in a market volume of US$829.30k by 2029.
In global comparison, most revenue will be generated United States (US$1.04bn in 2024).
In relation to total population figures, per person revenues of US$0.02 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Wound Care (Pharmacies) market in Ghana has been experiencing significant growth in recent years, driven by customer preferences for convenient and accessible healthcare products.

Customer preferences: Ghanaian customers have shown a strong preference for purchasing wound care products from pharmacies due to the convenience and accessibility they offer. Pharmacies are easily accessible in urban areas, making it convenient for customers to purchase wound care products whenever they need them. Additionally, customers trust the expertise of pharmacists in recommending the right products for their specific wound care needs. This preference for pharmacies has led to an increased demand for wound care products in these retail outlets.

Trends in the market: One of the key trends in the Wound Care (Pharmacies) market in Ghana is the growing demand for advanced wound care products. As customers become more aware of the benefits of advanced wound care products in promoting faster healing and reducing the risk of infections, they are increasingly seeking these products in pharmacies. This trend is driven by the desire for better healthcare outcomes and the availability of a wider range of advanced wound care products in the market. Another trend in the market is the increasing adoption of digital technologies in wound care. Mobile health applications and wearable devices are being used to monitor and manage wounds, providing customers with real-time information and personalized care. This trend is driven by the growing penetration of smartphones and internet connectivity in Ghana, making it easier for customers to access and use these digital healthcare solutions.

Local special circumstances: Ghana has a growing middle class population, which has led to an increase in healthcare spending. This has contributed to the growth of the Wound Care (Pharmacies) market as customers are willing to invest in high-quality wound care products to ensure proper healing and prevent complications. Additionally, the government has been actively promoting universal healthcare coverage, which has increased access to healthcare services and products, including wound care, for a larger segment of the population.

Underlying macroeconomic factors: The Ghanaian economy has been experiencing steady economic growth in recent years, which has contributed to increased consumer spending power. This has allowed customers to allocate a larger portion of their income towards healthcare, including wound care products. Additionally, the government has implemented policies to attract foreign investment in the healthcare sector, leading to increased availability and affordability of wound care products in the market. In conclusion, the Wound Care (Pharmacies) market in Ghana is developing due to customer preferences for convenient and accessible healthcare products, the growing demand for advanced wound care products, the adoption of digital technologies in wound care, the increasing healthcare spending by the middle class population, and the government's efforts to promote universal healthcare coverage. These factors have created a favorable environment for the growth of the market in Ghana.

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.