Wound Care (Pharmacies) - Malta

Malta

Highlights

Revenue in the Wound Care market is projected to reach US$384.40k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.36%, resulting in a market volume of US$411.40k 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$0.72 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Wound Care (Pharmacies) market in Malta is experiencing steady growth due to increasing customer preferences for convenient and accessible healthcare solutions.

Customer preferences: Customers in Malta are increasingly seeking out wound care products from pharmacies due to the convenience and accessibility they offer. Pharmacies are easily accessible to the general public and provide a wide range of wound care products, making it convenient for customers to find the products they need without having to visit a hospital or specialized clinic. Additionally, pharmacies in Malta often have longer opening hours compared to other healthcare facilities, allowing customers to access wound care products at their convenience.

Trends in the market: One of the key trends in the Wound Care (Pharmacies) market in Malta is the growing demand for advanced wound care products. As customers become more aware of the benefits of advanced wound care products, they are seeking out these products in pharmacies. Advanced wound care products offer faster healing times, reduced risk of infection, and improved patient comfort, making them a preferred choice for customers. This trend is driven by advancements in wound care technology and increased availability of these products in pharmacies. Another trend in the market is the increasing use of online platforms for purchasing wound care products. Customers in Malta are increasingly turning to online pharmacies and e-commerce platforms to purchase their wound care products. This trend is driven by the convenience and ease of online shopping, as well as the availability of a wider range of products compared to physical pharmacies. Online platforms also offer the advantage of discreet shopping for customers who may prefer to keep their wound care needs private.

Local special circumstances: One of the special circumstances in the Wound Care (Pharmacies) market in Malta is the country's aging population. Malta has one of the highest proportions of elderly population in Europe, which has led to an increased demand for wound care products. The elderly population is more prone to wounds and slower healing times, making wound care products essential for their healthcare needs. This demographic factor has contributed to the growth of the Wound Care (Pharmacies) market in Malta.

Underlying macroeconomic factors: The steady growth of the Wound Care (Pharmacies) market in Malta can also be attributed to the country's stable economy and increasing healthcare expenditure. Malta has experienced economic growth in recent years, leading to higher disposable incomes among the population. This has translated into increased spending on healthcare, including wound care products. Additionally, the government of Malta has been investing in the healthcare sector, which has further fueled the growth of the Wound Care (Pharmacies) market. In conclusion, the Wound Care (Pharmacies) market in Malta is growing due to customer preferences for convenient and accessible healthcare solutions, such as wound care products available in pharmacies. The market is witnessing trends such as the demand for advanced wound care products and the increasing use of online platforms for purchasing these products. Special circumstances, such as Malta's aging population, and underlying macroeconomic factors, such as the country's stable economy and increasing healthcare expenditure, are also contributing to the growth of the market.

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.