Wound Care (Pharmacies) - Nigeria

Revenue in the Wound Care market is projected to reach US$2.81m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.59%, resulting in a market volume of US$2.90m 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$0.01 are generated in 2024.

Definition:
The Wound Care market consists of a comprehensive array of over-the-counter (OTC) solutions available for purchase through pharmacies. These solutions are aimed at managing wounds, promoting healing, and preventing infections. The product offerings encompass adhesive bandages for minor wound coverage, first aid kits providing extensive supplies, gauze and tape for maintaining cleanliness, as well as wound healing ointments that support the recovery of damaged skin and wounds. This market exclusively covers product sales through pharmacies.

Additional information:
The Wound Care market comprises revenues, average revenue per capita and average revenue per pharmacy. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Plasters
Adhesive Bandages
First Aid Kits
Gauze
Healing Ointment

Anti-Foot Blister Products
Wound Closure Devices, which require professional application
Prescription Wound Treatments

The Wound Care (Pharmacies) market in Nigeria is experiencing significant growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Wound Care (Pharmacies) market in Nigeria are shifting towards more advanced and effective wound care products. Customers are increasingly seeking products that promote faster healing, reduce pain, and prevent infection. This preference is driven by the growing awareness about the importance of proper wound care and the desire for better healthcare outcomes. As a result, there is a rising demand for innovative wound care products that offer superior healing properties. Trends in the market indicate a growing adoption of advanced wound care technologies in Nigeria. This includes the use of products such as hydrogels, foam dressings, and negative pressure wound therapy. These technologies provide better wound management, reduce the risk of complications, and improve patient comfort. The increasing availability and affordability of these products in pharmacies across Nigeria have contributed to their rising popularity among healthcare professionals and patients. Local special circumstances play a significant role in the development of the Wound Care (Pharmacies) market in Nigeria. The country has a high prevalence of chronic wounds, such as diabetic foot ulcers and pressure ulcers, which require specialized wound care products. Additionally, Nigeria has a large population with limited access to healthcare facilities, making pharmacies a crucial source of wound care products and services. The presence of a well-established pharmacy network in the country has facilitated the distribution and availability of wound care products to a wider population. Underlying macroeconomic factors, such as population growth, increasing healthcare expenditure, and government initiatives, have also contributed to the growth of the Wound Care (Pharmacies) market in Nigeria. The country's population is growing rapidly, resulting in a larger patient pool in need of wound care products. Furthermore, the government has been investing in healthcare infrastructure and expanding access to healthcare services, which has increased the demand for wound care products in pharmacies. The rising healthcare expenditure in Nigeria has also enabled patients to afford advanced wound care products, further driving market growth. In conclusion, the Wound Care (Pharmacies) market in Nigeria is experiencing significant growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for advanced wound care products, the adoption of innovative technologies, the prevalence of chronic wounds, and the government's focus on healthcare infrastructure are all contributing to the development of the market in Nigeria.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global online pharmacy sector was estimated at 32 billion U.S. dollars by the end of 2023. In the United States, forecasts indicate that this figure would reach approximately 5.7 billion, solidifying its position as one of the largest online pharmacy markets. However, China dominates the pharma e-commerce industry worldwide, generating nearly 8.5 billion dollars in revenue. With China at the forefront, it is no wonder digital pharmacies make up the fastest-growing segment in the Asian digital health market.