Market Insights Health Pharmacies OTC Products

Wound Care (Pharmacies) - Nordics

Nordics

Revenue in the Wound Care market is projected to reach US$47.36m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.43%, resulting in a market volume of US$48.39m 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$1.69 are generated in 2024.

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

Market

Region

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Analyst Opinion

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

Customer preferences: Customers in the Nordics have a strong preference for high-quality healthcare products and services. They value products that are effective, safe, and easy to use. In the case of wound care products, customers are looking for solutions that promote faster healing and minimize the risk of infection. They also prefer products that are comfortable to wear and do not cause any discomfort. Additionally, customers in the Nordics are increasingly seeking out eco-friendly and sustainable products, which is driving the demand for wound care products made from natural and biodegradable materials.

Trends in the market: One of the key trends in the Wound Care (Pharmacies) market in the Nordics is the increasing adoption of advanced wound care products. These products, such as hydrogels, foam dressings, and antimicrobial dressings, offer superior wound healing properties compared to traditional wound care products. They provide a moist wound environment, promote tissue regeneration, and reduce the risk of infection. The demand for advanced wound care products is being driven by the aging population in the Nordics, as older individuals are more prone to chronic wounds and require specialized wound care. Another trend in the market is the growing popularity of online pharmacies. Customers in the Nordics are increasingly turning to online platforms to purchase their healthcare products, including wound care products. Online pharmacies offer convenience, a wide range of products, and competitive prices. They also provide detailed product information and customer reviews, which helps customers make informed decisions. The COVID-19 pandemic has further accelerated the adoption of online pharmacies, as customers have been avoiding physical stores and opting for contactless shopping.

Local special circumstances: The Nordics have a well-developed healthcare system that provides universal access to healthcare services. This ensures that customers have easy access to wound care products through pharmacies. Additionally, the Nordics have a high level of healthcare literacy among the population, which means that customers are knowledgeable about their healthcare needs and actively seek out the best products and treatments for their conditions.

Underlying macroeconomic factors: The strong economy in the Nordics is driving the growth of the Wound Care (Pharmacies) market. The region has a high GDP per capita and a stable healthcare system, which allows customers to afford and access high-quality wound care products. Furthermore, the aging population in the Nordics is increasing the demand for wound care products, as older individuals are more prone to chronic wounds and require specialized care. The government in the Nordics also plays a significant role in supporting the healthcare sector, providing subsidies and incentives for the development and adoption of innovative wound care products.

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.