Wound Care (Pharmacies) - Sri Lanka

Revenue in the Wound Care market is projected to reach US$1.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.50%, resulting in a market volume of US$1.13m 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$0.05 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 Sri Lanka is experiencing steady growth and development.

Customer preferences: Customers in Sri Lanka have shown a growing preference for wound care products available in pharmacies. This preference can be attributed to the convenience and accessibility of pharmacies, as they are easily accessible to the general public. Additionally, customers in Sri Lanka value the professional advice and guidance provided by pharmacists when it comes to wound care products.

Trends in the market: One of the key trends in the Wound Care (Pharmacies) market in Sri Lanka is the increasing demand for advanced wound care products. This can be attributed to the rising awareness among customers about the benefits of using advanced wound care products for faster healing and reduced risk of infection. As a result, pharmacies in Sri Lanka are expanding their product offerings to include a wider range of advanced wound care products such as hydrogels, foam dressings, and antimicrobial dressings. Another trend in the market is the growing popularity of natural and organic wound care products. Customers in Sri Lanka are becoming more conscious of the ingredients used in wound care products and are opting for products that are free from harmful chemicals and additives. This trend is driving pharmacies to stock natural and organic wound care products to cater to the increasing demand.

Local special circumstances: Sri Lanka has a tropical climate, which makes the country prone to certain types of wounds such as insect bites, cuts, and abrasions. This local special circumstance contributes to the demand for wound care products in pharmacies. Additionally, Sri Lanka has a large elderly population, and this demographic is more susceptible to wounds due to factors such as fragile skin and reduced healing ability. This further drives the demand for wound care products in pharmacies.

Underlying macroeconomic factors: The growing economy of Sri Lanka has contributed to the development of the Wound Care (Pharmacies) market. As the disposable income of individuals increases, they are willing to spend more on healthcare products, including wound care products. This has created a favorable market environment for pharmacies, leading to the expansion of their product offerings and the overall growth of the market. In conclusion, the Wound Care (Pharmacies) market in Sri Lanka is witnessing growth and development due to customer preferences for pharmacy accessibility and professional advice. The market is also influenced by trends such as the demand for advanced wound care products and natural/organic options. Local special circumstances, such as the tropical climate and the elderly population, further contribute to the market's growth. The underlying macroeconomic factors, including the growing economy and increased disposable income, have created a favorable environment for the market's development.

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.