Market Insights Health Pharmacies OTC Products

Wound Care (Pharmacies) - Taiwan

Taiwan

Revenue in the Wound Care market is projected to reach US$32.43m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.99%, resulting in a market volume of US$34.06m 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$1.35 are generated in 2024.

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

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Analyst Opinion

The Wound Care (Pharmacies) market in Taiwan is experiencing significant growth and development.

Customer preferences: Customers in Taiwan are increasingly prioritizing healthcare and wellness, which has led to a growing demand for wound care products in pharmacies. This is driven by a number of factors, including an aging population, increasing awareness about the importance of wound care, and a desire for convenient and accessible healthcare solutions.

Trends in the market: One major trend in the Wound Care (Pharmacies) market in Taiwan is the shift towards more advanced and specialized wound care products. Customers are seeking products that offer improved wound healing and management, such as advanced dressings, wound cleansers, and wound closure devices. This trend is driven by a growing understanding of the importance of proper wound care and the availability of innovative products in the market. Another trend in the market is the increasing focus on natural and organic wound care products. Customers are becoming more conscious of the ingredients used in healthcare products and are seeking options that are free from harsh chemicals and additives. This trend is in line with the overall consumer preference for natural and organic products across various industries.

Local special circumstances: Taiwan has a well-developed healthcare system and a high level of healthcare infrastructure, which has contributed to the growth of the Wound Care (Pharmacies) market. The country has a large number of pharmacies, both independent and chain stores, which provide convenient access to healthcare products for the population. This widespread availability of pharmacies makes it easier for customers to purchase wound care products and contributes to the overall growth of the market.

Underlying macroeconomic factors: Taiwan has a strong economy and a high level of disposable income, which has also contributed to the growth of the Wound Care (Pharmacies) market. Customers are willing to spend more on healthcare and wellness products, including wound care products, as they prioritize their health and well-being. Additionally, the government of Taiwan has implemented policies to promote healthcare and encourage the use of pharmacies as a primary healthcare provider, which has further boosted the demand for wound care products in pharmacies. Overall, the Wound Care (Pharmacies) market in Taiwan is developing rapidly due to customer preferences for advanced and natural products, the widespread availability of pharmacies, and the strong economy. As customers continue to prioritize healthcare and wellness, the demand for wound care products in pharmacies is expected to further increase in the coming years.

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.