Market Insights Health Pharmacies OTC Products

Wound Care (Pharmacies) - Vietnam

Vietnam

Revenue in the Wound Care market is projected to reach US$8.64m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.95%, resulting in a market volume of US$9.06m 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$0.09 are generated in 2024.

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

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Analyst Opinion

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

Customer preferences: Customers in Vietnam are increasingly seeking out healthcare products that are easily accessible and can be purchased without a prescription. This has led to a rise in demand for wound care products in pharmacies, as they offer a convenient and readily available option for customers to address their healthcare needs. Additionally, customers are also looking for products that are affordable and provide effective solutions for wound care.

Trends in the market: One of the key trends in the Wound Care (Pharmacies) market in Vietnam is the growing popularity of advanced wound care products. These products offer innovative solutions for wound healing, such as hydrocolloid dressings and foam dressings, which provide better moisture control and promote faster healing. This trend is driven by the increasing awareness among customers about the benefits of advanced wound care products and their effectiveness in treating various types of wounds. Another trend in the market is the rising demand for natural and organic wound care products. Customers in Vietnam are becoming more conscious about the ingredients used in healthcare products and are opting for products that are made from natural and organic materials. This trend is driven by the growing awareness about the potential side effects of synthetic ingredients and the desire for more sustainable and environmentally friendly options.

Local special circumstances: Vietnam has a rapidly growing healthcare sector, with an increasing number of pharmacies opening up across the country. This has led to greater accessibility to wound care products for customers, as they can easily find these products in their local pharmacies. Additionally, the government has also been taking steps to improve the healthcare infrastructure in the country, which has further contributed to the growth of the Wound Care (Pharmacies) market.

Underlying macroeconomic factors: The steady growth of the Wound Care (Pharmacies) market in Vietnam can be attributed to several macroeconomic factors. The country's growing middle class population and rising disposable incomes have led to increased spending on healthcare products, including wound care products. Additionally, the government's focus on improving healthcare services and increasing healthcare expenditure has also contributed to the growth of the market. Furthermore, the increasing prevalence of chronic diseases and the aging population in Vietnam have created a higher demand for wound care products, further driving market growth.

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.