Market Insights Health Pharmacies OTC Products

Wound Care (Pharmacies) - Australia & Oceania

Australia & Oceania

Revenue in the Wound Care market is projected to reach US$52.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 0.49%, resulting in a market volume of US$53.12m by 2028.
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$1.20 are generated in 2024.

Key regions: South Korea, United States, Canada, United Kingdom, Australia

Market

Region

Region comparison

Currency

Analyst Opinion

The Wound Care (Pharmacies) market in Australia & Oceania is experiencing significant growth and development.

Customer preferences: Customers in Australia & Oceania have shown a strong preference for wound care products that are effective, easy to use, and provide quick relief. They prioritize products that promote faster healing, reduce pain and discomfort, and minimize scarring. Additionally, customers in this region value wound care products that are affordable and easily accessible through pharmacies.

Trends in the market: One major trend in the Wound Care (Pharmacies) market in Australia & Oceania is the increasing demand for advanced wound care products. This includes products such as hydrogels, foam dressings, and antimicrobial dressings, which offer superior wound healing properties compared to traditional wound care products. The rising prevalence of chronic wounds, such as diabetic ulcers and pressure ulcers, has contributed to the growing demand for these advanced wound care products. Another trend in the market is the growing adoption of telemedicine and remote wound monitoring solutions. This allows healthcare professionals to remotely assess and monitor the progress of wounds, reducing the need for frequent visits to healthcare facilities. The COVID-19 pandemic has further accelerated the adoption of telemedicine in the region, as it provides a safer and more convenient option for patients.

Local special circumstances: Australia & Oceania is home to a large aging population, which is a significant driver of the Wound Care (Pharmacies) market. The elderly are more prone to developing chronic wounds, such as pressure ulcers, due to factors like reduced mobility and weakened immune systems. As a result, there is a higher demand for wound care products in this region. Furthermore, Australia & Oceania has a high prevalence of chronic diseases such as diabetes, which can lead to complications such as diabetic ulcers. This increases the need for effective wound care products to manage and treat these conditions.

Underlying macroeconomic factors: The growing healthcare expenditure in Australia & Oceania is a key macroeconomic factor driving the development of the Wound Care (Pharmacies) market. Governments in the region are investing in healthcare infrastructure, including pharmacies, to improve access to healthcare services. This has led to an increase in the number of pharmacies, resulting in greater availability of wound care products. Additionally, rising disposable incomes and a higher standard of living in Australia & Oceania have contributed to increased spending on healthcare, including wound care products. As individuals have more financial resources, they are able to afford higher-quality wound care products, driving market growth. In conclusion, the Wound Care (Pharmacies) market in Australia & Oceania is experiencing growth due to customer preferences for effective and accessible wound care products, trends such as the adoption of advanced wound care products and telemedicine, local special circumstances such as an aging population and a high prevalence of chronic diseases, and underlying macroeconomic factors including healthcare expenditure and rising disposable incomes.

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.