Market Insights Health Pharmacies OTC Products

Wound Care (Pharmacies) - Philippines

Philippines

Revenue in the Wound Care market is projected to reach US$7.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.08%, resulting in a market volume of US$7.81m 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$0.06 are generated in 2024.

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

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Analyst Opinion

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

Customer preferences: Customers in the Philippines are increasingly seeking out wound care products at pharmacies due to the convenience and accessibility they offer. Pharmacies provide a one-stop solution for customers to purchase wound care products along with other healthcare items. Additionally, customers value the expertise and advice provided by pharmacists, who can recommend the most suitable products for their specific needs.

Trends in the market: One major trend in the Wound Care (Pharmacies) market in the Philippines is the increasing demand for advanced wound care products. As the healthcare industry continues to advance, customers are becoming more aware of the benefits of using innovative wound care solutions. This includes products such as hydrogels, foam dressings, and negative pressure wound therapy, which promote faster healing and better patient outcomes. Another trend in the market is the rising popularity of natural and organic wound care products. Customers in the Philippines are becoming more health-conscious and are seeking out products that are free from harsh chemicals and artificial ingredients. This has led to an increase in the availability and variety of natural wound care products in pharmacies.

Local special circumstances: The Philippines has a large population, with a significant portion of the population residing in rural areas. This poses unique challenges in terms of access to healthcare facilities. Pharmacies play a crucial role in bridging this gap by providing accessible and affordable wound care products to customers in both urban and rural areas. This has contributed to the growth of the Wound Care (Pharmacies) market in the country.

Underlying macroeconomic factors: The growing economy of the Philippines is a key factor driving the development of the Wound Care (Pharmacies) market. As the standard of living improves and disposable incomes increase, customers are willing to spend more on healthcare products, including wound care. This has created a favorable market environment for pharmacies to expand their range of wound care products and cater to the growing demand. In conclusion, the Wound Care (Pharmacies) market in the Philippines is experiencing growth and development due to customer preferences for convenience and accessibility, the increasing demand for advanced and natural wound care products, the role of pharmacies in bridging the healthcare gap in the country, and the overall growth of the economy.

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.