Market Insights Health Pharmacies OTC Products

Wound Care (Pharmacies) - Singapore

Singapore

Revenue in the Wound Care market is projected to reach US$9.96m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.25%, resulting in a market volume of US$10.60m 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$1.65 are generated in 2024.

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

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Analyst Opinion

The Wound Care (Pharmacies) market in Singapore has been experiencing steady growth in recent years.

Customer preferences: Customers in Singapore have shown a preference for advanced wound care products that promote faster healing and minimize scarring. This has led to an increased demand for products such as hydrocolloid dressings, foam dressings, and alginate dressings. Additionally, customers are increasingly seeking out products that are easy to use and provide pain relief, such as wound gels and sprays.

Trends in the market: One of the key trends in the Wound Care (Pharmacies) market in Singapore is the growing emphasis on preventive wound care. With an aging population and a rise in chronic diseases such as diabetes, there is a greater focus on preventing wounds from occurring in the first place. This has led to an increased demand for products such as diabetic foot care products and pressure relief devices. Another trend in the market is the increasing adoption of technology in wound care. Singapore is known for its advanced healthcare system and there is a growing interest in incorporating technology into wound care products. This includes the use of smart dressings that can monitor the healing process and provide real-time feedback to both patients and healthcare professionals.

Local special circumstances: Singapore is a small country with a high population density, which means that access to healthcare services, including wound care, is relatively easy for most residents. The government has also implemented various initiatives to promote healthcare and wellness, including subsidies for healthcare services and the development of healthcare hubs. This has created a favorable environment for the growth of the Wound Care (Pharmacies) market in Singapore.

Underlying macroeconomic factors: The strong economy of Singapore has contributed to the growth of the Wound Care (Pharmacies) market. With a high GDP per capita and a well-developed healthcare system, consumers in Singapore have the financial means and access to healthcare services to invest in wound care products. Additionally, the government's focus on healthcare and wellness has further supported the growth of the market. In conclusion, the Wound Care (Pharmacies) market in Singapore is growing due to customer preferences for advanced wound care products, the trend towards preventive wound care, the adoption of technology in wound care, the favorable local circumstances, and the strong macroeconomic factors in the country.

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.