Market Insights Consumer OTC Pharmaceuticals

Wound Care - South Korea

South Korea

Revenue in the Wound Care market amounts to US$61.16m in 2024. The market is expected to grow annually by 0.69% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$1,052m in 2024).
In relation to total population figures, per person revenues of US$1.18 are generated in 2024.

Key regions: Philippines, India, Europe, United States, United Kingdom

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Analyst Opinion

The Wound Care market in South Korea is experiencing significant growth and development due to various factors.

Customer preferences: In South Korea, there is a growing demand for advanced wound care products and treatments. Customers are increasingly seeking innovative solutions that can accelerate the healing process and provide better outcomes. This preference for advanced wound care is driven by the rising awareness of the importance of wound management and the desire for faster recovery times. Additionally, customers in South Korea are willing to invest in high-quality products and are often willing to pay a premium for them.

Trends in the market: One of the key trends in the South Korean market is the increasing adoption of technology in wound care. Advanced wound care products, such as bioactive dressings and negative pressure wound therapy, are gaining popularity due to their ability to promote faster healing and reduce the risk of infection. The use of telemedicine and digital health platforms for remote wound monitoring and consultation is also on the rise, providing convenience and accessibility to patients. Another trend in the market is the focus on personalized and patient-centric wound care. Healthcare providers in South Korea are increasingly tailoring treatment plans to individual patients, taking into account their specific needs and circumstances. This approach aims to improve patient outcomes and satisfaction by providing customized care that addresses the unique challenges of each wound.

Local special circumstances: South Korea has a rapidly aging population, which contributes to the increasing demand for wound care products and services. The elderly are more prone to chronic wounds, such as pressure ulcers and diabetic foot ulcers, and require specialized care. This demographic shift is driving the growth of the wound care market in South Korea. Additionally, South Korea has a well-developed healthcare system with a strong emphasis on preventive care. This proactive approach to healthcare encourages early intervention and prompt treatment of wounds, leading to a higher demand for wound care products and services.

Underlying macroeconomic factors: The South Korean economy has been growing steadily, providing a favorable environment for the development of the wound care market. Increasing disposable income levels and improving healthcare infrastructure contribute to the affordability and accessibility of wound care products and services. Furthermore, the government of South Korea has been actively promoting medical tourism, attracting patients from other countries for specialized treatments, including wound care. This influx of international patients further boosts the demand for advanced wound care products and services in the country. In conclusion, the Wound Care market in South Korea is witnessing significant growth and development due to customer preferences for advanced wound care, the adoption of technology, and the focus on personalized care. The local special circumstances, such as the aging population and the emphasis on preventive care, further contribute to the market's expansion. These trends are supported by the underlying macroeconomic factors of a growing economy, increasing disposable income, and government initiatives to promote medical tourism.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.