Market Insights Health OTC Pharmaceuticals

Wound Care - South Korea

South Korea

In South Korea, the revenue generated in the Wound Care market market in 2024 amounts to US$61.16m.
It is projected that the market will experience an annual growth rate of 0.69% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in the Wound Care market market, with US$1,052.00m in 2024.
In terms of per capita figures, each person in South Korea generates revenues of US$1.18 in 2024.
In South Korea, there is a growing trend towards natural and herbal-based wound care products in the OTC Pharmaceuticals market.

Key regions: Europe, United Kingdom, United States, Japan, Canada

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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: Customers in South Korea have a strong preference for advanced wound care products that offer effective and efficient healing solutions. They are increasingly seeking products that promote faster wound healing, minimize scarring, and provide pain relief. Additionally, customers are also showing a growing interest in products that are easy to use and convenient for self-care at home. This preference for advanced wound care products is driven by the increasing awareness about the importance of proper wound care and the desire for better treatment outcomes.

Trends in the market: One of the key trends in the South Korean Wound Care market is the growing adoption of advanced wound dressings. These dressings are designed to provide a moist environment for wound healing, which promotes faster healing and reduces the risk of infection. Advanced wound dressings are gaining popularity due to their superior performance compared to traditional dressings such as gauze. They are also more convenient to use and require less frequent dressing changes, which is particularly beneficial for patients who prefer self-care at home.Another trend in the market is the increasing use of wound care products with antimicrobial properties. With the rise in antibiotic-resistant infections, there is a growing need for effective antimicrobial wound care solutions. Antimicrobial dressings and topical agents help to prevent and treat infections, thereby improving wound healing outcomes. The demand for these products is driven by the desire to reduce the risk of complications and improve patient outcomes.

Local special circumstances: South Korea has a rapidly aging population, which is contributing to the growth of the Wound Care market. As the elderly population increases, so does the prevalence of chronic wounds such as pressure ulcers and diabetic foot ulcers. This creates a significant demand for wound care products and services. The government and healthcare providers in South Korea are also actively promoting the importance of proper wound care and providing support for wound care management, further driving the market growth.

Underlying macroeconomic factors: The South Korean economy has been growing steadily, which has led to increased healthcare spending. This has a positive impact on the Wound Care market as it allows for greater investment in research and development of innovative wound care products. The government's focus on healthcare infrastructure development and the expansion of healthcare coverage also contribute to the growth of the market. Additionally, the increasing prevalence of chronic diseases such as diabetes and obesity, which are risk factors for chronic wounds, further drives the demand for wound care products and services.In conclusion, the Wound Care market in South Korea is experiencing significant growth and development due to customer preferences for advanced wound care products, the increasing adoption of advanced wound dressings and antimicrobial products, the local special circumstance of an aging population, and the underlying macroeconomic factors such as healthcare spending and the prevalence of chronic diseases.

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.