Market Insights Health Pharmacies OTC Products

Wound Care (Pharmacies) - Finland

Finland

Revenue in the Wound Care market is projected to reach US$5.69m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.08%, resulting in a market volume of US$5.94m 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$1.03 are generated in 2024.

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

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Currency

Analyst Opinion

The Wound Care (Pharmacies) market in Finland has been experiencing significant growth in recent years.

Customer preferences: Customers in Finland have shown a growing preference for wound care products available in pharmacies. This can be attributed to the convenience and accessibility of pharmacies, as well as the trust placed in pharmacists to provide expert advice on wound care. Additionally, customers are increasingly seeking out products that are effective, easy to use, and provide quick relief from wounds.

Trends in the market: One of the key trends in the Wound Care (Pharmacies) market in Finland is the increasing demand for advanced wound care products. These products, such as hydrogel dressings and foam dressings, are designed to promote faster healing and reduce the risk of infection. This trend can be attributed to the growing awareness among customers about the benefits of advanced wound care products, as well as the increasing prevalence of chronic wounds in the aging population. Another trend in the market is the rising popularity of natural and organic wound care products. Customers in Finland are becoming more conscious of the ingredients used in the products they use, and are seeking out options that are free from harmful chemicals and additives. This trend is in line with the broader global trend towards natural and organic products, driven by increasing health and environmental concerns.

Local special circumstances: Finland has a well-developed healthcare system, with a strong emphasis on preventive care and patient education. This has contributed to a higher level of awareness among customers about the importance of proper wound care and the availability of products in pharmacies. Additionally, the high level of trust placed in pharmacists as healthcare professionals has also played a role in driving the growth of the Wound Care (Pharmacies) market in Finland.

Underlying macroeconomic factors: The growing demand for wound care products in Finland can also be attributed to favorable macroeconomic factors. Finland has a stable economy with a high standard of living, which has translated into increased healthcare spending. This has allowed customers to have greater access to healthcare services and products, including wound care products. Additionally, the aging population in Finland has contributed to the growth of the market, as older individuals are more prone to wounds and require specialized wound care products.

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.