Market Insights Health Pharmacies OTC Products

Wound Care (Pharmacies) - Kenya

Kenya

Revenue in the Wound Care market is projected to reach US$1.64m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.34%, resulting in a market volume of US$1.73m 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$0.03 are generated in 2024.

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

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Customers in Kenya have shown a growing preference for wound care products available in pharmacies. This preference can be attributed to the convenience and accessibility of pharmacies, as well as the trust that customers have in the quality of products available in these establishments. In addition, customers in Kenya are becoming increasingly aware of the importance of proper wound care and are seeking out products that can effectively treat and heal wounds.

Trends in the market: One major trend in the Wound Care (Pharmacies) market in Kenya is the increasing demand for advanced wound care products. As the healthcare system in Kenya continues to improve, there is a growing need for products that can effectively treat complex wounds such as diabetic ulcers and pressure sores. This has led to a rise in the availability and sales of advanced wound care products in pharmacies across the country. Another trend in the market is the growing popularity of natural and organic wound care products. Customers in Kenya are becoming more conscious of the ingredients used in the products they consume and are seeking out natural alternatives. This trend is reflected in the increasing availability and sales of natural wound care products in pharmacies.

Local special circumstances: One special circumstance in the Wound Care (Pharmacies) market in Kenya is the prevalence of road traffic accidents. Kenya has one of the highest rates of road traffic accidents in the world, resulting in a significant number of injuries and wounds. This has created a high demand for wound care products in pharmacies, as individuals seek treatment for their injuries.

Underlying macroeconomic factors: The growth and development of the Wound Care (Pharmacies) market in Kenya can be attributed to several underlying macroeconomic factors. Firstly, the steady economic growth in Kenya has led to an increase in disposable income, allowing individuals to afford wound care products. Additionally, the expanding middle class in the country has resulted in a larger customer base for pharmacies and increased demand for healthcare products. Furthermore, the government of Kenya has been actively investing in the healthcare sector, including the improvement of healthcare infrastructure and the implementation of policies to promote access to healthcare services. This has created a favorable environment for the growth of the Wound Care (Pharmacies) market in Kenya, as pharmacies play a crucial role in providing healthcare products and services to the population. In conclusion, the Wound Care (Pharmacies) market in Kenya is experiencing significant growth and development, driven by customer preferences for pharmacy-based products, the increasing demand for advanced and natural wound care products, as well as local special circumstances such as the prevalence of road traffic accidents. The underlying macroeconomic factors of steady economic growth, an expanding middle class, and government investments in healthcare have also contributed to the market's growth.

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.