Market Insights Health Pharmacies OTC Products

Wound Care (Pharmacies) - Mexico

Mexico

Revenue in the Wound Care market is projected to reach US$6.23m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of -0.16%, resulting in a market volume of US$6.19m 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$0.05 are generated in 2024.

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

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Analyst Opinion

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

Customer preferences: Mexican consumers have shown a growing preference for wound care products purchased from pharmacies. This can be attributed to several factors, including the convenience of purchasing these products alongside other healthcare items, the trust in the expertise of pharmacists, and the availability of a wide range of products to choose from. Additionally, the increasing awareness of the importance of wound care and the desire for effective and affordable solutions have also contributed to the popularity of purchasing wound care products from pharmacies.

Trends in the market: One of the key trends in the Mexican Wound Care (Pharmacies) market is the increasing demand for advanced wound care products. This can be attributed to the rising prevalence of chronic wounds, such as diabetic foot ulcers and pressure ulcers, which require specialized treatment and management. As a result, there has been a growing demand for products such as wound dressings, wound closure devices, and wound healing agents that offer advanced functionalities and promote faster healing. Another trend in the market is the growing adoption of telemedicine and e-commerce platforms for purchasing wound care products. This trend has been accelerated by the COVID-19 pandemic, which has limited physical access to healthcare facilities and increased the need for remote healthcare services. As a result, many consumers are now turning to online platforms to purchase wound care products, allowing them to access a wider range of products and compare prices more easily.

Local special circumstances: In Mexico, there are several local special circumstances that have contributed to the growth of the Wound Care (Pharmacies) market. One such circumstance is the high prevalence of diabetes in the country. Mexico has one of the highest rates of diabetes in the world, which has led to an increased demand for wound care products to manage diabetic foot ulcers. Additionally, the country's aging population and the high incidence of chronic diseases have also contributed to the demand for wound care products.

Underlying macroeconomic factors: The growth of the Wound Care (Pharmacies) market in Mexico can also be attributed to several underlying macroeconomic factors. The country has experienced stable economic growth in recent years, which has increased disposable income and allowed consumers to spend more on healthcare products. Additionally, the government's focus on improving healthcare infrastructure and increasing access to healthcare services has also contributed to the growth of the market. In conclusion, the Wound Care (Pharmacies) market in Mexico is experiencing significant growth due to customer preferences for purchasing wound care products from pharmacies, the increasing demand for advanced wound care products, the growing adoption of telemedicine and e-commerce platforms, local special circumstances such as the high prevalence of diabetes, and underlying macroeconomic factors such as stable economic growth and government initiatives to improve healthcare infrastructure.

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.