Market Insights Health Pharmacies OTC Products

Wound Care (Pharmacies) - North Macedonia

North Macedonia

Revenue in the Wound Care market is projected to reach US$193.10k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 0.51%, resulting in a market volume of US$197.10k 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$0.09 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 North Macedonia is experiencing significant growth and development.

Customer preferences: Customers in North Macedonia have shown a growing preference for wound care products available at pharmacies. This is due to the convenience and accessibility of pharmacies, which are often located in close proximity to residential areas. Additionally, customers trust the expertise of pharmacists in recommending suitable wound care products for their needs.

Trends in the market: One of the key trends in the Wound Care (Pharmacies) market in North Macedonia is the increasing demand for advanced wound care products. This can be attributed to the rising awareness among customers about the benefits of using innovative wound care solutions for faster healing and reduced risk of infection. Customers are also seeking products that are easy to use and provide effective pain relief. As a result, manufacturers are focusing on developing wound care products that incorporate advanced technologies and ingredients to meet these customer preferences. Another trend in the market is the growing popularity of natural and organic wound care products. Customers are becoming more conscious about the ingredients used in the products they use, and are opting for natural alternatives that are free from harsh chemicals. This trend is driven by the increasing awareness about the potential side effects of synthetic ingredients and the desire for more sustainable and eco-friendly options. As a result, manufacturers are introducing natural wound care products that contain plant-based ingredients and are free from artificial additives.

Local special circumstances: North Macedonia has a well-established healthcare system, with pharmacies playing a crucial role in providing accessible healthcare services to the population. Pharmacies are widely distributed across the country, making it convenient for customers to access wound care products and seek professional advice from pharmacists. The government has also implemented regulations to ensure the quality and safety of pharmaceutical products, including wound care products, further enhancing customer trust in the pharmacy sector.

Underlying macroeconomic factors: The growth of the Wound Care (Pharmacies) market in North Macedonia is supported by several macroeconomic factors. The country has witnessed steady economic growth in recent years, leading to increased disposable income among the population. This has resulted in higher healthcare spending, including the purchase of wound care products. Additionally, the aging population in North Macedonia has contributed to the increased demand for wound care products, as older individuals are more prone to chronic wounds and require specialized care. The government's focus on improving healthcare infrastructure and services has also contributed to the growth of the market, as it has increased access to healthcare facilities and raised awareness about the importance of wound care.

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.