Market Insights Health Pharmacies OTC Products

Wound Care (Pharmacies) - Pakistan

Pakistan

Revenue in the Wound Care market is projected to reach US$7.53m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 0.30%, resulting in a market volume of US$7.62m 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

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Analyst Opinion

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

Customer preferences: Customers in Pakistan have shown a growing preference for wound care products available at pharmacies. This preference can be attributed to several factors. Firstly, pharmacies are easily accessible to the general public, with a large number of outlets spread across the country. This makes it convenient for customers to purchase wound care products without having to travel long distances. Additionally, pharmacies often have trained staff who can provide guidance and advice on the appropriate wound care products for different types of injuries. This personalized service is highly valued by customers and contributes to their preference for purchasing wound care products from pharmacies.

Trends in the market: One noticeable trend in the Wound Care (Pharmacies) market in Pakistan is the increasing demand for advanced wound care products. As awareness about the benefits of advanced wound care products grows, customers are seeking out these products at pharmacies. Advanced wound care products offer improved healing and infection prevention capabilities, making them more effective in treating wounds. This trend is driven by the desire for faster and more efficient wound healing, particularly among individuals with chronic wounds or those who have undergone surgical procedures.

Local special circumstances: Pakistan has a high prevalence of diabetes, which is a major risk factor for chronic wounds. This has led to a greater demand for wound care products in the country. Additionally, Pakistan has a large population, which further contributes to the demand for wound care products. The healthcare infrastructure in Pakistan is also expanding, with an increasing number of hospitals and clinics being established. This has created a greater need for wound care products to cater to the growing healthcare sector.

Underlying macroeconomic factors: The growing Wound Care (Pharmacies) market in Pakistan can be attributed to several underlying macroeconomic factors. Firstly, the country's economy has been steadily growing, resulting in increased disposable income among the population. This has allowed individuals to allocate a larger portion of their budget towards healthcare and wellness products, including wound care products. Secondly, there has been a rise in healthcare awareness in Pakistan, with individuals becoming more conscious of their health and seeking preventive and curative measures. This has translated into higher demand for wound care products. Lastly, advancements in technology and healthcare infrastructure have made wound care products more accessible and affordable for the general population. In conclusion, the Wound Care (Pharmacies) market in Pakistan is experiencing growth and development due to customer preferences for easily accessible pharmacies, the increasing demand for advanced wound care products, the local special circumstances of a high prevalence of diabetes and a growing healthcare sector, and underlying macroeconomic factors such as economic growth, healthcare awareness, and technological advancements.

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.