Market Insights Health Pharmacies OTC Products

Wound Care (Pharmacies) - Russia

Russia

Revenue in the Wound Care market is projected to reach US$66.63m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 0.09%, resulting in a market volume of US$66.87m 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$0.46 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 Russia is experiencing significant growth and development.

Customer preferences: Customers in Russia are increasingly seeking wound care products from pharmacies due to the convenience and accessibility they offer. Pharmacies provide a wide range of wound care products, including dressings, bandages, and antiseptics, making it easier for customers to find the products they need in one place. Additionally, pharmacies often have trained pharmacists who can provide guidance and recommendations on the most suitable wound care products for specific needs.

Trends in the market: One of the key trends in the Wound Care (Pharmacies) market in Russia is the growing demand for advanced wound care products. These products, such as hydrocolloid dressings and foam dressings, offer enhanced wound healing properties and are becoming increasingly popular among customers. The shift towards advanced wound care products is driven by a growing awareness of their benefits and effectiveness in promoting faster healing and reducing the risk of infection. Another trend in the market is the increasing availability of wound care products for specific applications. For example, there is a growing range of wound care products specifically designed for diabetic patients, who are more prone to developing foot ulcers. These products are tailored to the unique needs of diabetic patients and provide effective wound healing and protection.

Local special circumstances: Russia has a large population, and the healthcare system is continuously improving, leading to increased access to healthcare services. This has contributed to the growth of the Wound Care (Pharmacies) market as more people are seeking professional advice and products for wound care. Additionally, the aging population in Russia is also driving the demand for wound care products, as older individuals are more susceptible to chronic wounds and require specialized care.

Underlying macroeconomic factors: The Russian economy has been recovering from a period of economic downturn, leading to increased consumer spending power. As a result, consumers are more willing to invest in high-quality wound care products to ensure effective wound healing. Furthermore, the government's focus on improving healthcare infrastructure and services has also contributed to the growth of the Wound Care (Pharmacies) market in Russia. The increased investment in healthcare has led to better access to wound care products and services, driving the market forward. In conclusion, the Wound Care (Pharmacies) market in Russia is experiencing growth and development due to customer preferences for convenience and accessibility, as well as the increasing demand for advanced wound care products. The local special circumstances, such as a large population and an aging population, further contribute to the market growth. Additionally, the recovering economy and government focus on healthcare improvements are underlying macroeconomic factors that drive the market forward.

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.