Wound Care (Pharmacies) - Australia | Market Forecast (2024)

Revenue

Notes: Data was converted from local currencies using average exchange rates of the respective year.

Most recent update: Jun 2024

Source: Statista Market Insights

Revenue Change

Most recent update: Jun 2024

Source: Statista Market Insights

Analyst Opinion

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

Customer preferences:

Customers in the Wound Care (Pharmacies) market in Australia are increasingly seeking products that offer effective and efficient wound healing solutions. They are looking for products that are easy to use, provide quick relief, and promote faster healing. Customers also prefer wound care products that are safe, non-toxic, and have minimal side effects. Additionally, there is a growing demand for products that are eco-friendly and sustainable. Trends in the market:
One of the key trends in the Wound Care (Pharmacies) market in Australia is the increasing adoption of advanced wound care products. These products, such as hydrogels, foams, and films, offer superior wound healing capabilities compared to traditional wound care products. They provide a moist wound environment, which promotes faster healing and reduces the risk of infection. The demand for these advanced products is driven by the growing aging population in Australia, as elderly individuals are more prone to chronic wounds that require specialized care. Another trend in the market is the rising popularity of natural and organic wound care products. Customers are becoming more conscious about the ingredients used in the products they use on their wounds. They prefer products that are made from natural and organic ingredients, as they believe these are safer and gentler on their skin. This trend is influenced by the overall shift towards natural and organic products in the healthcare and beauty industries. Local special circumstances:
Australia has a high incidence of chronic wounds, such as diabetic ulcers and pressure ulcers, due to the aging population and the prevalence of chronic diseases. This creates a significant demand for wound care products in the country. Additionally, Australia has a well-established healthcare system with a strong focus on wound management, which further drives the demand for wound care products in pharmacies. Underlying macroeconomic factors:
The growing healthcare expenditure in Australia is a key macroeconomic factor driving the development of the Wound Care (Pharmacies) market. The government and private healthcare sector in Australia are investing heavily in wound care services and products to improve patient outcomes and reduce healthcare costs associated with wound complications. Furthermore, the increasing disposable income and changing lifestyle patterns in Australia are contributing to the growth of the Wound Care (Pharmacies) market. As people become more aware of their health and well-being, they are willing to spend more on high-quality wound care products that can effectively address their needs. In conclusion, the Wound Care (Pharmacies) market in Australia is witnessing significant growth and development. Customer preferences for effective and efficient wound healing solutions, the adoption of advanced wound care products, the popularity of natural and organic products, the high incidence of chronic wounds, and the growing healthcare expenditure and disposable income are key factors driving this growth.

Global Comparison

Revenue Comparison

Most recent update: Jun 2024

Source: Statista Market Insights

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.

Health

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