Market Insights Consumer OTC Pharmaceuticals

Wound Care - Thailand

Thailand

Revenue in the Wound Care market amounts to €14.09m in 2024. The market is expected to grow annually by 0.93% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€975m in 2024).
In relation to total population figures, per person revenues of €0.20 are generated in 2024.

Key regions: United States, Indonesia, Germany, Europe, United Kingdom

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Analyst Opinion

The Wound Care market in Thailand is experiencing significant growth and development due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the positive trajectory of the market.

Customer preferences: In Thailand, customers have shown a growing preference for advanced wound care products and treatments. This can be attributed to increasing awareness about the importance of wound care and the availability of innovative solutions in the market. Customers are seeking products that can accelerate the healing process, minimize scarring, and provide effective pain relief. They are also looking for products that are easy to use and offer convenience in their daily lives.

Trends in the market: One of the key trends in the Wound Care market in Thailand is the adoption of advanced technologies and products. This includes the use of bioactive dressings, negative pressure wound therapy, and advanced wound care devices. These innovations have revolutionized the treatment of wounds and are driving the market growth. Additionally, there is a growing trend towards the use of natural and organic wound care products, as customers are becoming more conscious about the ingredients used in the products they use.

Local special circumstances: Thailand has a large aging population, which is contributing to the increasing demand for wound care products. As people age, their skin becomes more susceptible to wounds and injuries, leading to a higher need for specialized wound care. Furthermore, Thailand is a popular medical tourism destination, attracting patients from around the world who seek high-quality healthcare services. This has created a favorable environment for the development of the wound care market, as healthcare providers strive to meet the needs of both local and international patients.

Underlying macroeconomic factors: Thailand's strong economic growth and rising disposable incomes have played a significant role in the development of the wound care market. As people have more disposable income, they are willing to spend on healthcare products and services, including wound care. Additionally, the government's focus on improving healthcare infrastructure and increasing access to quality healthcare has further fueled the growth of the market. These macroeconomic factors have created a conducive environment for the expansion of the wound care market in Thailand. In conclusion, the Wound Care market in Thailand is witnessing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for advanced wound care products, the adoption of innovative technologies, the aging population, and the favorable economic conditions are all contributing to the positive trajectory of the market.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.