In 2020, wound care is set to see minimal impact from the outbreak of COVID-19. Some consumers whose occupation requires facing patients (nurses, doctors and ambulance drivers) had to wear face masks for long hours.
Wound care is the only product within OTC consumer health that can sell through e-commerce, with strict regulations in South Korea, making it hard for other products to use the retailing channel. Despite have the channel available during the COVID-19 pandemic, when consumers were more likely to stay at home, e-commerce is not set to see a boost in growth for 2020, with consumers continuing to purchase wound care in pharmacies.
During 2020, leading player Medifoam has been active in its efforts to retain its top spot. The brand had a packaging renewal, aiming to help consumers choose between products, as well as releasing press advising how to use their liquid type product, after gaining insight that some consumers were unaware of the correct usage.
Wound care is not set to be impacted by the outbreak of COVID-19 across the forecast period, with growth expected to remain fairly steady across the next five years, recording a retail current value CAGR of 3%. Sales will continue to be linked to seasonality and new product developments.
As gauze, tape and other wound care will continue to dominate across the coming years, especially polyurethane products, brands of sticking plasters/adhesive bandages are expected to continue turning to branding and packaging strategies to stand out, and drive sales. As such, many players use a licensing strategy in order to catch consumers’ interest.
Sales in wound care are expected to be driven by ageing, everyday activities, and a rise in active lifestyles. In particular, consumers rising interest in health and wellness, boosted by the outbreak of COVID-19, will have a positive impact on sales of wound care across the forecast period.
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Understand the latest market trends and future growth opportunities for the Wound Treatments industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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This report originates from Passport, our Wound Treatments research and analysis database.
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