Wound care is expected to see a slowdown in its current value growth rate in 2020, mainly due to the COVID-19 pandemic. In response to the virus, in the first half of the year the government implemented social isolation guidelines to limit its spread, closing retail outlets, gyms and schools, for instance, and encouraging people to remain at home as much as possible.
In 2020, sticking plasters/adhesive bandages is expected to remain the biggest category within wound care, and in fact the only category with notable sales. These products are convenient and easy to use, and consumers are familiar with them, whilst they are also available in outlets nationwide.
In 2020, Urgo Healthcare Products (Thailand) is expected to extend its dominance of wound care in value terms. The success of the company is mainly thanks to its prominent position in the market, well-known Urgo brand name and wide distribution network throughout Vietnam.
The current value and volume growth rates in wound care are expected to rebound in 2021, back up to the levels of growth seen in the review period before the pandemic hit. Growth rates are then expected to see a continued rise throughout the rest of the forecast period.
Sticking plasters/adhesive bandages is expected to remain the only category with notable volume and value sales in Vietnam in the forecast period. Consumers have greater use for these products in the rough and tumble physical activities of their daily lives and are more accustomed to seeing them in stores, whilst they are easy to carry and use.
Local players have not been able to compete against the advantages of the leading multinationals, such as their expertise in wound care, strong financial resources, widespread distribution networks and good relationships with chemists/pharmacies. Even by offering lower prices they are unable to attract consumers, especially in very competitive marketplaces in large cities such as Ho Chi Minh City and Hanoi.
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Understand the latest market trends and future growth opportunities for the Wound Treatments industry in Vietnam 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.
If you're in the Wound Treatments industry in Vietnam, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Wound Treatments research and analysis database.
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