Market Insights Health Pharmacies OTC Products

Other OTC Pharmaceuticals (Pharmacies) - Asia

Asia

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$7.57bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.69%, resulting in a market volume of US$8.23bn by 2029.
In global comparison, most revenue will be generated in the United States (US$4,981.00m in 2024).
In relation to total population figures, per person revenues of US$1.67 are generated in 2024.

Key regions: France, Australia, India, South Korea, Germany

Market

Region

Region comparison

Currency

Analyst Opinion

The Other OTC Pharmaceuticals (Pharmacies) market in Asia is experiencing significant growth and development. Customer preferences in the market are driven by several factors. Firstly, there is a growing demand for self-medication and over-the-counter (OTC) products due to the convenience and accessibility they offer. Consumers are increasingly seeking quick and easy solutions for common ailments and minor health issues. Additionally, the rising healthcare costs in many Asian countries have led consumers to turn to OTC products as a more affordable alternative to prescription medications. Trends in the market show a shift towards natural and herbal remedies. Consumers are becoming more health-conscious and are seeking products that are perceived as more natural and less harmful to their bodies. This trend is particularly evident in countries like China and India, where traditional medicine practices have a long history and are deeply ingrained in the culture. As a result, there is a growing demand for OTC products that are based on traditional herbal remedies. Local special circumstances in the Asian market also contribute to the development of the Other OTC Pharmaceuticals (Pharmacies) market. In many Asian countries, there is a lack of access to healthcare facilities, especially in rural areas. This drives consumers to rely on OTC products as their primary source of healthcare. Furthermore, the rapid urbanization and increasing middle-class population in countries like China and India have led to an expansion of the retail sector, including pharmacies. This has further fueled the growth of the OTC Pharmaceuticals market in these countries. Underlying macroeconomic factors also play a role in the development of the market. Asia is experiencing strong economic growth, which has resulted in an increase in disposable incomes and improved living standards for many consumers. This has led to an increase in healthcare spending, including spending on OTC products. Additionally, the aging population in many Asian countries has created a growing demand for healthcare products and services, including OTC Pharmaceuticals. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Asia is developing due to customer preferences for self-medication, a shift towards natural remedies, local special circumstances such as lack of access to healthcare facilities, and underlying macroeconomic factors such as strong economic growth and an aging population.

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.