Prescription Drugs - Malaysia

Malaysia

The Prescription Drugs market in Malaysia is expected to witness a significant growth in the coming years.
By 2024, the revenue in this market is projected to reach a staggering amount of US$2.58bn.
This growth is further expected to continue at an annual growth rate of 4.34% from 2024 to 2029, resulting in a market volume of US$3.19bn by 2029.
When compared to other countries around the globe, United States is anticipated to generate the highest revenue in the Prescription Drugs market, with an estimated amount of US$358.90bn in 2024.
This showcases the dominance of the United States in this market.
In terms of per person revenues, in Malaysia is expected to generate approximately US$74.31 in 2024.
This figure represents the revenue generated per individual in relation to the total population of Malaysia.
In Malaysia, the demand for prescription drugs is on the rise due to an aging population and increasing prevalence of chronic diseases.

Key regions: Japan, China, Europe, Australia, Canada

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Malaysia is experiencing significant growth and development.

Customer preferences: Customers in Malaysia have shown a growing preference for prescription drugs from pharmacies due to several factors. Firstly, there is a rising awareness among the population about the importance of healthcare and the need for prescription medications. This has led to an increase in the demand for prescription drugs, which are easily accessible at pharmacies. Additionally, customers prefer pharmacies as they offer convenience and a wide range of prescription drugs, making it easier for them to find the medications they need. Furthermore, pharmacies often provide personalized services such as consultations with pharmacists, which helps customers make informed decisions about their healthcare.

Trends in the market: The Prescription Drugs (Pharmacies) market in Malaysia is witnessing several trends that are driving its growth. One of the key trends is the increasing prevalence of chronic diseases such as diabetes, hypertension, and cardiovascular diseases. As the number of people affected by these diseases continues to rise, the demand for prescription drugs to manage these conditions is also increasing. This has led to a higher demand for pharmacies and prescription medications in Malaysia. Another trend in the market is the growing popularity of e-pharmacies. With the advancement of technology and the increasing use of smartphones, customers are now able to order prescription drugs online and have them delivered to their doorstep. This convenience factor has attracted a significant number of customers, especially those who prefer to avoid crowded pharmacies or have limited mobility. E-pharmacies also offer competitive pricing and discounts, further driving their popularity among customers.

Local special circumstances: One of the unique factors influencing the Prescription Drugs (Pharmacies) market in Malaysia is the country's diverse population. Malaysia is home to various ethnic groups, each with its own cultural beliefs and healthcare practices. This diversity has led to a demand for a wide range of prescription drugs that cater to different cultural and traditional practices. Pharmacies in Malaysia have adapted to this demand by stocking a diverse range of prescription drugs, ensuring that they can meet the needs of the multicultural population.

Underlying macroeconomic factors: The growth of the Prescription Drugs (Pharmacies) market in Malaysia can also be attributed to underlying macroeconomic factors. The country has experienced steady economic growth over the years, resulting in an increase in disposable income among the population. This has led to a higher spending capacity on healthcare, including prescription drugs. Additionally, the government of Malaysia has implemented various healthcare policies and initiatives to improve access to healthcare services, including prescription medications. These factors have contributed to the growth and development of the Prescription Drugs (Pharmacies) market in Malaysia.

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.