Market Insights Health OTC Pharmaceuticals

Other OTC Pharmaceuticals - Japan

Japan

In Japan, the revenue generated in the Other OTC Pharmaceuticals market in 2024 amounts to ¥€2.08k.
It is projected to experience an annual growth rate of 1.31% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in this market, amounting to ¥€6,581.00 in 2024.
In terms of per person revenues, in Japan generates ¥€16.94 per individual in 2024.
The demand for traditional herbal remedies in Japan's Other OTC Pharmaceuticals market is on the rise due to a growing preference for natural and holistic healthcare solutions.

Key regions: United States, Brazil, Europe, Canada, United Kingdom

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Analyst Opinion

The Other OTC Pharmaceuticals market in Japan is experiencing significant growth and development.

Customer preferences: In recent years, there has been a growing preference among Japanese consumers for self-medication and over-the-counter (OTC) pharmaceutical products. This shift in consumer behavior can be attributed to various factors, including the convenience of purchasing OTC drugs without a prescription, the increasing availability of information on healthcare and wellness, and the rising cost of healthcare services. Japanese consumers are becoming more proactive in managing their health and are seeking accessible and affordable solutions for common ailments.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in Japan is the increasing demand for natural and herbal remedies. Japanese consumers are increasingly turning to traditional medicines and natural remedies for their health and wellness needs. This trend is driven by a growing awareness of the potential side effects of synthetic drugs and a desire for more holistic and sustainable healthcare options. As a result, there has been a surge in the availability and variety of natural and herbal OTC products in the market.Another trend in the market is the rising popularity of preventive healthcare. Japanese consumers are becoming more proactive in maintaining their health and preventing illnesses. This has led to an increased demand for OTC pharmaceutical products that support immune health, promote general well-being, and address specific health concerns such as sleep disorders, stress management, and digestive health. Manufacturers are responding to this trend by introducing innovative OTC products that cater to these specific needs.

Local special circumstances: Japan has a rapidly aging population, with a significant proportion of its citizens being elderly. This demographic shift has created unique challenges and opportunities in the healthcare sector. The elderly population often requires frequent access to OTC pharmaceutical products for managing chronic conditions and age-related ailments. As a result, there is a growing demand for OTC products that are tailored to the needs of the elderly population, such as products for joint health, cognitive function, and cardiovascular health.Furthermore, Japan has a highly developed and advanced healthcare system, which includes a well-established network of pharmacies and drugstores. These retail channels play a crucial role in the distribution of OTC pharmaceutical products. They provide convenient access to a wide range of OTC products and offer professional advice to consumers. The strong presence of pharmacies and drugstores in Japan contributes to the growth of the Other OTC Pharmaceuticals market by ensuring widespread availability and accessibility of OTC products.

Underlying macroeconomic factors: The Japanese economy has been experiencing sluggish growth in recent years, which has led to increased price sensitivity among consumers. As a result, there is a growing demand for affordable healthcare options, including OTC pharmaceutical products. The availability of cost-effective OTC products allows consumers to manage their health without incurring the expenses associated with doctor visits and prescription medications. This economic factor is driving the growth of the Other OTC Pharmaceuticals market in Japan.Additionally, the government of Japan has been implementing policies to promote self-medication and OTC drug use. These policies aim to reduce the burden on the healthcare system and empower consumers to take control of their health. The government has also been encouraging the development and registration of new OTC pharmaceutical products to meet the evolving needs of the population. These supportive policies create a favorable environment for the growth and development of the Other OTC Pharmaceuticals market in Japan.

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.