Market Insights Health Pharmacies OTC Products

Pharmacy Usual Items - Asia

Asia

Revenue in the Pharmacy Usual Items market is projected to reach €120.10bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.41%, resulting in a market volume of €156.30bn by 2029.
In global comparison, most revenue will be generated in China (€44,560.00m in 2024).
In relation to total population figures, per person revenues of €26.42 are generated in 2024.

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

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Región

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Analyst Opinion

The Pharmacy Usual Items market in Asia is witnessing significant growth due to various factors such as changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Pharmacy Usual Items market in Asia are evolving, with a growing focus on health and wellness. Consumers are becoming more conscious about their well-being and are actively seeking products that promote a healthy lifestyle. This has led to an increased demand for vitamins, supplements, and other health-related products. Additionally, there is a rising interest in natural and organic products, as consumers become more aware of the potential harmful effects of synthetic ingredients. Trends in the market are also contributing to its development. One notable trend is the growing popularity of e-commerce. With the increasing penetration of the internet and smartphones, consumers are increasingly turning to online platforms to purchase Pharmacy Usual Items. This trend is particularly evident in countries like China and India, where online shopping is becoming the norm. The convenience and wide range of products available online are driving the growth of e-commerce in the Pharmacy Usual Items market. Another trend in the market is the expansion of pharmacy chains. As the demand for Pharmacy Usual Items continues to rise, pharmacy chains are expanding their presence to cater to the growing consumer base. These chains offer a wide range of products, competitive pricing, and convenient locations, making them a preferred choice for many consumers. The expansion of pharmacy chains is particularly prominent in countries like Japan and South Korea, where the market is highly competitive. Local special circumstances also play a role in the development of the Pharmacy Usual Items market in Asia. For example, in countries like China and India, the aging population is driving the demand for healthcare products. As the elderly population increases, there is a greater need for medications, vitamins, and other health-related products. This demographic shift is fueling the growth of the Pharmacy Usual Items market in these countries. Underlying macroeconomic factors are also contributing to the development of the Pharmacy Usual Items market in Asia. Rapid urbanization, increasing disposable incomes, and improving healthcare infrastructure are all factors that are driving the demand for Pharmacy Usual Items. As more people move to cities and experience an improvement in their living standards, they are willing to spend more on healthcare products. Additionally, the growing middle class in countries like China and India is also a key driver of market growth. Overall, the Pharmacy Usual Items market in Asia is experiencing significant growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As consumers become more health-conscious and seek convenient ways to purchase healthcare products, the market is expected to continue its upward trajectory.

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.