Prescription Drugs - Asia

Asia

In Asia, the Prescription Drugs market is expected to reach a projected revenue of €300.20bn in 2024.
The market is expected to grow at an annual growth rate (CAGR 2024-2029) of 5.14%, resulting in a market volume of €385.70bn by 2029.
When compared globally, United States is anticipated to generate the highest revenue of €332.90bn in 2024.
In terms of per person revenues, in 2024, each individual in Asia is projected to generate €66.06.
In Japan, the market for prescription drugs is driven by an aging population and a high demand for innovative healthcare solutions.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Asia is experiencing significant growth and development due to several factors.

Customer preferences: Customers in Asia have shown a strong preference for using prescription drugs from pharmacies due to the convenience and accessibility they offer. Pharmacies provide a one-stop solution for customers to obtain their prescribed medications, eliminating the need for multiple visits to different healthcare facilities. Additionally, pharmacies often offer a wide range of over-the-counter medications and health products, making them a convenient choice for customers seeking various healthcare products in one place.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Asia is the increasing adoption of e-commerce platforms for purchasing prescription drugs. With the rise of digitalization and the growing popularity of online shopping, customers are now turning to online pharmacies to fulfill their medication needs. This trend is particularly prevalent in countries with high internet penetration rates, such as South Korea, Japan, and Singapore. Online pharmacies offer the convenience of doorstep delivery and often provide discounts and promotions, attracting a large customer base. Another trend in the market is the growing demand for generic drugs. Generic drugs are more affordable alternatives to branded medications, and customers in Asia are increasingly opting for them due to cost considerations. The availability of generic drugs in pharmacies has expanded in recent years, leading to increased sales and market share for these products. This trend is driven by government initiatives to promote the use of generic drugs as a cost-saving measure in healthcare systems.

Local special circumstances: In some Asian countries, such as China and India, the Prescription Drugs (Pharmacies) market is heavily regulated by the government. In China, for example, pharmacies are required to obtain a license from the government to operate and dispense prescription drugs. This regulation ensures the safety and quality of medications available in the market but also limits the number of pharmacies that can operate. In India, the government has implemented a price control mechanism for essential medicines, which affects the pricing and profitability of pharmacies.

Underlying macroeconomic factors: The growing middle-class population and increasing healthcare expenditure in Asia are significant macroeconomic factors driving the growth of the Prescription Drugs (Pharmacies) market. As disposable incomes rise, more individuals can afford healthcare services, including prescription drugs. Additionally, governments in several Asian countries are investing in healthcare infrastructure and expanding healthcare coverage, leading to increased demand for prescription drugs. In conclusion, the Prescription Drugs (Pharmacies) market in Asia is witnessing growth and development due to customer preferences for convenience and accessibility, the adoption of e-commerce platforms, the demand for generic drugs, local special circumstances such as government regulations, and underlying macroeconomic factors such as the growing middle-class population and increasing healthcare expenditure.

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.