OTC Pharmaceuticals - ASEAN

ASEAN

The OTC Pharmaceuticals market in ASEAN is projected to generate a revenue of US$9.25bn in 2024.
With an annual growth rate of 6.99% (CAGR 2024-2029), the market is expected to experience steady expansion.
Among the various markets, Vitamins & Minerals dominates with a market volume of US$2.30bn in 2024.
In terms of global comparison, the in the United States leads the pack, generating revenue of US$41,240.00m in the same year.
Looking at the per capita figures, each person in ASEAN is expected to contribute US$13.39 to the overall revenue in 2024.
Additionally, online sales are projected to account for 16.43% of the total revenue in the OTC Pharmaceuticals market by 2024.
In the ASEAN OTC Pharmaceuticals market, Indonesia is experiencing a growing trend of herbal remedies and traditional medicine.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
For more information on the data displayed, use the info button next to the boxes.

Market

Region

Region comparison

Currency

Analyst Opinion

The OTC Pharmaceuticals market in ASEAN is experiencing steady growth due to changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in ASEAN countries are increasingly opting for over-the-counter (OTC) pharmaceutical products due to their convenience and accessibility. OTC medications offer a wide range of options for common ailments, such as cold and flu, allergies, and minor pain relief. The ease of purchasing these products without a prescription is appealing to customers who prefer self-care and quick relief from symptoms. Additionally, the affordability of OTC medications compared to prescription drugs makes them a popular choice among price-sensitive consumers in the region.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in ASEAN is the rising demand for natural and herbal remedies. Consumers are becoming more health-conscious and are seeking products that are perceived as safer and more sustainable. This trend is driven by a growing awareness of the potential side effects of synthetic drugs and a preference for natural alternatives. As a result, there has been an increase in the availability and variety of herbal and natural OTC products in the market.Another trend in the market is the increasing popularity of online pharmacies and e-commerce platforms. The convenience of shopping for OTC medications online, along with the ability to compare prices and read reviews, has attracted a significant number of customers. Online platforms also provide a wider selection of products, including international brands that may not be readily available in local brick-and-mortar stores. This trend is further accelerated by the COVID-19 pandemic, which has led to a surge in online shopping across all sectors.

Local special circumstances: Each ASEAN country has its own unique set of circumstances that influence the OTC Pharmaceuticals market. For example, in countries like Indonesia and the Philippines, where there is a large rural population with limited access to healthcare facilities, OTC medications play a crucial role in providing basic healthcare services. The affordability and availability of these products make them an essential part of the healthcare ecosystem in these regions.In countries such as Singapore and Malaysia, where the healthcare infrastructure is more developed, the OTC Pharmaceuticals market is driven by factors such as increasing disposable income, a growing aging population, and a higher prevalence of chronic diseases. These factors contribute to the demand for OTC medications for long-term management of conditions such as diabetes, hypertension, and arthritis.

Underlying macroeconomic factors: The growth of the OTC Pharmaceuticals market in ASEAN is also influenced by underlying macroeconomic factors. The region's economic growth, rising middle-class population, and increasing urbanization have led to higher healthcare spending and greater demand for OTC medications. Additionally, government initiatives to promote self-care and reduce the burden on public healthcare systems have further fueled the market growth.In conclusion, the OTC Pharmaceuticals market in ASEAN is thriving due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The convenience, affordability, and accessibility of OTC medications, along with the rising demand for natural remedies and the growth of online pharmacies, are driving the market forward in the region.

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.