Market Insights Health OTC Pharmaceuticals

Other OTC Pharmaceuticals - Eastern Asia

Eastern Asia

In 2024, the revenue generated in the market of Other OTC Pharmaceuticals in Eastern Asia amounts to US$6.36bn.
It is projected that this market will experience an annual growth rate of 1.61% (CAGR 2024-2029).
When comparing this market globally, the in the United States leads in terms of revenue generated, with a total of US$7,171.00m in 2024.
In relation to the total population figures, per person revenues of US$3.89 are generated in Eastern Asia in 2024.
This indicates the level of economic activity in this market in the region.
In Eastern Asia, the Other OTC Pharmaceuticals market is witnessing a surge in demand for traditional herbal remedies.

Key regions: Europe, Germany, United States, Brazil, Australia

Market

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Analyst Opinion

The Other OTC Pharmaceuticals market in Eastern Asia is witnessing significant growth and development due to various factors.

Customer preferences: Customers in Eastern Asia have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors, including the convenience and accessibility of these products. OTC medicines allow customers to self-diagnose and treat minor ailments without the need for a prescription or a visit to a healthcare professional. Additionally, customers in Eastern Asia are increasingly seeking natural and herbal remedies, which are often available as OTC products.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in Eastern Asia is the increasing demand for vitamins and dietary supplements. Customers are becoming more health-conscious and are seeking products that can support their overall well-being. This trend is driven by factors such as changing lifestyles, increasing disposable incomes, and a growing awareness of the importance of preventive healthcare.Another trend in the market is the rising popularity of traditional Chinese medicine (TCM) products. TCM has a long history in Eastern Asia and is deeply rooted in the culture and traditions of the region. Customers are increasingly turning to TCM products for their perceived effectiveness in treating various health conditions. This trend is supported by the availability of a wide range of TCM products in the market.

Local special circumstances: Eastern Asia is home to countries with large populations, such as China, Japan, and South Korea. The high population density in these countries creates a significant customer base for OTC pharmaceutical products. Additionally, the region has a well-developed retail infrastructure, with pharmacies and drugstores easily accessible to customers. This facilitates the distribution and sale of OTC products.Furthermore, Eastern Asia has a strong tradition of self-medication. Customers in the region are accustomed to managing minor health issues on their own and are comfortable purchasing OTC medicines without a prescription. This cultural norm contributes to the growth of the Other OTC Pharmaceuticals market in Eastern Asia.

Underlying macroeconomic factors: The economic growth and rising disposable incomes in Eastern Asia have played a crucial role in the development of the Other OTC Pharmaceuticals market. As the middle class expands and becomes more affluent, customers have more purchasing power to spend on healthcare products. This has led to an increased demand for OTC pharmaceuticals.Additionally, the aging population in Eastern Asia is driving the demand for OTC medicines. As people age, they are more likely to experience chronic health conditions and require ongoing medication. OTC products provide a convenient and cost-effective solution for managing these conditions, further fueling the growth of the market.In conclusion, the Other OTC Pharmaceuticals market in Eastern Asia is experiencing significant growth and development due to customer preferences for convenience, accessibility, and natural remedies. The increasing demand for vitamins, dietary supplements, and traditional Chinese medicine products, coupled with the region's large population and strong retail infrastructure, are key drivers of this market. Economic growth, rising disposable incomes, and an aging population further contribute to the market's expansion.

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.