OTC Pharmaceuticals - Taiwan

Taiwan

Revenue in the OTC Pharmaceuticals market in Taiwan is projected to reach US$2,082.00m in 2024.
It is anticipated that the market will experience an annual growth rate of 5.96% (CAGR 2024-2029).
Among the various markets of the market, the Cold & Cough Remedies market holds the largest market share, with a volume of US$528.20m in 2024.
When compared globally, the in the United States generates the highest revenue in this market, with a total of US$41,240.00m in 2024.
In terms of per capita revenue, each person in Taiwan is expected to generate US$86.92 in 2024.
Furthermore, online sales are estimated to contribute 2.39% of the total revenue in the OTC Pharmaceuticals market by 2024.
Taiwan's OTC Pharmaceuticals market is experiencing a surge in demand for traditional Chinese medicine remedies.

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.
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Analyst Opinion

The OTC Pharmaceuticals market in Taiwan has been experiencing steady growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development.Customer preferences in Taiwan have shifted towards self-medication and the use of over-the-counter (OTC) pharmaceuticals. This can be attributed to several factors, including the convenience and accessibility of OTC medications, as well as the increasing health consciousness among the population. Consumers are becoming more proactive in managing their own health and seeking quick and effective remedies for common ailments.One of the key trends in the OTC Pharmaceuticals market in Taiwan is the growing demand for natural and herbal remedies. Consumers are increasingly seeking alternatives to traditional pharmaceutical products, opting for natural ingredients and remedies that are perceived to be safer and have fewer side effects. This trend is driven by a desire for more holistic approaches to health and wellness.Another trend in the market is the rise of e-commerce and online pharmacies. The convenience and ease of online shopping have made it a popular channel for purchasing OTC medications. This trend has been further accelerated by the COVID-19 pandemic, as consumers have turned to online platforms to avoid crowded pharmacies and minimize contact with others.Local special circumstances in Taiwan have also contributed to the growth of the OTC Pharmaceuticals market. The country has a well-developed healthcare system and a high level of health awareness among its population. This has created a favorable environment for the sale and consumption of OTC medications. Additionally, Taiwan has a large aging population, which has increased the demand for OTC products that cater to the specific health needs of older individuals.Underlying macroeconomic factors have also played a role in the development of the OTC Pharmaceuticals market in Taiwan. The country has a stable economy and a strong healthcare infrastructure, which has allowed for the expansion of the market. Furthermore, the government has implemented policies to promote the use of OTC medications and encourage self-care among the population.In conclusion, the OTC Pharmaceuticals market in Taiwan is experiencing growth due to customer preferences for self-medication, the demand for natural and herbal remedies, the rise of e-commerce, local special circumstances, and underlying macroeconomic factors. These factors have created a favorable environment for the market to thrive and are likely to continue driving its growth in the future.

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.