Pharmaceuticals - Malaysia
- Malaysia
- In 2024, the projected revenue in the Pharmaceuticals market in Malaysia is expected to reach US$1,702.00m.
- The largest market within the Pharmaceuticals market is Oncology Drugs, which is projected to have a market volume of US$264.80m in 2024.
- The revenue in the Pharmaceuticals market is anticipated to exhibit an annual growth rate of 4.31%, as measured by the compound annual growth rate (CAGR) from 2024 to 2029.
- This growth rate will result in a market volume of US$2,102.00m by 2029.
- When compared globally, United States is projected to generate the highest revenue in the Pharmaceuticals market, with an estimated revenue of US$630.30bn in 2024.
- Malaysia's pharmaceutical market is experiencing a surge in demand for generic drugs due to rising healthcare costs.
Key regions: United States, China, Germany, Japan, Europe
Analyst Opinion
The Pharmaceuticals market in Malaysia has been experiencing growth over the past few years due to various factors.
Customer preferences: Malaysian consumers are becoming increasingly health-conscious, leading to a higher demand for pharmaceutical products. Additionally, the aging population in Malaysia has resulted in a higher demand for medication for chronic diseases.
Trends in the market: One trend in the Malaysian pharmaceutical market is the growth of generic drugs. The Malaysian government has been promoting the use of generic drugs to reduce healthcare costs, leading to an increase in demand for these products. Another trend is the increasing use of e-commerce for pharmaceutical purchases, allowing for greater convenience and accessibility for consumers.
Local special circumstances: One unique aspect of the Malaysian pharmaceutical market is the dominance of local companies. These companies have a strong presence in the market and are able to compete with multinational corporations. Additionally, the government plays a significant role in regulating the industry, with strict requirements for product registration and pricing.
Underlying macroeconomic factors: The Malaysian economy has been growing steadily, with a focus on developing the healthcare sector. The government has invested in healthcare infrastructure and initiatives to improve access to healthcare for all citizens. Additionally, Malaysia has a well-educated and skilled workforce, contributing to the growth of the pharmaceutical industry.
Methodology
Data coverage:
Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.Modeling approach / Market size:
Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.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. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.Overview
- Revenue
- Analyst Opinion
- Next generation therapy
- Global Comparison
- Methodology
- Key Market Indicators