Other Pharmaceuticals - Japan

Japan

In Japan, the revenue in the Other Pharmaceuticals market is forecasted to reach US$19.05bn by 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2028) of 3.61%, leading to a market volume of US$21.95bn by 2028.
When compared globally, United States is projected to generate the highest revenue of US$256.20bn in 2024.
Japan's strict regulations and advanced research have led to a surge in the development of innovative pharmaceutical products in the Other Pharmaceuticals market.

Key regions: South Korea, Japan, Europe, Brazil, United Kingdom

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Currency

Analyst Opinion

The Other Pharmaceuticals market in Japan has been experiencing significant growth in recent years.

Customer preferences: Japanese consumers prioritize health and wellness, leading to a high demand for pharmaceutical products. Other Pharmaceuticals, which includes products such as vitamins and dietary supplements, have become increasingly popular due to the growing interest in preventative healthcare. Additionally, the aging population in Japan has contributed to the rise in demand for these products.

Trends in the market: One trend in the Other Pharmaceuticals market in Japan is the increasing popularity of natural and organic products. Consumers are becoming more conscious of the ingredients in their supplements and are seeking out products with natural and plant-based ingredients. Another trend is the rise of e-commerce in the market, with more consumers purchasing supplements online rather than in physical stores.

Local special circumstances: Japan has strict regulations on pharmaceutical products, including Other Pharmaceuticals. The Japanese government requires that all products be approved by the Ministry of Health, Labour and Welfare before they can be sold in the country. This can make it difficult for foreign companies to enter the market, as they must navigate the complex regulatory process.

Underlying macroeconomic factors: Japan has a rapidly aging population, with over 28% of its citizens over the age of 65. This has led to an increased demand for healthcare products, including Other Pharmaceuticals. Additionally, Japan has a strong economy with a high GDP per capita, allowing consumers to have more disposable income to spend on healthcare products. The government has also implemented policies to promote preventative healthcare, which has further contributed to the growth of the Other Pharmaceuticals market.

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.