Other Pharmaceuticals - Malaysia

Malaysia

In Malaysia, the revenue in the Other Pharmaceuticals market is forecasted to reach a staggering US$0.62bn in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2028) of 4.52%, leading to a market volume of US$0.74bn by 2028.
When compared globally, United States is projected to generate the highest revenue of US$256.20bn in 2024.
The market for other pharmaceuticals in Malaysia is experiencing a surge in demand for traditional herbal remedies.

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

Market

Region

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Currency

Analyst Opinion

The Other Pharmaceuticals market in Malaysia has experienced significant growth in recent years.

Customer preferences: Consumers in Malaysia have become increasingly health-conscious in recent years, leading to a greater demand for pharmaceutical products. Additionally, the country's aging population has created a growing market for medications that address age-related health issues.

Trends in the market: One of the most significant trends in the Other Pharmaceuticals market in Malaysia is the increasing prevalence of chronic diseases such as hypertension and diabetes. As a result, demand for medications that treat these conditions has increased significantly. Another major trend in the market is the growing popularity of generic drugs, which are often less expensive than their branded counterparts.

Local special circumstances: Malaysia's government has implemented a number of policies to promote the use of generic drugs, including price controls and incentives for healthcare providers who prescribe generics. Additionally, the country has a well-established pharmaceutical manufacturing industry, which has helped to keep prices low and ensure a steady supply of medications.

Underlying macroeconomic factors: Malaysia's strong economic growth and rising middle class have contributed to the growth of the Other Pharmaceuticals market. Additionally, the country's well-developed healthcare system and infrastructure have made it an attractive market for pharmaceutical companies. However, increasing competition in the market and ongoing regulatory challenges may pose challenges for companies looking to enter or expand in the 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.