Sensory Organ Drugs - China

China

In China, the revenue in the Sensory Organ Drugs market is estimated to reach US$2.97bn by 2024.
The market is expected to grow at an annual growth rate (CAGR 2024-2028) of 6.70%, leading to a market volume of US$3.85bn by 2028.
When comparing globally, United States is projected to generate the highest revenue, amounting to US$15,360.00m in 2024.
China's growing middle class is driving demand for sensory organ drugs, resulting in a booming market for companies in the pharmaceutical industry.

Key regions: India, China, Japan, Canada, South Korea

Market

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Currency

Analyst Opinion

China, being one of the largest countries in the world, holds a significant position in the global market. The Sensory Organ Drugs market in China has been experiencing a steady growth rate over the past few years.

Customer preferences: The increasing prevalence of sensory organ diseases such as glaucoma, cataract, and macular degeneration has led to a surge in demand for sensory organ drugs. Additionally, the rise in the elderly population in China has also contributed to the market growth as they are more prone to sensory organ diseases.

Trends in the market: The Sensory Organ Drugs market in China is witnessing a shift towards the adoption of innovative drugs. The market is currently dominated by traditional drugs, but the introduction of new drugs with advanced technologies is expected to change the market dynamics. Furthermore, the market is also experiencing a trend towards personalized medicine, where drugs are tailored to the specific needs of the patient.

Local special circumstances: The Chinese government has been promoting the development of the pharmaceutical industry in the country, which has resulted in an increase in the number of domestic pharmaceutical companies. These companies are focusing on the development of innovative drugs to gain a competitive edge in the market. Additionally, the Chinese government has also been increasing its investment in the healthcare sector, which is expected to boost the market growth.

Underlying macroeconomic factors: The increasing disposable income of the middle-class population in China has led to a rise in healthcare expenditure. This has resulted in an increase in demand for sensory organ drugs. Moreover, the government's initiative to provide universal healthcare coverage has also contributed to the market growth. Furthermore, the favorable regulatory environment in the country has attracted many multinational pharmaceutical companies to invest in the Chinese 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.