Pharmacies - China

China

China's Pharmacies market is expected to see significant growth in the coming years.
According to projections, the revenue in this market is projected to reach US$233.40bn in 2024.
Furthermore, it is anticipated that the market will experience an annual growth rate of 6.35% from 2024 to 2028, resulting in a market volume of US$298.60bn by 2028.
When compared globally, it is worth noting that United States is expected to generate the highest revenue in the Pharmacies market, reaching US$387.30bn in 2024.
This demonstrates the significant market presence of the United States in this sector.
In terms of per capita revenue, it is estimated that each person in China will generate approximately US$162.90 in 2024.
This figure provides insights into the economic impact of the Pharmacies market on individual consumers in the country.
China's pharmacy market is experiencing rapid growth due to an aging population and the increasing demand for healthcare services.

Key regions: United States, China, Germany, Japan, Europe

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Currency

Analyst Opinion

The Pharmacies market in China has been experiencing significant growth in recent years, driven by various factors such as changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Chinese consumers have shown a growing preference for convenient and accessible healthcare services, which has contributed to the expansion of the Pharmacies market. With the increasing urbanization and busy lifestyles, consumers are seeking convenient solutions for their healthcare needs. Pharmacies offer a one-stop solution for various healthcare products and services, including over-the-counter medications, prescription drugs, and health consultations. This convenience factor has attracted a large customer base to pharmacies in China.

Trends in the market: One of the key trends in the Pharmacies market in China is the growing demand for traditional Chinese medicine (TCM). TCM has a long history in China and is deeply rooted in the culture. In recent years, there has been a resurgence of interest in TCM, both domestically and globally. Pharmacies in China have capitalized on this trend by offering a wide range of TCM products and services, including herbal remedies, acupuncture, and TCM consultations. This trend has not only attracted local customers but also tourists who are interested in experiencing traditional Chinese healthcare practices. Another trend in the Pharmacies market is the increasing focus on health and wellness. Chinese consumers are becoming more health-conscious and are actively seeking products and services that promote well-being. Pharmacies have responded to this demand by expanding their product offerings to include a wide range of vitamins, supplements, and natural health products. Additionally, many pharmacies now offer health screenings and consultations to help customers manage their overall health. This trend is expected to continue driving the growth of the Pharmacies market in China.

Local special circumstances: China has a large aging population, which has created a unique set of circumstances for the Pharmacies market. With the aging population, there is an increased demand for medications and healthcare services. Pharmacies have become an essential part of the healthcare ecosystem in China, providing accessible and affordable healthcare solutions for the elderly population. This demographic factor has contributed to the growth of the Pharmacies market, as pharmacies cater to the specific needs of the aging population.

Underlying macroeconomic factors: The growth of the Pharmacies market in China is also influenced by underlying macroeconomic factors. China's rapid economic development has led to an increase in disposable income and improved standards of living. As a result, consumers are willing to spend more on healthcare products and services, including those offered by pharmacies. Additionally, the government's focus on healthcare reform and the expansion of the healthcare system have created a favorable environment for the growth of the Pharmacies market. These macroeconomic factors, combined with changing customer preferences and emerging trends, have contributed to the development and expansion of the Pharmacies market in China.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.