Pharmacies - Malaysia

Malaysia

The Pharmacies market in Malaysia is forecasted to achieve a revenue of MYR US$5.03bn by the year 2024.
This projection indicates an annual growth rate (CAGR 2024-2028) of 5.87%, leading to a market volume of MYR US$6.32bn by 2028.
When comparing the global market, United States is expected to generate the highest revenue, amounting to US$387.30bn in 2024.
In terms of per capita figures, in Malaysia is projected to generate MYR US$145.10 in revenue per person in 2024.
The pharmacy market in Malaysia is experiencing a surge in demand for traditional herbal remedies and supplements.

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

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Analyst Opinion

The Pharmacies market in Malaysia is experiencing significant growth and development due to several key factors.

Customer preferences: Customers in Malaysia are increasingly seeking convenience and accessibility when it comes to purchasing healthcare products and medications. Pharmacies provide a one-stop solution for customers to fulfill their healthcare needs, offering a wide range of products including over-the-counter medications, prescription drugs, and personal care items. Additionally, many pharmacies in Malaysia also provide value-added services such as health consultations, health screenings, and medication delivery, which further enhance the convenience factor for customers.

Trends in the market: One of the key trends in the Pharmacies market in Malaysia is the growing demand for online pharmacy services. With the increasing penetration of internet and smartphones, more customers are opting to purchase their medications and healthcare products online. This trend is driven by the convenience of online shopping, as customers can browse and purchase products from the comfort of their own homes. Online pharmacies also offer competitive pricing and discounts, attracting price-conscious customers. Furthermore, the COVID-19 pandemic has accelerated the adoption of online pharmacy services, as customers are looking for contactless options to fulfill their healthcare needs. Another trend in the Pharmacies market in Malaysia is the focus on preventive healthcare. Increasing awareness about the importance of preventive measures and healthy lifestyles has led to a growing demand for vitamins, supplements, and other wellness products. Pharmacies are capitalizing on this trend by expanding their product offerings to include a wide range of preventive healthcare products. Additionally, many pharmacies in Malaysia are also offering health consultations and wellness programs to educate customers on preventive healthcare practices.

Local special circumstances: One of the unique aspects of the Pharmacies market in Malaysia is the presence of traditional medicine. Traditional medicine, including herbal remedies and traditional Chinese medicine, holds a significant place in Malaysian culture and healthcare practices. Many pharmacies in Malaysia offer traditional medicine products alongside modern pharmaceuticals, catering to customers who prefer alternative healthcare options. This diversity in product offerings sets the Pharmacies market in Malaysia apart from other countries.

Underlying macroeconomic factors: The growing Pharmacies market in Malaysia is also influenced by favorable macroeconomic factors. Malaysia has a rapidly growing middle-class population, which has led to increased healthcare spending. Rising disposable incomes and improved access to healthcare services have contributed to the growth of the Pharmacies market. Additionally, the government of Malaysia has implemented various initiatives to improve healthcare infrastructure and accessibility, which has further supported the development of the Pharmacies market. In conclusion, the Pharmacies market in Malaysia is experiencing growth and development driven by customer preferences for convenience and accessibility, the trends of online pharmacy services and preventive healthcare, the presence of traditional medicine, and favorable macroeconomic factors. These factors are shaping the market and creating opportunities for pharmacies to expand their offerings and cater to the evolving needs of customers in Malaysia.

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.