OTC Products - Asia

Asia

In Asia, the OTC Products market is forecasted to achieve a remarkable revenue of US$189.50bn by the year 2024.
This industry is also expected to exhibit a steady growth rate of 5.48% annually from 2024 to 2028, resulting in a market volume of US$234.60bn by the end of the projection period.
When compared to other countries worldwide, China stands out as the leading revenue generator, with an estimated revenue of US$74.91bn in 2024.
Taking into account the total population figures, the per person revenue in Asia's OTC Products market is projected to be US$41.69 in 2024.
In Japan, there is a growing trend towards using traditional herbal remedies as OTC products for various health conditions.

Key regions: Europe, Germany, Canada, Japan, South Korea

Market

Region

Region comparison

Currency

Analyst Opinion

The OTC Products (Pharmacies) market in Asia is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the OTC Products (Pharmacies) market in Asia are shifting towards self-care and convenience. With increasing awareness about health and wellness, consumers are seeking easy access to over-the-counter products for common ailments and preventive care. They prefer to visit pharmacies that offer a wide range of OTC products, including medicines, supplements, personal care items, and health devices. Additionally, consumers are increasingly looking for online platforms and mobile apps to purchase OTC products, allowing them to conveniently compare prices, read reviews, and have products delivered to their doorstep. Trends in the OTC Products (Pharmacies) market in Asia are driven by various factors. One prominent trend is the rising demand for natural and herbal remedies. Consumers are gravitating towards products that are perceived as more natural and have fewer side effects. This trend is fueled by the growing popularity of traditional medicine and the increasing availability of herbal OTC products in pharmacies. Another trend is the focus on preventive healthcare. Consumers are becoming more proactive in managing their health and are seeking OTC products that help prevent illnesses and promote overall well-being. This trend is supported by the availability of vitamins, supplements, and health devices in pharmacies. Local special circumstances in the OTC Products (Pharmacies) market in Asia also contribute to its development. In some countries, such as China and India, the large population and rising middle class are driving the demand for OTC products. Increasing disposable income and improved healthcare infrastructure are making OTC products more accessible to a wider population. Additionally, the presence of a strong pharmacy retail network in many Asian countries provides a convenient distribution channel for OTC products. Pharmacies are often located in easily accessible locations and offer personalized advice and recommendations to customers, further enhancing their appeal. Underlying macroeconomic factors play a crucial role in the development of the OTC Products (Pharmacies) market in Asia. Economic growth, urbanization, and a growing middle class contribute to increased healthcare spending and demand for OTC products. As economies continue to develop, more people have access to healthcare services and can afford OTC products. Furthermore, government initiatives to promote self-care and reduce healthcare costs are also driving the growth of the OTC market. These initiatives include the deregulation of certain OTC products, allowing them to be sold without a prescription, and the promotion of generic OTC alternatives. Overall, the OTC Products (Pharmacies) market in Asia is developing rapidly due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards self-care, the demand for natural and preventive healthcare products, the presence of a strong pharmacy retail network, and favorable macroeconomic conditions are all contributing to the growth and expansion of the market.

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.