Key regions: United Kingdom, South Korea, Europe, Japan, Germany
The Cold & Cough Remedies (Pharmacies) market in Eastern Asia is experiencing significant growth and development.
Customer preferences: Customers in Eastern Asia have a strong preference for over-the-counter cold and cough remedies purchased from pharmacies. This preference is driven by several factors, including the convenience and accessibility of pharmacies, as well as the trust and confidence that customers have in the quality of products sold in these establishments. Eastern Asian customers also value the advice and recommendations provided by pharmacists, which further drives their preference for purchasing cold and cough remedies from pharmacies.
Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in Eastern Asia is the increasing demand for natural and herbal remedies. Customers are becoming more health-conscious and are seeking alternative options to traditional pharmaceutical products. This trend is driven by a desire for more holistic and natural approaches to healthcare. As a result, pharmacies in Eastern Asia are expanding their product offerings to include a wider range of natural and herbal cold and cough remedies to cater to this growing demand. Another trend in the market is the increasing use of online platforms for purchasing cold and cough remedies. Customers in Eastern Asia are increasingly turning to e-commerce platforms to buy their healthcare products, including cold and cough remedies. This trend is driven by the convenience and ease of online shopping, as well as the availability of a wider range of products and competitive pricing. Pharmacies in Eastern Asia are adapting to this trend by establishing their online presence and offering their products through e-commerce platforms.
Local special circumstances: In Eastern Asia, there are several local special circumstances that are influencing the development of the Cold & Cough Remedies (Pharmacies) market. One such circumstance is the high population density in many cities in the region. This high population density leads to increased exposure to cold and cough viruses, resulting in a higher demand for remedies to alleviate symptoms. Additionally, the prevalence of air pollution in some Eastern Asian cities contributes to a higher incidence of respiratory illnesses, further driving the demand for cold and cough remedies.
Underlying macroeconomic factors: The development of the Cold & Cough Remedies (Pharmacies) market in Eastern Asia is also influenced by underlying macroeconomic factors. The region's growing middle class and increasing disposable income levels have resulted in higher healthcare spending. As a result, customers in Eastern Asia are more willing to invest in cold and cough remedies to alleviate symptoms and improve their overall well-being. Furthermore, the aging population in some Eastern Asian countries is also contributing to the growth of the market, as older individuals are more susceptible to cold and cough illnesses and require remedies to manage their symptoms. In conclusion, the Cold & Cough Remedies (Pharmacies) market in Eastern Asia is developing due to customer preferences for over-the-counter remedies purchased from pharmacies, the increasing demand for natural and herbal remedies, the growing use of online platforms for purchasing healthcare products, local special circumstances such as high population density and air pollution, and underlying macroeconomic factors such as the region's growing middle class and aging population.
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.
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