OTC Products - Eastern Asia

Eastern Asia

In Eastern Asia, the OTC Products market is projected to generate a revenue of US$105.80bn in 2024.
This represents a significant potential for growth in the market.
Furthermore, it is expected that the revenue will experience an annual growth rate of 5.59% between 2024 and 2028, resulting in a market volume of US$131.50bn by 2028.
This demonstrates the increasing demand for OTC Products market in the region.
In terms of global comparison, it is noteworthy that China is expected to generate the highest revenue in the OTC Products market, amounting to US$74.91bn in 2024.
This highlights the country's strong position and influence in the Eastern Asian market.
When considering the per person revenues in Eastern Asia, it is estimated that each individual will generate approximately US$0.00 in revenue in 2024.
This indicates the significant market potential and opportunities for growth in the OTC Products market sector, as there is room for increased per capita spending in the region.
Overall, the projected revenue and growth rates in the OTC Products market in Eastern Asia reflect a promising future for the industry, with China playing a prominent role in driving market expansion.
In Japan, the market for OTC products is booming due to increased consumer demand for self-care and convenience.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The OTC Products (Pharmacies) market in Eastern Asia is experiencing significant growth and development. Customer preferences in the region are driving this growth. Consumers in Eastern Asia are increasingly seeking out OTC products as a convenient and cost-effective solution for their healthcare needs. The rising middle class in countries such as China, Japan, and South Korea has led to an increase in disposable income, allowing more people to afford OTC products. Additionally, the aging population in the region is driving demand for OTC products that cater to specific health concerns, such as vitamins and supplements for joint health or memory support. Trends in the market show that consumers in Eastern Asia are becoming more health-conscious and proactive in managing their own health. This has led to a growing demand for preventive and wellness products, such as dietary supplements, herbal remedies, and skincare products. Consumers are increasingly looking for natural and organic alternatives to traditional pharmaceutical products, which has fueled the growth of the herbal and traditional medicine segment in the OTC market. Local special circumstances also contribute to the development of the OTC Products market in Eastern Asia. For example, in countries like China, there is a lack of access to primary healthcare services in rural areas, making OTC products a convenient and accessible option for many people. Additionally, the high population density in countries like Japan and South Korea makes it easier for pharmacies to reach a large customer base. Underlying macroeconomic factors also play a role in the development of the OTC Products market in Eastern Asia. The region has experienced rapid economic growth in recent years, leading to an increase in disposable income and consumer spending. This has created a favorable environment for the expansion of the OTC market. Furthermore, advancements in technology and e-commerce have made it easier for consumers to access and purchase OTC products, further fueling market growth. In conclusion, the OTC Products market in Eastern Asia is developing due to customer preferences for convenient and cost-effective healthcare solutions, the rising middle class and aging population, increasing health-consciousness, local special circumstances, and favorable macroeconomic factors. This market is expected to continue growing as consumers in the region become more proactive in managing their own health and seek out OTC products to meet their healthcare needs.

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.