Market Insights Health Pharmacies OTC Products

Other OTC Pharmaceuticals (Pharmacies) - Malaysia

Malaysia

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$273.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.37%, resulting in a market volume of US$299.90m by 2028.
In global comparison, most revenue will be generated in the United States (US$4,981.00m in 2024).
In relation to total population figures, per person revenues of US$7.88 are generated in 2024.

Key regions: United Kingdom, Canada, France, Europe, Japan

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Analyst Opinion

The Other OTC Pharmaceuticals (Pharmacies) market in Malaysia is experiencing steady growth and development due to several key factors.

Customer preferences: Customers in Malaysia have shown a growing preference for over-the-counter (OTC) pharmaceutical products, which can be purchased without a prescription from a healthcare professional. This preference is driven by the convenience and accessibility of OTC products, as well as the increasing awareness and self-care practices among consumers. Additionally, the rising healthcare costs and long waiting times in clinics and hospitals have also contributed to the growing demand for OTC pharmaceuticals in Malaysia.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Malaysia is the increasing availability and variety of OTC products. Pharmacies in Malaysia are expanding their product offerings to cater to the diverse needs and preferences of consumers. This includes a wide range of OTC medications for common ailments such as cough and cold, pain relief, allergies, and digestive issues. Furthermore, there is a growing trend of pharmacies offering complementary healthcare products, such as vitamins, supplements, and herbal remedies. Another trend in the market is the increasing emphasis on health and wellness. Consumers in Malaysia are becoming more health-conscious and are actively seeking products that promote overall well-being and preventive care. This has led to the introduction of OTC pharmaceutical products that focus on areas such as immune support, stress management, and weight management. Pharmacies are also offering health screenings and consultations to provide personalized advice and recommendations to customers.

Local special circumstances: One of the unique aspects of the Other OTC Pharmaceuticals (Pharmacies) market in Malaysia is the strong presence of traditional medicine. Traditional medicine has a long history in Malaysia and is widely practiced alongside modern medicine. This has resulted in a diverse range of OTC pharmaceutical products that cater to both traditional and modern healthcare practices. Pharmacies in Malaysia often stock traditional remedies alongside conventional OTC medications, providing customers with a wide range of options.

Underlying macroeconomic factors: The growing population and increasing disposable income in Malaysia are driving the demand for OTC pharmaceutical products. As the middle class expands, more individuals have the financial means to purchase OTC medications for their healthcare needs. Additionally, the government's focus on healthcare and wellness initiatives, as well as the implementation of universal healthcare coverage, has further fueled the demand for OTC pharmaceuticals. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Malaysia is developing and growing due to customer preferences for convenience and accessibility, the increasing availability and variety of OTC products, the emphasis on health and wellness, the strong presence of traditional medicine, and underlying macroeconomic factors such as population growth and rising disposable income.

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.