Prescription Drugs - China

China

China's Prescription Drugs market is expected to experience significant growth in the coming years.
According to projections, the revenue in this market is expected to reach a staggering US$158.50bn by the year 2024.
This growth is further expected to continue at an annual growth rate of 6.42% from 2024 to 2028, resulting in a market volume of US$203.30bn by the end of 2028.
When compared to the global market, United States is expected to generate the highest revenue in the Prescription Drugs market, with a projected revenue of US$358.90bn in 2024.
This indicates the dominance of the United States in this market.
In terms of per person revenues, in China is projected to generate approximately US$110.60 per person in the year 2024.
This figure provides an insight into the scale of the Prescription Drugs market in relation to the total population of China.
China's prescription drug market is experiencing rapid growth due to an aging population and increasing demand for innovative treatments.

Key regions: France, Canada, United States, Australia, Europe

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in China has been experiencing significant growth in recent years.

Customer preferences: Chinese consumers have shown a growing preference for prescription drugs from pharmacies due to several factors. Firstly, there is a rising awareness of the importance of healthcare and access to quality medication. As the middle class in China continues to expand, more individuals are seeking professional medical advice and relying on prescription drugs to treat their ailments. Additionally, the convenience of purchasing prescription drugs from pharmacies, both offline and online, has also contributed to the increasing demand.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in China is the shift towards online pharmacies. With the rapid development of e-commerce in the country, more consumers are turning to online platforms to purchase prescription drugs. This trend is driven by the convenience and competitive pricing offered by online pharmacies. Furthermore, the COVID-19 pandemic has accelerated the adoption of online purchasing in various industries, including healthcare. The ability to order prescription drugs from the comfort of their homes has become particularly appealing to Chinese consumers. Another trend in the market is the increasing focus on personalized medicine. Chinese consumers are becoming more aware of the concept of personalized healthcare, where medications are tailored to individual needs and genetic profiles. This trend is driven by advancements in technology and the availability of genetic testing. Pharmacies are responding to this demand by offering a wider range of personalized medicine options and partnering with healthcare providers to provide comprehensive services.

Local special circumstances: China's aging population is a significant factor contributing to the growth of the Prescription Drugs (Pharmacies) market. With an increasing number of elderly individuals, there is a higher demand for prescription drugs to manage chronic conditions and age-related ailments. This demographic shift has led to the expansion of the pharmacy sector, with pharmacies playing a crucial role in providing accessible healthcare services to the elderly population.

Underlying macroeconomic factors: China's robust economic growth and rising disposable income levels have also played a role in the development of the Prescription Drugs (Pharmacies) market. As more individuals have the financial means to afford prescription drugs, the market has experienced a surge in demand. Additionally, the government's efforts to improve healthcare access and affordability have further stimulated the growth of the pharmacy sector. In conclusion, the Prescription Drugs (Pharmacies) market in China is witnessing significant growth due to increasing customer preferences for prescription drugs, the adoption of online pharmacies, the focus on personalized medicine, the aging population, and favorable macroeconomic factors. These trends and circumstances are shaping the market and presenting opportunities for both traditional and online pharmacies to cater to the evolving needs of Chinese consumers.

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.