Prescription Drugs - Eastern Asia

Eastern Asia

In Eastern Asia, the revenue in the Prescription Drugs market is estimated to reach US$262.20bn by 2024.
It is projected to display an annual growth rate (CAGR 2024-2028) of 4.94%, resulting in a market volume of US$318.00bn by 2028.
When compared globally, United States is expected to generate the highest revenue of US$358.90bn in 2024.
In terms of per person revenues, it is estimated to be US$0.00 in 2024.
In Eastern Asia, Japan has seen a rise in demand for traditional herbal medicine as an alternative to prescription drugs.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Prescription Drugs (Pharmacies) market in Eastern Asia is experiencing significant growth and development due to evolving customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Prescription Drugs (Pharmacies) market in Eastern Asia are shifting towards convenience and accessibility. With the increasing urbanization and hectic lifestyles in countries like China, Japan, and South Korea, consumers are seeking more convenient ways to purchase prescription drugs. This has led to a rise in the demand for online pharmacies and mobile applications that allow customers to order prescription drugs from the comfort of their homes. Additionally, customers are also looking for personalized services and a wide range of products, which has prompted pharmacies to expand their offerings and provide tailored solutions to meet the diverse needs of their customers. Trends in the market include the adoption of advanced technologies and the integration of healthcare services. In Eastern Asia, there is a growing emphasis on digitalization and the use of artificial intelligence in the healthcare sector. This has resulted in the development of telemedicine platforms, where patients can consult with healthcare professionals remotely and receive prescriptions that can be fulfilled by pharmacies. Moreover, pharmacies are increasingly collaborating with hospitals and clinics to provide integrated healthcare services, such as medication management and patient counseling. These trends are not only improving the accessibility and quality of prescription drugs but also enhancing the overall healthcare experience for customers. Local special circumstances in Eastern Asia, such as an aging population and the prevalence of chronic diseases, are driving the demand for prescription drugs. Countries like Japan and South Korea have some of the highest life expectancies in the world, which has led to an increase in the number of elderly individuals requiring long-term medication. Furthermore, the rising incidence of chronic diseases, such as diabetes and cardiovascular diseases, has created a sustained demand for prescription drugs. To cater to these specific needs, pharmacies in Eastern Asia are focusing on providing specialized services and products for the elderly and patients with chronic conditions. Underlying macroeconomic factors, such as increasing disposable incomes and government initiatives, are also contributing to the growth of the Prescription Drugs (Pharmacies) market in Eastern Asia. As economies in the region continue to develop, consumers have more purchasing power to afford prescription drugs. This has resulted in higher spending on healthcare and pharmaceutical products. Additionally, governments in Eastern Asia are implementing policies to improve healthcare access and affordability, which includes promoting the use of generic drugs and regulating drug prices. These initiatives are creating a favorable environment for the growth of the Prescription Drugs (Pharmacies) market in the region. Overall, the Prescription Drugs (Pharmacies) market in Eastern Asia is developing rapidly due to evolving customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The market is expected to continue growing as the demand for prescription drugs increases and pharmacies adapt to meet the changing needs of their customers.

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.