Prescription Drugs - Southern Asia

Southern Asia

The Prescription Drugs market in Southern Asia is expected to achieve a revenue of US$17.97bn by the year 2024.
This projection indicates a steady growth rate with a compound annual growth rate (CAGR 2024-2028) of 4.48%, leading to a market volume of US$21.41bn by the year 2028.
When compared globally, United States is anticipated to generate the highest revenue in the Prescription Drugs market, reaching US$358.90bn in 2024.
In terms of per capita revenues, in Southern Asia is projected to generate US$0.00 per person in the year 2024.
In Southern Asia, the pharmaceutical market in country X is experiencing a surge in demand for generic prescription drugs.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Southern Asia is experiencing significant growth and development.

Customer preferences: Customers in Southern Asia have shown a growing preference for prescription drugs purchased from pharmacies. This is due to several factors, including the convenience and accessibility of pharmacies, the trust in the quality of drugs provided, and the availability of professional advice from pharmacists. Customers value the ability to easily obtain the medications they need without the need for a doctor's appointment, especially for common ailments and chronic conditions.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Southern Asia is the increasing number of pharmacies in the region. This is driven by both local entrepreneurs and international pharmacy chains expanding their presence in the market. The growing population and increasing healthcare awareness have created a demand for more pharmacies to cater to the needs of the customers. Additionally, the rise of e-commerce platforms has also contributed to the growth of the market, as customers now have the option to purchase prescription drugs online and have them delivered to their doorstep.

Local special circumstances: Southern Asia is home to a diverse population with varying healthcare needs. This diversity presents both challenges and opportunities for the Prescription Drugs (Pharmacies) market. Different regions within Southern Asia have different healthcare systems and regulations, which can impact the operations and growth of pharmacies. For example, some countries have stricter regulations on the sale of prescription drugs, requiring customers to have a valid prescription from a doctor. This can create barriers for pharmacies and limit their customer base. However, there are also countries where the regulations are more relaxed, allowing pharmacies to sell a wider range of prescription drugs without a prescription.

Underlying macroeconomic factors: The development of the Prescription Drugs (Pharmacies) market in Southern Asia is also influenced by underlying macroeconomic factors. The region has been experiencing steady economic growth, which has led to an increase in disposable income and healthcare spending. As people have more money to spend on healthcare, they are more likely to seek out prescription drugs from pharmacies. Additionally, the aging population in some countries in Southern Asia has also contributed to the growth of the market. As the population ages, there is a greater demand for prescription drugs to manage chronic conditions and age-related health issues. In conclusion, the Prescription Drugs (Pharmacies) market in Southern Asia is developing due to customer preferences for convenience and accessibility, the increasing number of pharmacies in the region, the diversity of healthcare needs, and the underlying macroeconomic factors such as economic growth and an aging population. These factors are driving the growth and development of the market, making it an attractive sector for both local and international players.

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.