Market Insights Health OTC Pharmaceuticals

Other OTC Pharmaceuticals - Asia

Asia

In 2024, the revenue in the Other OTC Pharmaceuticals market in Asia amounts to €8.39bn.
It is projected that the market will experience an annual growth rate of 1.88% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in this market, amounting to €6,650.00m in 2024.
In terms of per person revenues, in Asia generates €1.85 in 2024.
In Asia, the demand for Other OTC Pharmaceuticals is surging in countries like Japan and South Korea due to increasing health consciousness and aging populations.

Key regions: United States, Brazil, Europe, Canada, United Kingdom

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Analyst Opinion

The Other OTC Pharmaceuticals market in Asia is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trajectory.Customer preferences in the Asian market are playing a crucial role in driving the growth of the Other OTC Pharmaceuticals market. Consumers in Asia are increasingly seeking self-care options and are becoming more proactive in managing their health. This shift in consumer behavior is leading to a higher demand for over-the-counter pharmaceutical products that can be easily accessed and used without the need for a prescription. Additionally, the rising middle-class population in many Asian countries is also contributing to the increased demand for OTC pharmaceuticals, as these products are often more affordable than prescription medications.Trends in the market further support the growth of the Other OTC Pharmaceuticals market in Asia. One notable trend is the increasing availability and accessibility of OTC pharmaceutical products. Pharmacies, convenience stores, and online platforms are expanding their product offerings to cater to the growing demand. This trend is particularly prominent in countries like China and India, where the retail landscape is rapidly evolving and becoming more competitive. Another trend is the growing popularity of natural and herbal remedies in Asian markets. Consumers are increasingly turning to traditional medicine and natural products, creating opportunities for OTC pharmaceutical companies to develop and market products that cater to this demand.Local special circumstances also play a role in the development of the Other OTC Pharmaceuticals market in Asia. In some countries, such as Japan and South Korea, the aging population is driving the demand for OTC pharmaceutical products. As the elderly population increases, there is a greater need for products that can help manage chronic conditions and improve overall well-being. Additionally, regulatory changes in certain Asian countries are also contributing to the growth of the market. For example, in China, the government has implemented policies to streamline the registration process for OTC pharmaceutical products, making it easier for companies to bring new products to market.Underlying macroeconomic factors are also fueling the growth of the Other OTC Pharmaceuticals market in Asia. Economic growth in many Asian countries has led to an increase in disposable income, allowing consumers to spend more on healthcare products. Additionally, improvements in healthcare infrastructure and access to healthcare services have also contributed to the growing demand for OTC pharmaceutical products.Overall, the Other OTC Pharmaceuticals market in Asia is experiencing significant growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. As consumers become more proactive in managing their health and as the retail landscape evolves, the demand for OTC pharmaceutical products is expected to continue to rise in the Asian market.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.