OTC Pharmaceuticals - Taiwan

Taiwan

Revenue in the OTC Pharmaceuticals market amounts to US$2,082.00m in 2024. The market is expected to grow annually by 5.96% (CAGR 2024-2029).
The market's largest segment is the segment Cold & Cough Remedies with a market volume of US$528.20m in 2024.
In global comparison, most revenue is generated in the United States (US$41,240m in 2024).
In relation to total population figures, per person revenues of US$86.92 are generated in 2024.
In the OTC Pharmaceuticals market, 2.4% of total revenue will be generated through online sales by 2024.

Key regions: Worldwide, India, Philippines, United States, Europe

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
For more information on the data displayed, use the info button next to the boxes.

Market

Region

Region comparison

Currency

Analyst Opinion

The OTC Pharmaceuticals market in Taiwan has experienced significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Customers in Taiwan have shown a growing preference for self-medication and over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors, including increased health awareness, convenience, and cost-effectiveness. Many consumers prefer to treat minor ailments and common health issues on their own, rather than visiting a healthcare professional. This shift in consumer behavior has led to a surge in demand for OTC pharmaceuticals in Taiwan.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Taiwan is the increasing availability and variety of products. Pharmaceutical companies are introducing a wide range of OTC medications to cater to different consumer needs. This includes products for pain relief, cough and cold, digestive health, and skincare, among others. The market is also witnessing the emergence of natural and herbal remedies, as consumers seek alternatives to traditional pharmaceuticals. Another trend in the market is the growing popularity of online sales channels. E-commerce platforms have gained traction in Taiwan, offering consumers a convenient way to purchase OTC pharmaceuticals. Online retailers provide a wide selection of products, competitive prices, and doorstep delivery, making it an attractive option for many consumers. This trend is expected to continue as more people embrace online shopping.

Local special circumstances: Taiwan has a well-developed healthcare system, with a strong emphasis on preventive care and self-care. The government has implemented various initiatives to promote self-medication and OTC pharmaceutical use. This includes public education campaigns, regulatory reforms, and the establishment of OTC pharmacies in community settings. These efforts have created a favorable environment for the growth of the OTC Pharmaceuticals market in Taiwan.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the OTC Pharmaceuticals market in Taiwan. The country has a stable economy and a high standard of living, allowing consumers to afford healthcare products. Additionally, Taiwan has an aging population, which has led to an increased demand for healthcare and pharmaceutical products. The government has also implemented policies to encourage domestic production and innovation in the pharmaceutical industry, further boosting the market. In conclusion, the OTC Pharmaceuticals market in Taiwan has experienced significant growth due to changing customer preferences, the availability of a wide range of products, the popularity of online sales channels, local special circumstances, and underlying macroeconomic factors. As consumers continue to prioritize self-medication and convenience, the market is expected to thrive in the coming years.

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.