Market Insights Health OTC Pharmaceuticals

Analgesics - Taiwan

Taiwan

In Taiwan, the Analgesics market generates a revenue of US$0.42bn in 2024.
It is projected to experience an annual growth rate of 6.67% (CAGR 2024-2029).
When compared on a global scale, the in the United States leads with a revenue of US$7,243.00m in 2024.
Looking at the per capita perspective, in 2024, each individual in Taiwan generates a revenue of US$17.42.
Taiwan's growing demand for OTC analgesics is driven by the increasing prevalence of chronic pain conditions among its aging population.

Key regions: Canada, United States, United Kingdom, Australia, Germany

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Analyst Opinion

The Analgesics market in Taiwan has been experiencing steady growth in recent years.

Customer preferences: Customers in Taiwan have shown a growing preference for analgesic products that offer fast and effective relief from pain. They are particularly interested in products that are easy to use and have minimal side effects. This preference for convenience and efficacy has led to an increase in demand for over-the-counter analgesics, such as ibuprofen and acetaminophen, which are readily available in pharmacies and supermarkets.

Trends in the market: One of the key trends in the Analgesics market in Taiwan is the growing popularity of natural and herbal remedies. Many consumers in Taiwan are becoming more health-conscious and are seeking out products that are perceived as being more natural and less harmful to their bodies. As a result, there has been a rise in demand for analgesic products that contain natural ingredients, such as herbal extracts and essential oils.Another trend in the market is the increasing use of online platforms for purchasing analgesic products. E-commerce has gained significant traction in Taiwan, with more and more consumers opting to buy products online. This trend has been further accelerated by the COVID-19 pandemic, as consumers have turned to online shopping for their convenience and safety. As a result, many analgesic brands have started to focus on their online presence and have launched their own e-commerce platforms or partnered with online retailers to reach a wider customer base.

Local special circumstances: Taiwan has a rapidly aging population, which has contributed to the growth of the Analgesics market. As people age, they are more likely to experience chronic pain and require regular pain relief medication. The increasing elderly population in Taiwan has created a sustained demand for analgesic products, driving the growth of the market.

Underlying macroeconomic factors: Taiwan has a strong healthcare system and a high standard of living, which has contributed to the growth of the Analgesics market. The country's healthcare system provides affordable and accessible healthcare services to its citizens, including easy access to pain relief medication. Additionally, the high standard of living in Taiwan has led to an increased willingness among consumers to spend on healthcare products, including analgesics.In conclusion, the Analgesics market in Taiwan is experiencing steady growth due to customer preferences for fast and effective pain relief, the growing popularity of natural and herbal remedies, the increasing use of online platforms for purchasing analgesic products, the aging population, and the country's strong healthcare system and high standard of living.

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.