Market Insights Health OTC Pharmaceuticals

Cold & Cough Remedies - Taiwan

Taiwan

In Taiwan, the revenue in the Cold & Cough Remedies market market is projected to reach US$0.53bn in 2024.
The market is anticipated to experience an annual growth rate of 6.90% (CAGR 2024-2029).
When compared to other countries worldwide, the in the United States generates the highest revenue in this market, amounting to US$11,190.00m in 2024.
In terms of per capita income, each individual in Taiwan is expected to contribute US$22.06 in revenue to the Cold & Cough Remedies market market in 2024.
The demand for herbal-based cold and cough remedies is on the rise in Taiwan, as consumers prioritize natural and traditional remedies over synthetic medications.

Key regions: Australia, Japan, India, Brazil, Canada

Market

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Region comparison

Currency

Analyst Opinion

The Cold & Cough Remedies market in Taiwan is experiencing steady growth due to various factors.

Customer preferences: Customers in Taiwan have a strong preference for over-the-counter cold and cough remedies. They prefer products that provide quick relief from symptoms such as cough, congestion, and sore throat. Taiwanese consumers also value products that are easy to use and have minimal side effects. As a result, there is a high demand for cough syrups, lozenges, and nasal sprays in the market.

Trends in the market: One of the key trends in the Cold & Cough Remedies market in Taiwan is the increasing demand for natural and herbal remedies. Taiwanese consumers are becoming more health-conscious and are seeking products that are made from natural ingredients. This trend is driven by the belief that natural remedies are safer and have fewer side effects compared to conventional medicines. As a result, there is a growing market for herbal cough syrups, throat sprays, and herbal lozenges in Taiwan.Another trend in the market is the growing popularity of combination products. These products offer multiple benefits, such as relieving cough and congestion, and are preferred by consumers who want to tackle multiple symptoms with a single product. Combination products that include ingredients like antihistamines, decongestants, and cough suppressants are gaining traction in the Taiwanese market.

Local special circumstances: Taiwan has a high population density, which increases the risk of cold and cough transmission. This, coupled with the changing weather patterns, leads to a higher incidence of cold and cough among the population. As a result, there is a constant demand for cold and cough remedies in the market.Additionally, the healthcare system in Taiwan provides universal coverage, which means that most medical expenses, including over-the-counter medicines, are covered by the National Health Insurance. This encourages consumers to seek medical treatment and purchase cold and cough remedies when needed, further driving the market growth.

Underlying macroeconomic factors: The growing disposable income and changing lifestyles of Taiwanese consumers are contributing to the growth of the Cold & Cough Remedies market. As the economy continues to grow, consumers have more purchasing power, allowing them to spend on healthcare and wellness products. This has led to an increase in the demand for cold and cough remedies in the market.Furthermore, the aging population in Taiwan is also driving the market growth. Older adults are more prone to respiratory illnesses and are more likely to seek medical treatment and purchase cold and cough remedies. The increasing elderly population in Taiwan is therefore creating a steady demand for these products.In conclusion, the Cold & Cough Remedies market in Taiwan is growing due to customer preferences for over-the-counter remedies, the increasing demand for natural and herbal products, and the popularity of combination products. The local special circumstances of high population density and universal healthcare coverage further contribute to the market growth. The underlying macroeconomic factors of growing disposable income and an aging population also play a significant role in driving the 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.