Pharmaceuticals - ASEAN

ASEAN

The Pharmaceuticals market in ASEAN is predicted to achieve a revenue of US$14.28bn by 2024.
among the various markets, Oncology Drugs is expected to dominate the market with a projected market volume of US$2.17bn in 2024.
The industry is anticipated to witness a steady annual growth rate (CAGR 2024-2029) of 4.03%, resulting in a market volume of US$17.40bn by 2029.
In terms of global comparison, United States is forecasted to generate the highest revenue of US$630.30bn in 2024.
In the ASEAN region, Singapore's pharmaceutical market is thriving due to its strong research and development capabilities.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Next generation therapies are also part of the Pharmaceuticals market and include gene therapy, cell therapy, and nucleic acid therapy. Cell therapies involve the use of living cells to replace or repair damaged tissues within the patient's body, or to modify cells to perform specific functions. Gene therapies focus on altering a patient’s genetic material to regulate the production of certain proteins. Nucleic acid therapies use short strands of DNA or RNA to inhibit the production of harmful proteins associated with diseases and promote the generation of therapeutic proteins. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmaceuticals market in ASEAN has been experiencing significant growth in recent years, with several underlying macroeconomic factors driving this trend.

Customer preferences: Customers in the ASEAN region have become increasingly health-conscious, leading to a growing demand for pharmaceutical products. Additionally, the aging population in many ASEAN countries has resulted in a higher prevalence of chronic diseases, further fueling the demand for pharmaceuticals.

Trends in the market: One of the key trends in the ASEAN pharmaceutical market is the increasing focus on generic drugs. With rising healthcare costs, many governments in the region are encouraging the use of generic drugs as a cost-saving measure. This has led to increased competition among pharmaceutical companies, with many focusing on developing high-quality, low-cost generic drugs.Another trend is the growing importance of digital technologies in the pharmaceutical industry. Many companies are investing in digital tools to improve drug development processes, enhance patient outcomes, and streamline supply chain management.

Local special circumstances: Each ASEAN country has its own unique market dynamics, which can impact the pharmaceutical industry in different ways. For example, in Indonesia, the government has implemented policies to promote the local production of pharmaceuticals, which has led to increased investment in the sector. In Thailand, the government has implemented a universal healthcare system, which has led to increased demand for pharmaceutical products.

Underlying macroeconomic factors: Several macroeconomic factors are driving the growth of the pharmaceutical industry in ASEAN. One of the most significant is the region's rapid economic growth, which has led to rising incomes and increased healthcare spending. Additionally, the ASEAN region is home to a large and growing population, which further drives demand for pharmaceutical products.Another key factor is the increasing prevalence of chronic diseases in the region, such as diabetes, cardiovascular disease, and cancer. This has led to a growing need for pharmaceutical products to treat these conditions.Overall, the pharmaceutical industry in ASEAN is poised for continued growth in the coming years, driven by a combination of macroeconomic factors, changing customer preferences, and technological advancements.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

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. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.