Key regions: China, Europe, Australia, United States, Germany
The pharmaceutical industry in Asia has been growing rapidly over the past few years, and the Other Pharmaceuticals market is no exception. This market includes pharmaceuticals that are not classified as either generic or branded, such as over-the-counter drugs, vitamins, and supplements.
Customer preferences: Customers in Asia are increasingly interested in preventative healthcare and self-medication, which has contributed to the growth of the Other Pharmaceuticals market. Additionally, the rising middle class in many Asian countries has led to increased disposable income and greater demand for healthcare products.
Trends in the market: In China, the Other Pharmaceuticals market is expected to continue growing due to the country's aging population and increasing healthcare expenditure. In India, the market is being driven by the country's large population and high incidence of chronic diseases. Southeast Asian countries such as Vietnam and Indonesia are also experiencing growth in this market due to increasing urbanization and healthcare awareness.
Local special circumstances: One trend that is unique to the Asian market is the popularity of traditional Chinese medicine (TCM) and other forms of alternative medicine. Many customers in China and other Asian countries prefer to use TCM or natural remedies instead of Western pharmaceuticals. This has created a niche market for companies that specialize in natural supplements and herbal remedies.
Underlying macroeconomic factors: The growth of the Other Pharmaceuticals market in Asia is largely driven by demographic and economic factors. As the population continues to age and incomes rise, demand for healthcare products is expected to increase. Additionally, the increasing prevalence of chronic diseases such as diabetes and hypertension is driving demand for over-the-counter medications and supplements. Finally, the growing middle class in many Asian countries has led to greater healthcare awareness and increased spending on preventative healthcare products.
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.
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