Other Pharmaceuticals - China

China

Highlights

In China, the revenue in the Other Pharmaceuticals market is forecasted to achieve a significant milestone, reaching US$50.28bn in 2024.
Furthermore, it is expected that this market will demonstrate a steady annual growth rate (CAGR 2024-2029) of 4.47%, leading to a substantial market volume of US$62.58bn by 2029.
When compared globally, it is noteworthy that United States will generate the highest revenue in this market, amounting to US$260.50bn in 2024.
China's booming pharmaceutical market is witnessing a surge in demand for alternative medicines and herbal remedies.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Pharmaceuticals market in China has been developing rapidly in recent years, driven by several factors.

Customer preferences: Chinese consumers have become increasingly health-conscious, leading to a growing demand for pharmaceutical products. Additionally, with the aging population in China, there is a greater need for medications that address chronic conditions.

Trends in the market: One trend in the Other Pharmaceuticals market in China is the increasing popularity of traditional Chinese medicine (TCM). TCM has been used in China for thousands of years and is gaining popularity as a complementary treatment to Western medicine. Another trend is the rise of e-commerce platforms, which have made it easier for consumers to access a wider range of pharmaceutical products.

Local special circumstances: China has a unique regulatory environment for pharmaceutical products, with strict rules and regulations governing the industry. Additionally, there is a large market for counterfeit pharmaceutical products in China, which can pose a risk to consumers.

Underlying macroeconomic factors: China's growing middle class and rising disposable income have contributed to the growth of the Other Pharmaceuticals market. Additionally, the Chinese government has made efforts to improve healthcare access and affordability, which has further boosted demand for pharmaceutical 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.