Other Pharmaceuticals - Eastern Asia

Eastern Asia

In Eastern Asia, the revenue of the Other Pharmaceuticals market is estimated to reach US$76.88bn in 2024.
It is projected to exhibit a compound annual growth rate (CAGR 2024-2029) of 4.29%, leading to a market volume of US$94.85bn by 2029.
Comparatively, United States is expected to generate the highest revenue in the market, amounting to US$260.50bn in 2024.
The demand for traditional herbal medicines in Eastern Asia has been steadily increasing, leading to a surge in the Other Pharmaceuticals market in countries like China and Japan.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Other Pharmaceuticals market in Eastern Asia is an ever-evolving industry that is experiencing significant growth.

Customer preferences: Customers in Eastern Asia are increasingly interested in alternative medicines and natural remedies. This preference has led to a surge in demand for Other Pharmaceuticals, which include herbal and traditional medicines. Additionally, the aging population in the region has created a higher demand for pharmaceuticals that cater to age-related illnesses.

Trends in the market: China, Japan, and South Korea are the largest markets for Other Pharmaceuticals in Eastern Asia. In China, the popularity of traditional Chinese medicine has led to a surge in demand for Other Pharmaceuticals. Japan, on the other hand, has a long history of using natural remedies, and this trend has continued to grow. In South Korea, the government has been promoting the use of traditional medicines, which has led to an increase in demand for Other Pharmaceuticals.

Local special circumstances: The popularity of traditional medicine in China has led to a unique market for Other Pharmaceuticals. The Chinese government has been investing heavily in traditional medicine research, which has led to the development of new drugs. Additionally, the country has a large population that is interested in natural remedies, which has created a significant market for Other Pharmaceuticals.In Japan, the aging population has created a unique market for Other Pharmaceuticals. The elderly population is more likely to use natural remedies and alternative medicines, which has led to a surge in demand for these products. Additionally, the Japanese government has been promoting the use of natural remedies, which has created a favorable environment for the growth of the Other Pharmaceuticals market.South Korea has a unique market for Other Pharmaceuticals due to the government's promotion of traditional medicines. The government has been investing heavily in research and development of traditional medicines, which has led to the development of new drugs. Additionally, the country has a large population that is interested in natural remedies, which has created a significant market for Other Pharmaceuticals.

Underlying macroeconomic factors: The growth of the Other Pharmaceuticals market in Eastern Asia can be attributed to several macroeconomic factors. The aging population in the region has created a higher demand for pharmaceuticals that cater to age-related illnesses. Additionally, the popularity of traditional and natural remedies has led to a surge in demand for Other Pharmaceuticals. The governments in China, Japan, and South Korea have also been promoting the use of traditional medicines, which has created a favorable environment for the growth of the Other Pharmaceuticals market. Finally, the increasing disposable income in the region has made it possible for more people to afford pharmaceuticals, which has further fueled the growth of the market.

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.