Other Pharmaceuticals - Taiwan

Taiwan

In Taiwan, the revenue in the Other Pharmaceuticals market is projected to reach US$1.65bn in 2024.
Looking ahead, it is expected to show an annual growth rate (CAGR 2024-2029) of 3.71%, resulting in a market volume of US$1.98bn by 2029.
When compared globally, United States will generate the highest revenue, with US$260.50bn in 2024.
Taiwan's pharmaceutical market is witnessing a surge in demand for alternative medicines and herbal remedies within the Other Pharmaceuticals market.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Other Pharmaceuticals market in Taiwan has seen significant growth over the past few years.

Customer preferences: Customers in Taiwan have shown a preference for natural and herbal remedies, leading to an increase in demand for Other Pharmaceuticals. This trend is in line with global preferences for natural and organic products, as customers become more health-conscious and seek alternatives to traditional medicine.

Trends in the market: One trend in the Other Pharmaceuticals market in Taiwan is the increasing popularity of traditional Chinese medicine. This has led to a rise in demand for products such as herbal supplements and remedies. Another trend is the increasing focus on research and development, with companies investing more in innovation to create new and improved products.

Local special circumstances: Taiwan has a well-established healthcare system, with universal coverage and a high standard of care. This has created a favorable environment for the Other Pharmaceuticals market to thrive. Additionally, the government has implemented policies to encourage the development of the biotechnology industry, which has further boosted growth in the market.

Underlying macroeconomic factors: Taiwan's economy has been steadily growing over the past few years, driven by strong exports and domestic consumption. This has created a favorable environment for businesses in the Other Pharmaceuticals market to expand and invest in research and development. Additionally, Taiwan's aging population has created a growing demand for healthcare products and services, which has further fueled growth in 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.