Sensory Organ Drugs - ASEAN

ASEAN

In ASEAN, the projected revenue for the Sensory Organ Drugs market is estimated to reach US$279.30m in 2024.
Looking ahead, there is an expected annual growth rate (CAGR 2024-2029) of -2.79%, which will result in a market volume of US$242.50m by 2029.
When compared globally, it is worth noting that the majority of revenue generated in this market will be United States, with a projected revenue of US$13,980.00m in 2024.
In the ASEAN region, there is a growing demand for Sensory Organ Drugs, especially in countries like Indonesia and Thailand, driven by the increasing prevalence of eye and ear-related disorders.

Key regions: Australia, France, Brazil, Italy, India

Market

Region

Region comparison

Currency

Analyst Opinion

The Sensory Organ Drugs market in ASEAN is experiencing growth due to various factors.

Customer preferences: Customers in ASEAN countries are becoming more aware of the importance of taking care of their sensory organs. This is leading to an increase in demand for drugs that can treat conditions related to the eyes, ears, nose, and throat.

Trends in the market: In Indonesia, the Sensory Organ Drugs market is expected to grow due to the increasing number of people suffering from eye-related diseases such as cataracts, glaucoma, and age-related macular degeneration. In Thailand, the market is expected to grow due to the rising prevalence of ear infections caused by the humid climate. In the Philippines, the market is expected to grow due to the increasing number of people suffering from allergies and sinusitis.

Local special circumstances: In Vietnam, the government has been actively promoting the use of traditional medicine, which is affecting the growth of the Sensory Organ Drugs market. In Malaysia, the market is facing competition from cheaper generic drugs, which is impacting the growth of the market.

Underlying macroeconomic factors: The growing middle class in ASEAN countries is driving the growth of the Sensory Organ Drugs market. As people's disposable incomes increase, they are more willing to spend money on healthcare. Additionally, the aging population in ASEAN countries is also contributing to the growth of the market. As people get older, they are more likely to suffer from conditions related to the sensory organs.In conclusion, the Sensory Organ Drugs market in ASEAN is growing due to increasing customer awareness, local trends, and underlying macroeconomic factors. However, the market is facing challenges such as competition from generic drugs and the promotion of traditional medicine in some countries.

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.