Pharmaceuticals - Taiwan

Taiwan

The Pharmaceuticals market in Taiwan is expected to witness a substantial growth in the coming years.
By 2024, the projected revenue for this market is estimated to be US$3.90bn.
Among the various markets, Oncology Drugs are anticipated to dominate, with a projected market volume of US$0.69bn in 2024.
This signifies the significant importance of Oncology Drugs in Taiwan's pharmaceutical industry.
With an annual growth rate of 4.76%, the revenue in the Pharmaceuticals market is expected to steadily increase over the years.
By 2029, it is forecasted to reach a market volume of US$4.92bn.
This growth is a testament to the continuous demand for pharmaceutical products in Taiwan.
In a global context, United States is projected to generate the highest revenue in the Pharmaceuticals market.
In 2024, the estimated revenue for the United States is a staggering US$630.30bn.
This highlights the dominance of the United States in the global pharmaceutical industry.
Overall, the Pharmaceuticals market in Taiwan shows promising growth potential, with a strong focus on Oncology Drugs.
This sector is expected to contribute significantly to the country's pharmaceutical revenue in the coming years.
Taiwan's pharmaceutical market is rapidly expanding due to increasing government investments in healthcare infrastructure and a growing aging population.

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

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Next generation therapies are also part of the Pharmaceuticals market and include gene therapy, cell therapy, and nucleic acid therapy. Cell therapies involve the use of living cells to replace or repair damaged tissues within the patient's body, or to modify cells to perform specific functions. Gene therapies focus on altering a patient’s genetic material to regulate the production of certain proteins. Nucleic acid therapies use short strands of DNA or RNA to inhibit the production of harmful proteins associated with diseases and promote the generation of therapeutic proteins. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

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Currency

Analyst Opinion

The Pharmaceuticals market in Taiwan is experiencing significant growth in recent years.

Customer preferences: Taiwanese consumers are increasingly health-conscious and are willing to spend more on healthcare products. The aging population in Taiwan is also contributing to the growth of the pharmaceuticals market as they require more medication and treatments. Additionally, the COVID-19 pandemic has led to a surge in demand for pharmaceutical products such as vaccines, antiviral medication, and medical equipment.

Trends in the market: The Taiwanese government has implemented policies to encourage the development of the biotech industry, which has led to an increase in research and development activities. This has resulted in the emergence of new drugs and treatments, which are driving the growth of the pharmaceuticals market. Furthermore, the increasing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases is creating a demand for innovative treatments and drugs.

Local special circumstances: Taiwan has a highly developed healthcare system, which is a key factor contributing to the growth of the pharmaceuticals market. The government has implemented a national health insurance program, which covers over 99% of the population. This has made healthcare more accessible and affordable for Taiwanese citizens, which has increased demand for pharmaceutical products. Additionally, Taiwan has a strong manufacturing base, which has enabled the country to become a major producer of generic drugs.

Underlying macroeconomic factors: Taiwan has a strong economy, which is growing at a steady rate. The country has a highly educated workforce and a well-established infrastructure, which has attracted foreign investment and enabled the pharmaceuticals market to flourish. Additionally, Taiwan has a strategic location in the Asia-Pacific region, which has enabled the country to become a hub for the pharmaceuticals industry. The government has also implemented policies to support the growth of the biotech industry, which has created a favorable environment for pharmaceutical companies to operate in.

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.