Pharmacies - ASEAN | Statista Market Forecast

The Pharmacies market in ASEAN is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is expected to reach US$44.21bn by 2024.
Furthermore, a steady annual growth rate of 4.11% (CAGR 2024-2029) is anticipated, resulting in a market volume of US$54.08bn by 2029.
When compared globally, it is noteworthy that United States is expected to generate the highest revenue in the Pharmacies market, with an estimated value of US$387.30bn in 2024.
To put this into perspective, the per person revenue in ASEAN is projected to be US$63.95 in 2024.
This figure represents the revenue generated in relation to the total population of the country.
In the ASEAN market, pharmacies in Singapore are embracing digitalization to provide convenient online ordering and delivery services.

Definition:
Pharmacies are physical or digital places where mainly pharmaceuticals and medical products are sold. Additionally, they also sell other items that are generally found in a pharmacy, such as food supplements, cosmetic products, and other health-related goods. A large proportion of pharmaceuticals are only available on prescription; the rest of the product range of pharmacies is sold over the counter (OTC). Besides selling products, pharmacies also advise customers, inform them about undesirable effects of the products, and detect possible interactions with other medicines.

Structure:
The Pharmacies market consists of two markets: Prescriptions Drugs and OTC Products. The Prescription Drugs market covers all products – mainly pharmaceuticals – that are only available on prescription. The OTC Products market comprises all products that are sold over the counter (OTC), including pharmaceuticals, medical devices, and other items that are generally found in a pharmacy.

Additional information:
The KPIs shown include revenue, revenue growth, average revenue per pharmacy, average revenue per capita, number of pharmacies, pharmacy density, users, and the online sales share for the OTC Products market. Revenues are generated through offline and online spending by (B2C) consumers and include VAT. B2B and B2G sales as well as other pharmaceutical sales through hospitals or retail stores, such as supermarkets, are not included.
For more information on the data displayed, use the info button next to the boxes.

Prescription pharmaceuticals
Prescription medical products
OTC pharmaceuticals
OTC medical products
Pharmacy-usual items

Services such as vaccinations
Sales through hospitals or retail stores

The Pharmacies market in ASEAN is experiencing significant growth and development due to several factors. Customer preferences are shifting towards a more holistic approach to healthcare, leading to increased demand for pharmaceutical products and services. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the expansion of the market. Customer preferences in the ASEAN region are evolving, with individuals becoming more conscious of their health and well-being. There is a growing demand for preventive healthcare and self-care products, leading to increased sales of over-the-counter medications, vitamins, and supplements. This shift in consumer behavior is driving the growth of the Pharmacies market in ASEAN, as pharmacies are seen as convenient and accessible places to purchase these products. Trends in the market also indicate a rising demand for specialized healthcare services. Pharmacies in ASEAN are increasingly offering services such as health screenings, vaccination programs, and medication counseling. These value-added services not only attract customers but also contribute to the overall revenue of pharmacies. Additionally, the expansion of e-commerce platforms has further facilitated the accessibility of pharmaceutical products, allowing customers to conveniently purchase medications online. Local special circumstances play a significant role in the development of the Pharmacies market in ASEAN. The region has a large population, with a significant portion of it residing in urban areas. This dense population creates a high demand for healthcare services, including pharmacies. Moreover, the ASEAN region is experiencing rapid urbanization and an aging population, which further drives the need for accessible healthcare services. Underlying macroeconomic factors also contribute to the growth of the Pharmacies market in ASEAN. The region has been witnessing steady economic growth, leading to an increase in disposable incomes. As individuals have more purchasing power, they are more willing to spend on healthcare products and services. Additionally, the rise of medical tourism in ASEAN countries has boosted the demand for pharmaceutical products, as international visitors often seek medications during their stay. In conclusion, the Pharmacies market in ASEAN is experiencing significant growth and development due to shifting customer preferences towards a holistic approach to healthcare, the provision of specialized services by pharmacies, local special circumstances such as population density and urbanization, and underlying macroeconomic factors such as economic growth and medical tourism. These factors collectively contribute to the expansion of the Pharmacies market in ASEAN and present opportunities for further growth in the future.

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global online pharmacy sector was estimated at 32 billion U.S. dollars by the end of 2023. In the United States, forecasts indicate that this figure would reach approximately 5.7 billion, solidifying its position as one of the largest online pharmacy markets. However, China dominates the pharma e-commerce industry worldwide, generating nearly 8.5 billion dollars in revenue. With China at the forefront, it is no wonder digital pharmacies make up the fastest-growing segment in the Asian digital health market.