Pharmacies - Eastern Asia

Eastern Asia

In Eastern Asia, the projected revenue for the Pharmacies market is expected to reach US$368.00bn in 2024.
It is anticipated that there will be an annual growth rate of 5.01% from 2024 to 2029, resulting in a market volume of US$469.90bn by 2029.
When compared globally, United States is expected to generate the highest revenue in the Pharmacies market, with an estimated revenue of US$387.30bn in 2024.
In terms of per capita revenue, in 2024, each person in Eastern Asia is expected to generate US$225.10 in revenue.
In Eastern Asia, pharmacies in Japan are embracing high-tech advancements to provide efficient and personalized healthcare services.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmacies market in Eastern Asia has been experiencing significant growth in recent years. This can be attributed to several factors including changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Eastern Asia have shifted towards a greater emphasis on health and wellness. With an increasing focus on preventive healthcare, consumers are seeking out pharmacies for a wide range of products and services. This includes not only prescription medications, but also over-the-counter drugs, vitamins, supplements, and personal care items. Customers are also increasingly looking for pharmacies that offer additional services such as health consultations, disease management programs, and home delivery options. This shift in customer preferences has led to a rise in the number of pharmacies in the region, as well as increased competition among existing players. One of the key trends in the Pharmacies market in Eastern Asia is the growing demand for traditional Chinese medicine (TCM) products. TCM has a long history in the region and is considered an integral part of the healthcare system. As a result, many pharmacies in Eastern Asia now offer a wide range of TCM products, including herbal remedies, acupuncture supplies, and traditional medicines. This trend is driven by both local consumers who have a strong belief in the efficacy of TCM, as well as international tourists who are interested in exploring alternative healthcare options. Another trend in the market is the increasing popularity of online pharmacies. With the rapid growth of e-commerce in Eastern Asia, more and more consumers are turning to online platforms to purchase their medications and healthcare products. Online pharmacies offer convenience, competitive pricing, and a wide range of products, making them an attractive option for many customers. This trend has also been accelerated by the COVID-19 pandemic, which has led to an increased demand for contactless shopping experiences. In addition to customer preferences and emerging trends, there are also local special circumstances that are shaping the Pharmacies market in Eastern Asia. For example, in countries like China and Japan, the aging population is driving the demand for healthcare products and services. As the elderly population grows, there is an increased need for pharmacies that cater to their specific needs, such as medication management and home healthcare services. Underlying macroeconomic factors also play a role in the development of the Pharmacies market in Eastern Asia. Economic growth, rising disposable incomes, and increased government spending on healthcare are all contributing to the expansion of the market. Additionally, the region's strong pharmaceutical manufacturing capabilities and research and development activities are attracting both domestic and international players, further fueling the growth of the market. In conclusion, the Pharmacies market in Eastern Asia is experiencing significant growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As the region continues to prioritize health and wellness, the demand for pharmacies and healthcare products is expected to continue to rise. This presents both opportunities and challenges for businesses operating in the market, and those that are able to adapt to the evolving landscape are likely to thrive.

Methodology

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.