Analgesics (Pharmacies) - Taiwan | Statista Market Forecast

Revenue in the Analgesics market is projected to reach US$202.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.44%, resulting in a market volume of US$289.20m by 2029.
In global comparison, most revenue will be generated China (US$5.03bn in 2024).
In relation to total population figures, per person revenues of US$8.43 are generated in 2024.

Definition:
The Analgesics market encompasses non-prescription natural and synthetic non-opioid analgesics sold through pharmacies. These include well-known products such as Paracetamol, Ibuprofen, Aspirin, Diclofenac, and various pain-relieving preparations. The market's scope varies with national legislation concerning opioid analgesics, with legal opioids being incorporated based on respective state regulations. In countries like Germany, Austria, and Switzerland, opioid analgesics are included if they comply with narcotics law limitations and do not necessitate a prescription. The analgesics are presented in forms like pills, capsules, gels, and ointments. However, the market excludes prescription medications (e.g., morphine), anesthetics, and homeopathic remedies. Notable top-selling painkillers encompass Voltaren, Aspirin, Thomapyrin, Ibuprofen, Dolormin, Paracetamol, and ASS. This market exclusively covers product sales through pharmacies.

Additional information:
The Analgesics market comprises revenues, average revenue per capita and average revenue per pharmacy. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Over-the-counter analgesics (e.g. Aspirin and Paracetamol)
Natural and synthetic agents
In the form of pills, capsules, gels and ointments

Prescription medicines
Homeopathic remedies
Anesthetics

The Analgesics (Pharmacies) market in Taiwan has been experiencing significant growth in recent years.

Customer preferences: Customers in Taiwan have shown a strong preference for over-the-counter analgesics available at pharmacies. This preference is driven by several factors, including convenience, affordability, and the ability to self-medicate for minor ailments. Taiwanese consumers value the accessibility of analgesics at pharmacies, as they can easily purchase these products without a prescription. Additionally, the affordability of over-the-counter analgesics makes them an attractive option for consumers seeking quick relief from pain.

Trends in the market: One notable trend in the Analgesics (Pharmacies) market in Taiwan is the increasing demand for natural and herbal analgesic products. Taiwanese consumers are becoming more health-conscious and are actively seeking alternative remedies for pain relief. As a result, pharmacies in Taiwan are expanding their product offerings to include a wider range of natural and herbal analgesics to cater to this growing demand. This trend is also influenced by global market trends, as natural and herbal products gain popularity worldwide. Another trend in the market is the rising popularity of online pharmacies. Taiwanese consumers are increasingly turning to online platforms to purchase analgesics due to the convenience and competitive pricing offered by these platforms. Online pharmacies provide a wide selection of analgesic products and deliver them directly to the customer's doorstep, eliminating the need for physical store visits. This trend is in line with the overall growth of e-commerce in Taiwan and reflects the changing consumer behavior in the digital age.

Local special circumstances: Taiwan has a well-developed healthcare system that promotes self-care and self-medication. The government actively encourages individuals to take responsibility for their own health and provides education on proper medication use. This emphasis on self-care has contributed to the strong demand for over-the-counter analgesics at pharmacies in Taiwan. Additionally, the high population density in urban areas makes it convenient for consumers to access pharmacies and purchase analgesics.

Underlying macroeconomic factors: The growing Analgesics (Pharmacies) market in Taiwan is supported by favorable macroeconomic factors. Taiwan has a stable economy with a high standard of living, which enables consumers to afford healthcare products, including analgesics. Furthermore, the aging population in Taiwan is driving the demand for analgesics, as older individuals are more likely to experience chronic pain and rely on over-the-counter medications for relief. The government's focus on promoting healthcare and wellness also contributes to the growth of the analgesics market in Taiwan. In conclusion, the Analgesics (Pharmacies) market in Taiwan is experiencing growth due to customer preferences for over-the-counter analgesics, the increasing demand for natural and herbal products, the rise of online pharmacies, the local emphasis on self-care, and favorable macroeconomic factors. These factors collectively contribute to the expansion of the market and create opportunities for both local and international players in the analgesics industry.

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.