Key regions: China, South Korea, Canada, India, France
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.
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