Key regions: Europe, Australia, United Kingdom, Germany, South Korea
The OTC Products (Pharmacies) market in ASEAN is experiencing significant growth and development.
Customer preferences: Customers in the ASEAN region have shown a growing preference for OTC products, which can be attributed to several factors. Firstly, there is a rising awareness among consumers about the importance of self-care and preventive healthcare. As people become more health-conscious, they are increasingly turning to OTC products to address minor ailments and maintain their well-being. Secondly, the convenience and accessibility of OTC products have also contributed to their popularity. With a wide range of products available in local pharmacies, customers can easily find and purchase the products they need without the need for a prescription or a visit to a healthcare professional.
Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in ASEAN is the increasing demand for vitamins and dietary supplements. As consumers become more focused on their health and wellness, they are seeking products that can support their overall well-being. Vitamins and dietary supplements offer a convenient way for individuals to meet their nutritional needs and address specific health concerns. This trend is particularly evident in countries like Singapore and Malaysia, where the market for vitamins and dietary supplements has experienced significant growth in recent years. Another trend in the market is the growing popularity of natural and herbal remedies. Consumers in ASEAN are increasingly turning to traditional remedies and natural products for their healthcare needs. This can be attributed to a growing interest in alternative medicine and a desire for more natural and holistic approaches to healthcare. As a result, there has been a surge in the demand for herbal supplements, traditional medicines, and other natural remedies in the ASEAN market.
Local special circumstances: The OTC Products (Pharmacies) market in ASEAN is also influenced by local special circumstances. For example, in countries like Indonesia and the Philippines, where access to healthcare services may be limited in certain areas, pharmacies play a crucial role in providing healthcare products and advice to the population. Pharmacies in these countries often serve as the first point of contact for individuals seeking healthcare advice and treatment, making them an important channel for OTC products.
Underlying macroeconomic factors: The development of the OTC Products (Pharmacies) market in ASEAN can be attributed to several underlying macroeconomic factors. Firstly, the region has witnessed rapid economic growth in recent years, leading to an increase in disposable incomes. As people's purchasing power increases, they are more willing to spend on healthcare products, including OTC products. Secondly, the ASEAN region has a large and growing population, which provides a significant consumer base for OTC products. The increasing population, coupled with rising urbanization and changing lifestyles, has contributed to the growth of the market. In conclusion, the OTC Products (Pharmacies) market in ASEAN is experiencing growth and development due to customer preferences for self-care and preventive healthcare, increasing demand for vitamins and dietary supplements, and the popularity of natural and herbal remedies. Local special circumstances, such as the role of pharmacies in providing healthcare services, also contribute to the market's development. Underlying macroeconomic factors, including economic growth and a large population, further support the growth of the market in the ASEAN region.
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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