Digestive & Intestinal Remedies (Pharmacies) - Philippines

Revenue in the Digestives & Intestinal Remedies market is projected to reach US$171.90m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.11%, resulting in a market volume of US$220.50m by 2029.
In global comparison, most revenue will be generated China (US$3.37bn in 2024).
In relation to total population figures, per person revenues of US$1.44 are generated in 2024.

Definition:
The Digestives and Intestinal Remedies market encompasses a range of over-the-counter (OTC) natural and synthetic digestive agents and remedies designed to address gastrointestinal concerns. These products are available through pharmacies and are provided in various forms such as pills, powder, capsules, liquids, solutions, suspensions, drops, and suppositories. The market excludes prescription medications, substances contravening state regulations, or items not explicitly categorized as digestive medications (e.g., pain relievers). Notable among the best-selling products in this category are Perenterol, Iberogast, Dulcolax, and Buscopan Plus. This market exclusively covers product sales through pharmacies.

Additional information:
The Digestives and Intestinal Remedies 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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Natural and synthetic agents
Digestive medicines
Remedies against gastrointestinal complaints

Prescription medicines
Homeopathic remedies
Tea

The Digestive & Intestinal Remedies (Pharmacies) market in Philippines is experiencing significant growth and development.

Customer preferences: Customers in the Philippines have shown a growing preference for digestive and intestinal remedies in recent years. This can be attributed to several factors, including a rise in gastrointestinal disorders and an increased awareness of the importance of digestive health. Additionally, the convenience and accessibility of these products in pharmacies have made them a popular choice among consumers.

Trends in the market: One of the key trends in the Digestive & Intestinal Remedies market in Philippines is the increasing demand for natural and herbal remedies. Consumers are becoming more conscious about the ingredients in the products they use and are seeking natural alternatives to traditional medicines. This trend is driven by a desire for holistic health solutions and a growing interest in traditional medicine practices. Another trend in the market is the rise of e-commerce and online sales channels. With the increasing penetration of smartphones and internet connectivity, consumers are now able to purchase digestive and intestinal remedies online, making it more convenient for them to access these products. This trend has been further accelerated by the COVID-19 pandemic, which has led to a surge in online shopping across various sectors.

Local special circumstances: The Philippines has a large population, which provides a significant customer base for the Digestive & Intestinal Remedies market. Additionally, the country has a growing middle class with increasing disposable income, which has contributed to the rising demand for healthcare products, including digestive and intestinal remedies. Moreover, the Philippines has a well-established pharmacy network, making it easy for consumers to access these products.

Underlying macroeconomic factors: Several underlying macroeconomic factors have contributed to the growth of the Digestive & Intestinal Remedies market in the Philippines. The country's strong economic growth, coupled with a stable political environment, has created a favorable business climate for pharmaceutical companies. Additionally, increasing healthcare expenditure and government initiatives to improve access to healthcare services have further boosted the market. In conclusion, the Digestive & Intestinal Remedies (Pharmacies) market in the Philippines is witnessing significant growth and development. Customer preferences for natural and herbal remedies, along with the rise of e-commerce, are driving the market. The country's large population, growing middle class, well-established pharmacy network, and favorable macroeconomic factors have also contributed to the market's expansion.

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.