Digestive & Intestinal Remedies (Pharmacies) - Taiwan

Revenue in the Digestives & Intestinal Remedies market is projected to reach US$122.50m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.09%, resulting in a market volume of US$149.60m 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$5.11 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 Taiwan has been experiencing steady growth in recent years.

Customer preferences: Customers in Taiwan have shown a growing interest in digestive and intestinal remedies, leading to an increased demand for these products. This can be attributed to several factors. Firstly, there is a growing awareness of the importance of digestive health and its impact on overall well-being. Consumers are becoming more proactive in taking care of their digestive systems and are seeking out products that can help alleviate common digestive issues. Additionally, the fast-paced lifestyle in Taiwan, with its emphasis on convenience and efficiency, has led to an increase in digestive problems such as indigestion and acid reflux. As a result, consumers are actively seeking out remedies to address these issues.

Trends in the market: One of the key trends in the Digestive & Intestinal Remedies market in Taiwan is the growing demand for natural and herbal remedies. Consumers are increasingly opting for products that are perceived to be more natural and gentle on the digestive system. This trend is in line with the overall shift towards natural and organic products in the health and wellness industry. As a result, companies in the market are launching new products that cater to this demand, such as herbal teas and supplements. Another trend in the market is the rising popularity of probiotics. Probiotics are live bacteria and yeasts that are beneficial for digestive health. They are believed to promote a healthy balance of gut bacteria and improve digestion. Probiotic products, such as yogurts and supplements, have gained significant traction in Taiwan, with consumers recognizing their potential benefits. This trend is likely to continue as more research emerges highlighting the positive effects of probiotics on digestive health.

Local special circumstances: Taiwan has a well-established healthcare system, with a high level of accessibility to healthcare services. This has contributed to the growth of the Digestive & Intestinal Remedies market, as consumers have easy access to a wide range of products through pharmacies and healthcare providers. Additionally, the government in Taiwan has been proactive in promoting public health and wellness, which has further fueled the demand for digestive and intestinal remedies.

Underlying macroeconomic factors: Taiwan has a strong economy and a high standard of living, which has contributed to the growth of the Digestive & Intestinal Remedies market. As consumers have more disposable income, they are willing to invest in products that can improve their health and well-being. Furthermore, the aging population in Taiwan has also played a role in driving the demand for digestive and intestinal remedies. As people age, they are more prone to digestive issues, and therefore, are more likely to seek out remedies to alleviate these problems.

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.