Key regions: France, Australia, India, South Korea, Germany
The Other OTC Pharmaceuticals (Pharmacies) market in ASEAN is experiencing significant growth and development due to several factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the evolving landscape of this industry.
Customer preferences: Customers in the ASEAN region have shown a growing preference for self-medication and over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors, including the increasing availability of OTC products in pharmacies, the convenience of purchasing medications without a prescription, and the desire for quick and affordable solutions to common health issues. Additionally, customers in ASEAN countries often rely on traditional remedies and herbal medicines, which are commonly available in pharmacies.
Trends in the market: One notable trend in the Other OTC Pharmaceuticals (Pharmacies) market in ASEAN is the increasing demand for preventive healthcare products. As awareness of the importance of maintaining good health grows, customers are seeking out OTC products such as vitamins, supplements, and immune-boosting remedies. This trend is driven by a desire to proactively manage health and prevent illnesses, rather than simply treating symptoms after they arise. Another trend in the market is the rising popularity of online pharmacies. With the increasing penetration of internet and smartphones in ASEAN countries, customers are turning to online platforms to purchase OTC pharmaceutical products. This offers them the convenience of doorstep delivery and a wide range of products to choose from. Online pharmacies also provide customers with access to information and reviews about different products, enabling them to make informed decisions.
Local special circumstances: Each ASEAN country has its own unique set of circumstances that influence the Other OTC Pharmaceuticals (Pharmacies) market. For example, in countries with a large rural population and limited healthcare infrastructure, pharmacies play a crucial role in providing access to essential medications and healthcare products. In urban areas, pharmacies often serve as one-stop shops for various healthcare needs, offering a range of services such as consultations, vaccinations, and health screenings. Furthermore, cultural factors and traditional medicine practices also impact the market. In some ASEAN countries, traditional remedies and herbal medicines are deeply ingrained in the culture and are widely used alongside modern pharmaceutical products. Pharmacies in these countries cater to the demand for both traditional and modern healthcare solutions, providing customers with a diverse range of products.
Underlying macroeconomic factors: The growing middle class and rising disposable incomes in many ASEAN countries contribute to the development of the Other OTC Pharmaceuticals (Pharmacies) market. As people have more purchasing power, they are willing to spend on healthcare products and are increasingly seeking out OTC options for their healthcare needs. Additionally, urbanization and the expansion of healthcare infrastructure in the region create opportunities for pharmacies to grow and expand their services. Overall, the Other OTC Pharmaceuticals (Pharmacies) market in ASEAN is driven by customer preferences for self-medication, preventive healthcare, and convenience. The market is also influenced by trends such as the rise of online pharmacies and the demand for traditional remedies. Local circumstances and underlying macroeconomic factors further shape the development of this market, making it a dynamic and evolving industry 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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