Other OTC Pharmaceuticals (Pharmacies) - China

China

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$2.14bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.12%, resulting in a market volume of US$2.37bn by 2029.
In global comparison, most revenue will be generated United States (US$4.98bn in 2024).
In relation to total population figures, per person revenues of US$1.49 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in China has been experiencing significant growth in recent years.

Customer preferences: Chinese consumers have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors. Firstly, the increasing awareness about self-care and the importance of preventive healthcare has led consumers to seek out OTC medications for common ailments. Secondly, the convenience and accessibility of OTC products in pharmacies have made them a popular choice among consumers. Lastly, the lower cost of OTC medications compared to prescription drugs has also contributed to their popularity.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in China is the rising demand for traditional Chinese medicine (TCM) products. TCM has a long history in China and is widely accepted as an alternative or complementary treatment to Western medicine. As a result, there has been an increasing demand for TCM products in pharmacies. Additionally, there has been a growing trend towards natural and herbal remedies, with consumers seeking out OTC products that are perceived to be more natural and have fewer side effects. Another trend in the market is the increasing availability of OTC medications online. E-commerce platforms have become popular channels for purchasing OTC pharmaceutical products in China. This trend can be attributed to the convenience and wider product selection offered by online platforms. Furthermore, the COVID-19 pandemic has accelerated the adoption of online shopping, as consumers have turned to online channels to avoid crowded places.

Local special circumstances: China has a large population and a rapidly aging demographic. This has led to an increased demand for healthcare products, including OTC pharmaceuticals. The Chinese government has implemented policies to support the development of the healthcare industry, including the expansion of healthcare coverage and the promotion of self-care. These initiatives have further fueled the growth of the Other OTC Pharmaceuticals (Pharmacies) market in China.

Underlying macroeconomic factors: China's economic growth and rising disposable incomes have also contributed to the growth of the Other OTC Pharmaceuticals (Pharmacies) market. As consumers have more purchasing power, they are able to afford OTC medications and are willing to spend on healthcare products. Additionally, the urbanization and modernization of China have led to lifestyle changes, such as increased stress levels and sedentary lifestyles, which have resulted in a higher incidence of health issues. This has further driven the demand for OTC pharmaceutical products. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in China is experiencing significant growth due to customer preferences for convenient and affordable healthcare products, the rising demand for traditional Chinese medicine, the increasing availability of OTC medications online, local special circumstances such as a large population and an aging demographic, and underlying macroeconomic factors such as economic growth and rising disposable incomes.

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.