Market Insights Health Pharmacies OTC Products

Other OTC Pharmaceuticals (Pharmacies) - Taiwan

Taiwan

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$150.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.07%, resulting in a market volume of US$158.30m by 2029.
In global comparison, most revenue will be generated in the United States (US$4,981.00m in 2024).
In relation to total population figures, per person revenues of US$6.27 are generated in 2024.

Key regions: France, Australia, India, South Korea, Germany

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Analyst Opinion

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

Customer preferences: Taiwanese consumers have shown a strong preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors. Firstly, OTC medications are easily accessible and do not require a prescription, making them convenient for consumers. Additionally, OTC products are often more affordable than prescription medications, which is appealing to price-conscious consumers. Furthermore, Taiwanese consumers have a high level of trust in OTC medications, as they are regulated by the government and undergo rigorous testing and quality control.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Taiwan is the increasing demand for natural and herbal remedies. Taiwanese consumers are becoming more health-conscious and are seeking alternative and natural treatments for common ailments. This has led to a rise in the popularity of traditional Chinese medicine and herbal supplements. Manufacturers and retailers have responded to this trend by expanding their product offerings in this category. Another trend in the market is the growing popularity of online pharmacies. Taiwanese consumers are increasingly turning to online platforms to purchase OTC medications due to the convenience and competitive pricing offered by these platforms. Online pharmacies also provide a wider range of products compared to traditional brick-and-mortar pharmacies, allowing consumers to access a greater variety of OTC medications.

Local special circumstances: Taiwan has a well-developed healthcare system, which includes a strong network of pharmacies. Pharmacies in Taiwan play a crucial role in providing healthcare services to the population, including dispensing OTC medications. The government has implemented policies to ensure the safety and quality of OTC medications, which has further contributed to the growth of the market.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the Other OTC Pharmaceuticals (Pharmacies) market in Taiwan. Firstly, Taiwan has a rapidly aging population, which has increased the demand for healthcare services and medications. The government has also implemented healthcare reforms to improve access to healthcare services, including OTC medications, for the population. Additionally, Taiwan has a strong pharmaceutical manufacturing industry, which has supported the growth of the OTC market. The country is known for its high-quality pharmaceutical products and has established itself as a leading exporter of OTC medications. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Taiwan is experiencing significant growth due to customer preferences for accessible and affordable healthcare products. The market is characterized by the increasing demand for natural and herbal remedies, as well as the rise of online pharmacies. The well-developed healthcare system, government regulations, and underlying macroeconomic factors have also contributed to the growth of the market.

Methodology

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.