Market Insights Health Pharmacies OTC Products

Pharmacy Usual Items - China

China

Revenue in the Pharmacy Usual Items market is projected to reach US$48.05bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.07%, resulting in a market volume of US$64.50bn by 2029.
In global comparison, most revenue will be generated in China (US$48,050.00m in 2024).
In relation to total population figures, per person revenues of US$33.54 are generated in 2024.

Key regions: Japan, France, China, Australia, Europe

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Analyst Opinion

The Pharmacy Usual Items market in China has been experiencing significant growth in recent years.

Customer preferences: Chinese consumers have become increasingly health-conscious and are placing a greater emphasis on preventive healthcare. As a result, there has been a growing demand for pharmacy usual items such as vitamins, supplements, and over-the-counter medications. Additionally, with the aging population in China, there is a rising need for products that cater to age-related health concerns.

Trends in the market: One of the key trends in the Pharmacy Usual Items market in China is the increasing popularity of online sales. E-commerce platforms have made it easier for consumers to access a wide range of pharmacy usual items from the comfort of their own homes. This has led to a significant increase in online sales and has allowed smaller players to enter the market. Another trend in the market is the growing demand for natural and organic products. Chinese consumers are becoming more aware of the potential side effects of certain medications and are seeking out alternative options. This has led to a rise in the demand for natural remedies and traditional Chinese medicine.

Local special circumstances: China has a unique healthcare system, with a large proportion of the population still relying on traditional Chinese medicine. This has created a market for pharmacy usual items that cater to both Western and traditional medicine practices. Additionally, the Chinese government has been actively promoting the development of the healthcare industry, which has further fueled the growth of the Pharmacy Usual Items market.

Underlying macroeconomic factors: China's growing middle class and rising disposable incomes have contributed to the expansion of the Pharmacy Usual Items market. As more Chinese consumers have the financial means to prioritize their health, they are willing to spend more on pharmacy usual items. Additionally, the government's efforts to improve healthcare access and affordability have also played a role in driving market growth. In conclusion, the Pharmacy Usual Items market in China is experiencing significant growth due to changing customer preferences, such as a focus on preventive healthcare and natural remedies. The market is also being driven by the increasing popularity of online sales and the unique healthcare system in China. Overall, the market is expected to continue growing as Chinese consumers prioritize their health and have the financial means to do so.

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.