Pharmacy Usual Items - Malaysia

Malaysia

Highlights

Revenue in the Pharmacy Usual Items market is projected to reach US$1.76bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.64%, resulting in a market volume of US$2.54bn by 2029.
In global comparison, most revenue will be generated China (US$48.05bn in 2024).
In relation to total population figures, per person revenues of US$50.72 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Customers in Malaysia have shown a strong preference for purchasing pharmacy usual items, such as over-the-counter medications, personal care products, and health supplements. This can be attributed to several factors, including increasing awareness about health and wellness, a growing aging population, and the convenience of purchasing these items from pharmacies. Additionally, customers in Malaysia are becoming more health-conscious and are actively seeking out products that can help them maintain their well-being.

Trends in the market: One of the key trends in the Pharmacy Usual Items market in Malaysia is the increasing demand for natural and organic products. Customers are becoming more conscious about the ingredients used in the products they consume and are opting for natural alternatives. This trend is driven by the growing awareness about the potential harmful effects of certain chemicals and synthetic ingredients. As a result, pharmacies in Malaysia are expanding their product offerings to include a wider range of natural and organic pharmacy usual items. Another trend in the market is the rise of e-commerce. With the increasing penetration of smartphones and internet connectivity, more customers are opting to purchase pharmacy usual items online. This trend is driven by the convenience of online shopping and the availability of a wider range of products. In response to this trend, pharmacies in Malaysia are investing in their online platforms and expanding their delivery services to cater to the growing demand for online purchases.

Local special circumstances: One of the unique aspects of the Pharmacy Usual Items market in Malaysia is the presence of traditional medicine. Traditional medicine has a long history in Malaysia and is still widely practiced today. Many customers in Malaysia prefer traditional medicine for certain ailments and rely on pharmacies to provide them with these products. As a result, pharmacies in Malaysia often have a dedicated section for traditional medicine, catering to the specific needs of customers who prefer these products.

Underlying macroeconomic factors: The growth of the Pharmacy Usual Items market in Malaysia can be attributed to several underlying macroeconomic factors. Firstly, Malaysia has experienced steady economic growth in recent years, leading to an increase in disposable income among consumers. This has allowed customers to spend more on healthcare products, including pharmacy usual items. Secondly, the government of Malaysia has implemented various initiatives to promote healthcare and wellness among its citizens. These initiatives include campaigns to raise awareness about preventive healthcare, subsidies for certain healthcare products, and the development of healthcare infrastructure. These efforts have contributed to the growth of the Pharmacy Usual Items market in Malaysia, as customers are encouraged to take a proactive approach towards their health. In conclusion, the Pharmacy Usual Items market in Malaysia is experiencing significant growth due to customer preferences for health and wellness products, the rise of e-commerce, the presence of traditional medicine, and underlying macroeconomic factors such as economic growth and government initiatives. As customers in Malaysia become more health-conscious and seek out natural and organic products, pharmacies in the country are adapting to meet these changing preferences. With the continued growth of the economy and the government's focus on healthcare, the Pharmacy Usual Items market in Malaysia is expected to continue its upward trajectory in the coming years.

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.