Pharmacy Usual Items - Philippines

Philippines

Highlights

Revenue in the Pharmacy Usual Items market is projected to reach US$4.04bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.30%, resulting in a market volume of US$4.75bn 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$33.89 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Customers in the Philippines have shown a strong preference for purchasing pharmacy usual items, such as over-the-counter medications and health supplements, from local pharmacies. This preference is driven by several factors, including convenience, trust in local brands, and the availability of personalized advice from pharmacists. Additionally, customers in the Philippines value affordability and are often price-sensitive when it comes to purchasing healthcare products.

Trends in the market: One of the key trends in the Pharmacy Usual Items market in Philippines is the increasing demand for natural and herbal products. Customers are becoming more conscious of their health and are seeking natural alternatives to traditional medications. This trend is driven by a growing awareness of the potential side effects of certain medications and a desire for more holistic approaches to healthcare. Another trend in the market is the rising popularity of online pharmacies. With the increasing penetration of the internet and smartphones in the Philippines, customers are increasingly turning to online platforms to purchase pharmacy usual items. Online pharmacies offer convenience and a wide range of products, making it easier for customers to access the healthcare products they need.

Local special circumstances: One of the unique aspects of the Pharmacy Usual Items market in Philippines is the strong presence of local brands. Local pharmaceutical companies have gained significant market share by offering affordable and high-quality products that cater to the specific needs of Filipino customers. These local brands have built a strong reputation for themselves and are trusted by customers, which gives them a competitive advantage over international brands. Additionally, the Philippines has a large population with a high incidence of certain health conditions, such as diabetes and hypertension. This creates a significant demand for pharmacy usual items related to these conditions, such as blood glucose monitors and blood pressure monitors. The local market has responded to this demand by offering a wide range of products that cater to these specific health needs.

Underlying macroeconomic factors: The growth of the Pharmacy Usual Items market in Philippines can be attributed to several underlying macroeconomic factors. The country has been experiencing steady economic growth, which has led to an increase in disposable income and improved access to healthcare products. Additionally, the government has implemented policies to promote the local pharmaceutical industry, which has further contributed to the growth of the market. Furthermore, the COVID-19 pandemic has had a significant impact on the Pharmacy Usual Items market in Philippines. The increased focus on health and wellness, as well as the heightened awareness of the importance of personal hygiene, has led to a surge in demand for pharmacy usual items such as hand sanitizers, vitamins, and immune-boosting supplements. This trend is expected to continue even after the pandemic, as customers have become more conscious of their health and are likely to continue prioritizing preventive healthcare measures. In conclusion, the Pharmacy Usual Items market in Philippines is experiencing significant growth due to customer preferences for local brands, the increasing demand for natural and herbal products, the rising popularity of online pharmacies, and the unique local special circumstances. These trends are supported by underlying macroeconomic factors such as steady economic growth and government support for the local pharmaceutical industry.

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.