Pharmacy Usual Items - Taiwan

Taiwan

Highlights

Revenue in the Pharmacy Usual Items market is projected to reach US$10.67bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.90%, resulting in a market volume of US$14.90bn 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$445.60 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Pharmacy Usual Items market in Taiwan has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in Taiwan have played a key role in the growth of the Pharmacy Usual Items market. Taiwanese consumers are increasingly health-conscious and are seeking products that promote wellness and self-care. This has led to a rising demand for over-the-counter medications, vitamins, supplements, and personal care products. Additionally, the convenience of purchasing these items at local pharmacies has made them a preferred choice for many consumers. Trends in the market have also contributed to the growth of the Pharmacy Usual Items market in Taiwan. The aging population in Taiwan has created a higher demand for healthcare products and medications. As the elderly population continues to grow, the need for products that cater to their specific health needs is expected to increase. Furthermore, the COVID-19 pandemic has heightened awareness about health and hygiene, leading to a surge in demand for items such as hand sanitizers, face masks, and disinfectants. Local special circumstances have further fueled the growth of the Pharmacy Usual Items market in Taiwan. The country's well-developed healthcare system and access to quality healthcare services have increased the overall demand for pharmacy products. Additionally, the presence of numerous pharmacies in urban areas and the availability of online platforms for purchasing pharmacy items have made these products easily accessible to consumers across the country. Underlying macroeconomic factors have also played a role in the growth of the Pharmacy Usual Items market in Taiwan. The country's stable economy and increasing disposable income levels have allowed consumers to spend more on healthcare and wellness products. Furthermore, the government's focus on promoting healthcare and preventive measures has created a favorable environment for the growth of the pharmacy market. In conclusion, the Pharmacy Usual Items market in Taiwan has experienced significant growth due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. As consumers continue to prioritize health and wellness, the demand for pharmacy products is expected to remain strong 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.