Prescription Drugs - Hong Kong

Hong Kong

The Prescription Drugs market in Hong Kong is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$1.58bn in 2024.
Moreover, it is anticipated that the market will continue to grow at an annual growth rate of 2.98% from 2024 to 2029, resulting in a market volume of US$1.83bn by the end of 2029.
When compared to other countries globally, United States is expected to generate the highest revenue in the Prescription Drugs market, with an estimated revenue of US$358.90bn in 2024.
This signifies the dominance of the US market in terms of revenue generation.
In Hong Kong, the per person revenue generated in the Prescription Drugs market is projected to be US$210.40 in 2024.
This indicates the substantial contribution of the market to the overall economy, considering the population figures.
Prescription drug sales in Hong Kong have surged due to the increasing demand for specialized medications and the aging population.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Hong Kong has been experiencing steady growth in recent years.

Customer preferences: Customers in Hong Kong have a strong preference for convenience and accessibility when it comes to purchasing prescription drugs. As a result, pharmacies have become the go-to destination for individuals seeking medications. Pharmacies in Hong Kong offer a wide range of prescription drugs, making it easy for customers to find the medications they need. Additionally, many pharmacies in Hong Kong provide services such as medication counseling and health consultations, further enhancing the customer experience.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Hong Kong is the increasing demand for over-the-counter (OTC) medications. OTC medications are drugs that can be purchased without a prescription and are commonly used to treat minor ailments. The growing popularity of OTC medications can be attributed to several factors, including the convenience of being able to purchase these medications without a prescription and the increasing awareness among consumers about self-care and self-medication. Another trend in the market is the rise of online pharmacies. With the advancement of technology and the increasing popularity of e-commerce, online pharmacies have emerged as a convenient alternative for customers to purchase prescription drugs. Online pharmacies offer a wide range of medications and often provide competitive pricing, making them an attractive option for customers. Additionally, online pharmacies provide the convenience of doorstep delivery, saving customers the hassle of visiting a physical store.

Local special circumstances: Hong Kong has a well-established healthcare system, which includes a strong network of pharmacies. The government in Hong Kong has implemented measures to ensure the quality and safety of prescription drugs, which has further increased customer confidence in pharmacies. Additionally, the high population density in Hong Kong has contributed to the growth of the Prescription Drugs (Pharmacies) market, as there is a large customer base in close proximity to pharmacies.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the Prescription Drugs (Pharmacies) market in Hong Kong. The increasing aging population in Hong Kong has led to a higher demand for prescription drugs, as older individuals tend to require more medications to manage chronic conditions. Additionally, the rising disposable income in Hong Kong has enabled individuals to spend more on healthcare, including prescription drugs. Furthermore, the growing awareness about the importance of health and wellness has also contributed to the increasing demand for prescription drugs in Hong Kong.

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.