Prescription Drugs - Southeast Asia

Southeast Asia

Highlights

In Southeast Asia, the revenue in the Prescription Drugs market is estimated to reach US$13.43bn by 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 3.64%, leading to a market volume of US$16.06bn by 2029.
When compared globally, United States is projected to generate the highest revenue of US$358.90bn in 2024.
In terms of per person revenues, US$19.39 is generated in 2024.
In Southeast Asia, the demand for prescription drugs in Singapore is driven by a growing aging population and increasing prevalence of chronic diseases.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Prescription Drugs (Pharmacies) market in Southeast Asia is experiencing significant growth and development.

Customer preferences: Customers in Southeast Asia have shown a strong preference for prescription drugs, leading to a thriving market for pharmacies in the region. This preference can be attributed to several factors. Firstly, the increasing prevalence of chronic diseases in Southeast Asia has resulted in a higher demand for prescription medications. Additionally, the growing awareness about the importance of healthcare and the availability of affordable healthcare services have also contributed to the preference for prescription drugs.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Southeast Asia is the increasing adoption of e-commerce platforms for purchasing prescription medications. This trend can be attributed to the convenience and accessibility offered by online pharmacies. Customers can now easily order their medications from the comfort of their homes and have them delivered to their doorstep. This has led to a shift in consumer behavior, with more people opting for online pharmacies over traditional brick-and-mortar stores. Another trend in the market is the rising demand for generic drugs. Generic drugs are more affordable compared to their branded counterparts, making them a popular choice among cost-conscious consumers. This trend is driven by the increasing healthcare expenditure in Southeast Asia and the need for affordable medications. Generic drugs are also becoming more widely accepted by healthcare professionals, further driving their demand in the market.

Local special circumstances: Each country in Southeast Asia has its own unique set of circumstances that influence the Prescription Drugs (Pharmacies) market. For example, in countries like Thailand and Malaysia, the government plays a significant role in regulating the pharmaceutical industry. This includes price controls and regulations on the import and distribution of prescription drugs. These local special circumstances can impact the market dynamics and shape customer preferences.

Underlying macroeconomic factors: Several macroeconomic factors contribute to the development of the Prescription Drugs (Pharmacies) market in Southeast Asia. Firstly, the region's growing middle class and increasing disposable income levels have led to higher healthcare spending. This has created a larger customer base for pharmacies and prescription drugs. Additionally, the aging population in Southeast Asia has also contributed to the growth of the market. As the elderly population increases, so does the demand for prescription medications to manage age-related health conditions. Furthermore, the improving healthcare infrastructure and access to healthcare services in Southeast Asia have also played a role in the development of the market. As healthcare becomes more accessible, the demand for prescription drugs is expected to continue growing. In conclusion, the Prescription Drugs (Pharmacies) market in Southeast Asia is experiencing growth and development due to customer preferences for prescription drugs, the adoption of e-commerce platforms, and the increasing demand for generic drugs. Local special circumstances and underlying macroeconomic factors also contribute to the market dynamics in the region.

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.