Pharmacies - Taiwan

Taiwan

In Taiwan, the revenue in the Pharmacies market is forecasted to reach US$19.35bn in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 6.05%, leading to a market volume of US$25.96bn by 2029.
When compared globally, United States is projected to generate the highest revenue in this market, amounting to US$387.30bn in 2024.
In terms of per capita figures, the revenue generated per person in Taiwan is estimated to be US$0.81k in 2024.
Taiwan's pharmacies are experiencing a rising demand for traditional Chinese medicine as consumers seek natural remedies.

Key regions: United States, China, Germany, Japan, Europe

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Analyst Opinion

The Pharmacies market in Taiwan has been experiencing significant growth in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Taiwan have played a crucial role in shaping the growth of the Pharmacies market. Taiwanese consumers have shown a growing preference for convenience and accessibility when it comes to purchasing healthcare products. Pharmacies provide a one-stop solution for consumers, offering a wide range of over-the-counter medications, personal care products, and health supplements. This convenience factor has led to an increase in the number of pharmacies across the country. Trends in the market have also contributed to the growth of the Pharmacies market in Taiwan. With the increasing awareness of health and wellness, there has been a rising demand for natural and organic products. Pharmacies have responded to this trend by expanding their offerings to include a variety of natural and organic healthcare products. Additionally, the integration of technology in the pharmacy sector, such as online ordering and home delivery services, has further enhanced the convenience and accessibility for consumers. Local special circumstances in Taiwan have also played a role in the development of the Pharmacies market. The aging population in Taiwan has created a higher demand for healthcare products and services, including prescription medications. Pharmacies have become an essential part of the healthcare system, providing convenient access to prescription medications and offering consultation services to patients. The government has also implemented policies to promote the use of generic medications, which has further increased the demand for pharmacies. Underlying macroeconomic factors have also contributed to the growth of the Pharmacies market in Taiwan. The country's stable economy and increasing disposable income have allowed consumers to spend more on healthcare products. Additionally, the government's focus on promoting healthcare and wellness has led to increased investment in the healthcare sector, including the expansion of pharmacies. Overall, the Pharmacies market in Taiwan is experiencing significant growth due to customer preferences for convenience and accessibility, market trends towards natural and organic products, local special circumstances such as an aging population, and underlying macroeconomic factors such as a stable economy and government support. As these factors continue to drive the growth of the market, the Pharmacies sector in Taiwan is expected to flourish in the coming years.

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.