Taiwan Pharmacy Retail Market is expected to reach to USD 4.6 Billion by 2025: Ken Research
GURUGRAM, India, June 14, 2021 /PRNewswire/ --
Key Findings
- The out of pocket expenditure on the medicine is expected to increase as the prices for medicines are increasing. The government is also looking to reduce the expenditure under the NHI coverage. This increase in out of pocket medical expenditure will help in development of the Taiwan Pharmacy Retail Market.
- The presence of pharmacy chains in Taiwan is less in comparison with other neighbouring countries such as Japan, China and others. Pharmacy chains will open new store, acquire regional chains and independent stores in order to increase their presence.
- The pharmaceutical market is strictly regulated by the government in Taiwan. The NHIA covers more than 17,000 drugs under its scope on which it provides reimbursement. Thus, for becoming a commercial success in Taiwan a drug needs reimbursement accreditation by NHIA.
Growth of Organized Pharmacy: Organized Pharmacies are increasing their presence in the Taiwan region by opening new stores or acquiring and merging regional pharmacies under their brand name. Some, pharmacy chains have adopted the franchise model for faster store expansion. The organized pharmacies are also focusing upon integrating their stores with latest technologies such as IoT, Virtual Reality, Artificial Intelligence and other latest technologies in order to increase the value of in-store experience. Further, they are collecting patient information and integrating it on their cloud platform so that customer can access their medical information at any time any place.
Ageing Population and Negation Population Growth Rate: Taiwan's population trends are changing as the fertility rate is shrinking (1.06 births per women as of 2018) and life expectancy is increasing. The population growth in 2019 was ~0.1% down from an average of ~1.5% during the 1980s. This has resulted with the population starting to decline as of 2020. Out of total population, 65 years and older people accounted for ~15.3% of the population in 2019. It is estimated this will exceed to more than 20% till 2025. As per the NHIA data the cost on healthcare increases with the increase in age. Thus, it will benefit the market in the future.
Change in Attitude towards Health & Wellness Due to COVID 19 Outbreak: With the factors such as Increase in Ageing Population, Changing Climatic Conditions, Development of Fact Paced Society, the lifestyle of people have changed drastically in Taiwan. This has helped in raising health awareness among the people. People are now moving towards the preventive health care. This has helped in accelerating the demand for products such as Vitamins and Dietary supplements, nutritional supplement, OTCs and other health and wellness products in the market. Further the onset of Corona Virus has made people more health conscious and they are altering their lifestyle in order to maintain good health.
Analyst at Ken Research in their latest publication "Taiwan Pharmacy Retail Market Outlook to 2025 - By Market Structure (Organized and Unorganized), By Region (Taipei Division, Northern Division, Central Division, Southern Division, KaoPing Division and Eastern Division), By Product Sales (Prescribed Medicines, OTC Products, Non Pharma Products and Medical Equipment), By Drug Type (Generic And Patented) and By Therapeutic Class" observed that Taiwan is a growing market for pharmaceutical products. The Universal Coverage of National Health Insurance has helped in development of the market. The government closely monitors and regulates the market in terms of product offering and pricing. It offers co-payment on the purchase of prescribed medicines. The market has presence of high number of unorganized pharmacy stores. Chain pharmacies are looking for store expansion and have started acquiring and merging with regional pharmacies. The increase in the aging population and negative population growth will lead to the development of the market in future. Taiwan Pharmacy Retail Market is expected to grow at a CAGR of 1.5% on the basis of revenue during the forecast period of 2019-2025.
Key Segments Covered:-
- By Market Structure (In USD Million)
- Organized Market
- Unorganized Market
- By Region (In USD Million)
- Taipei Division
- Northern Division
- Central Division
- Southern Division
- KaoPing Division
- Eastern Division
- By Type of Sales (In USD Million)
- Prescribed Medicines
- OTC Products
- Non Pharmaceutical Products
- Medical Equipment
- By Type of Drug (In USD Million)
- Generic
- Patented
- By Therapeutic Class (In USD Million)
- Cardiovascular
- Anti-Infective
- Pain/Analgesics
- Anti-Diabetic
- Vitamins/Minerals /Nutrients
- Dermatology
- Respiratory
- Gastro Intestinal
- Neuro
- Oncological
- Gynecological
- Ophthalmological
- Others
Companies Covered:-
- The Great Tree Pharmacy
- MedFirst Taiwan
- TinTin Drugstores
- Woodpecker Pharmacy
- YourChance Pharmacy
- Yes Chain Pharmacy
- JPMed
- Tomods
- Matsumoto Kiyoshi
- Boden Pharmacy
Key Target Audience:-
- Pharmaceutical Manufacturer Companies
- Pharmaceutical Importing Companies
- Pharmaceutical Distributing Companies
- Major Retail Companies
- E-Commerce Pharmaceutical Retailers
- Consultancy Companies
- Industry Associations
- Government and Regulation Bodies
Time Period Captured in the Report:-
- Historical Period: 2014-2019
- Forecast Period: 2020-2025
Key Topics Covered in the Report:-
- Healthcare System in Taiwan
- Usage of Contraception & Family Planning in Taiwan
- Health Insurance Scenario in Taiwan
- Drug Reimbursement System of NHI
- Traditional Chinese Medicine Scenario in Taiwan
- Supply Structure of Taiwan Pharmacy Retail Market
- Trends & Development in Taiwan Pharmacy Retail Market
- Issues & Challenges in Taiwan Pharmacy Retail Market
- SWOT Analysis & BCG Matrix in Taiwan Pharmacy Retail Market
- Taiwan Pharmacy Retail Market Size & Segmentation, 2014-2019
- Online Pharmacy Regulations in Taiwan
- Telemedicine & Growth of Online Medical Consultation in Taiwan
- Major Telemedicine Providers in Taiwan
- Operating Model of Hybrid Pharmacies
- Competition Scenario, Market Share, Cross Comparison of Major Players (Online & Offline) and Company Profile
- Corona Virus Impact on the Consumer Behavior & Pharmacy Sales
- Future Market Size and Segmentations, 2019-2025F
- COVID 19 Impact on Taiwan Pharmacy Retail Market
- Analysts' Recommendations
- Taiwan Pharmacy Retail Market
- Taiwan Online Pharmacy Retail Market
- Taiwan Internet Medicine Market
- Taiwan Prescribed Medicine Retail Market
- Taiwan Dispensary Retail Market
- Taiwan NHI Pharmacy Market
- Taiwan Medicine Retail Market
- Taiwan Patented Drug Market
- Taiwan Generic Drug Market
- Taiwan Branded Generics Market
- Taiwan Telemedicine Market
- Taiwan Major Medicine Sellers
- Taiwan Organized Pharmacies
- Taiwan Unorganized Pharmacies
- Taiwan Independent Pharmacies Market
- Taipei Division Pharmacy Retail Market
- Northern Division Pharmacy Retail Market
- Central Division Pharmacy Retail Market
- Southern Division Pharmacy Retail Market
- Eastern Division Pharmacy Retail Market
- KaoPing Division Pharmacy Retail Market
- Taiwan Major Pharmacy Players
- Medfirst Taiwan Market Share
- Medfirst Taiwan Market Revenue
- Yes Chain Pharmacy Market Share
- Taiwan Western Medicine Retail Market
- Taiwan Chinese Medicine Retail Market
- Major Telemedicine Companies Taiwan
- Covid Impact Taiwan Pharmacy Market
For More Information on the research report, refer to below link:-
Related Reports:-
The Philippines Pharmacy Retail Market is a booming industry backed by the growing demand for the generic medicines and increase in the number of chain pharmacies. The market had presence of different type of pharmacy stores such as Chinese drugstores, traditional medicine shops which are now replaced with modern American style pharmacies. The independent pharmacies and regional chains are being acquired by big national chains for expedited expansion. Further, some chains have also adopted the franchise model for store expansion. The high price for pharmaceutical products has shifted the consumer towards the consumption of generic medicines which are now in high demand. The government is revamping the public medicine distribution system in order to make them accessible to the people in rural areas. Online pharmacies are a relatively new concept and are gaining traction in the region. The market witnessed a growth of 3.4% during 2014-2019.
Malaysia Pharmacy Retail market in terms of revenue increased at a single digit CAGR over the review period 2013-2019. The market was observed to be at growth stage owing to growing intensity of competition among the retail pharmacies in the market in terms of wide product offering and value added services. The Malaysia pharmacy retail industry has grown at a CAGR of 9.7% on the basis of revenue and a CAGR of 3.9% on the basis of number of pharmacy retail outlets over the period 2013-2019. The market is booming owing to rising number of cases of NCDs, growing online pharmacy services, increasing government health expenditure, consolidation of smaller chains to expand in different regions and services such as Online Consultations & E-Prescriptions coupled with per capita health expenditure of individuals in Malaysia.
On the other hand, E-Pharmacy is at its nascent stage in India, but like other categories, it has the potential to be a very large industry segment in the near future. The advent of online pharmacy retailers in the Indian market during Covid period will further increase the penetration of the organized pharmacy segment in the country. Most e-pharmacies have seen a surge in demand, thanks to customers beginning to recognise them as a safer, faster, and cheaper mode than physical stores. It is expected that the E-Pharmacy model could account for 15%-20% of the total pharma sales in India over next 10 years, largely by enhancing adherence and access to medicines for a majority of the under-served population. Currently, many E-Pharmacy players such as Medlife, Netmeds, 1MG and Pharmeasy operate in this segment and offer varied value added services to the consumers. Though, the market competition is majorly concentrated among these major players, but we have witnessed the entry of many new entrants into this market in recent months owing to its rising popularity of the segment in the retail pharmaceutical industry.
The Vietnam Pharmacy Retail Market is in growing stage with increasing healthcare awareness due to growth of ageing population and rising per capita drug expenditure. The rising cases of non-communicable diseases have also contributed to the growth in the demand for drugs across various therapeutic classes. In recent years, chain pharmacy stores have been increasing their presence by opening new stores in different provinces. Government initiatives such as launching of a national medicine database as well as telemedicine platform are also positively impacted the industry. Vietnam Pharmacy Retail Market witnessed a revenue growth of 6.8% during 2014-2019 and CAGR of 8.7% basis number of pharmacies.
Indonesia's pharmacy retail sector is in the growing phase with the presence of over 40,105 drugstores and pharmacies along with a revenue CAGR of 8.1% during 2014-2019. Increasing incidence of life-style related ailments such as Diabetes, Obesity, hypertension, and various heart-related diseases and prevalence of communicable diseases such as TB, influenza among the growing population are the main reasons behind positive growth in pharmacy retail revenue due to increased sales of private-label goods. Another major driver is the aging population. The UN has predicted that the percentage of Indonesians over 60 years old will reach 25% in 2050 or nearly 74 million elderly people.
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
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