Record-Breaking Growth: Japan’s Prescription Drug Market Hits ¥11.5 Trillion in 2024

2024 Market Overview

According to MIX Online (24年国内医療用薬市場　11兆5000億円突破で最高額を更新　ワクチン大幅伸長　1000億円超に８製品 | ニュース | ミクスOnline) published by AnswersNews as of March/05/2025, Japan’s domestic prescription drug market grew by 2.0% year-on-year in 2024, reaching a record-high of ¥11.5 trillion. This marks the second consecutive year of record-breaking growth. The expansion was driven mainly by a substantial increase in vaccine sales, particularly for COVID-19 and HPV vaccines.

Vaccine Segment Drives Growth

The vaccine segment posted a dramatic 44.1% year-on-year increase, totaling ¥339 billion in 2024. This significant growth was due to heightened public health demand and continued government support for immunization programs.

Oncology Market Slows Slightly

Despite being the largest therapeutic area, the oncology segment showed a moderate growth of 1.7%, reaching ¥1.97 trillion. The deceleration is attributed to the impact of market expansion repricing for leading products like Opdivo and Imfinzi.

Top-Selling Products and Blockbusters

Merck’s Keytruda became the top-selling drug in Japan, with a 16.2% increase in sales to ¥185.1 billion. Blockbuster drugs (¥100 billion+ sales) totaled eight, including Keytruda, Lixiana, Opdivo, Takecab, Dupixent, Tagrisso, Imfinzi, and Forxiga.

Company Rankings

Chugai Pharmaceutical maintained its leading position for the fourth consecutive year with sales of ¥533 billion, although this represented a 2.4% decrease from the previous year. Other top-performing companies also saw a mix of growth and decline depending on their product portfolios and pricing revisions.

Conclusion

Japan’s prescription drug market in 2024 demonstrates resilience and growth potential, bolstered by strong vaccine uptake and consistent performance in key therapeutic areas. While oncology growth has tempered, innovative therapies and high-performing products continue to drive the market forward. The trends suggest opportunities for domestic and global pharmaceutical companies to invest in Japan’s evolving healthcare landscape.