Market Insights Health OTC Pharmaceuticals

Analgesics - ASEAN

ASEAN

In ASEAN, the revenue generated in the Analgesics market is estimated to be US$1.56bn by 2024.
It is projected to experience an annual growth rate of 8.82% from 2024 to 2029 (CAGR 2024-2029).
When compared globally, the in the United States leads the market with a revenue of US$7,243.00m in 2024.
In terms of per capita income, the revenue generated per person in ASEAN is US$2.26 in 2024.
In ASEAN, the demand for analgesics in the OTC Pharmaceuticals market is increasing due to the growing aging population and rising prevalence of chronic pain.

Key regions: Canada, United States, United Kingdom, Australia, Germany

Market

Region

Region comparison

Currency

Analyst Opinion

The Analgesics market in ASEAN is experiencing significant growth and development due to various factors.

Customer preferences: Customers in the ASEAN region have shown a growing preference for analgesics as a means of managing pain and discomfort. This can be attributed to several factors, including an aging population, increasing incidences of chronic diseases, and a growing awareness of the importance of self-care. Additionally, the rising disposable incomes in the region have allowed consumers to prioritize their health and well-being, leading to an increased demand for analgesics.

Trends in the market: One of the key trends in the analgesics market in ASEAN is the shift towards natural and herbal remedies. Consumers are becoming more conscious of the potential side effects of synthetic drugs and are seeking alternative options that are perceived to be safer and more sustainable. This has led to a rise in the demand for natural analgesics, such as herbal supplements and traditional remedies, which are believed to have fewer adverse effects.Another trend in the market is the increasing availability and accessibility of analgesics through e-commerce platforms. Online shopping has become increasingly popular in the ASEAN region, and this trend has extended to the healthcare sector as well. Consumers are now able to conveniently purchase analgesics online, which has contributed to the growth of the market. E-commerce platforms also provide a wide range of options and competitive pricing, further driving the demand for analgesics.

Local special circumstances: Each country in the ASEAN region has its own unique set of circumstances that influence the development of the analgesics market. For example, in countries with a large elderly population, such as Singapore and Thailand, there is a higher demand for analgesics due to age-related pain and chronic conditions. On the other hand, countries like Indonesia and Vietnam have a younger population, but still experience a significant demand for analgesics due to a high prevalence of musculoskeletal disorders and injuries.

Underlying macroeconomic factors: The growth of the analgesics market in ASEAN can be attributed to several underlying macroeconomic factors. Firstly, the region has been experiencing steady economic growth, leading to an increase in disposable incomes and healthcare spending. This has allowed consumers to afford analgesics and prioritize their health.Additionally, the ASEAN region has been witnessing rapid urbanization and industrialization, which has resulted in changing lifestyles and increased stress levels. This has contributed to a higher demand for analgesics as individuals seek relief from the physical and mental toll of urban living.Furthermore, the ASEAN region has been investing in healthcare infrastructure and improving access to healthcare services. This has led to an increased awareness and diagnosis of various health conditions, resulting in a higher demand for analgesics as part of the treatment and management of these conditions.In conclusion, the Analgesics market in ASEAN is experiencing growth and development due to customer preferences for pain management, trends towards natural remedies and e-commerce, local special circumstances, and underlying macroeconomic factors such as economic growth, urbanization, and improved healthcare infrastructure.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.