Market Insights Health OTC Pharmaceuticals

Analgesics - Asia

Asia

In 2024, the revenue in the Analgesics market in Asia amounts to US$11.26bn.
It is projected that the market will experience an annual growth rate of 7.86% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue, amounting to US$7,243.00m in 2024.
In terms of per person revenues, in Asia generates US$2.48 in 2024.
In Asia, the demand for analgesics in the OTC Pharmaceuticals market is on the rise, with countries like China and India leading the way due to increasing urbanization and a growing aging population.

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

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Analyst Opinion

The Analgesics market in Asia is experiencing significant growth due to several factors.

Customer preferences: Customers in Asia are increasingly seeking relief from pain and discomfort, which has led to a growing demand for analgesic products. This is driven by various factors, including the aging population, rising healthcare awareness, and changing lifestyles. As people age, they are more likely to experience chronic pain and seek out pain relief solutions. Additionally, as healthcare awareness increases, more people are becoming aware of the benefits of analgesic products and are incorporating them into their daily routines. Furthermore, changing lifestyles, such as sedentary work and increased screen time, have contributed to an increase in musculoskeletal pain, leading to a higher demand for analgesics.

Trends in the market: One of the key trends in the Analgesics market in Asia is the shift towards natural and herbal remedies. Customers are becoming more conscious about the ingredients they consume and are seeking products that are perceived to be more natural and have fewer side effects. This has led to a rise in the popularity of herbal analgesics, which are often based on traditional medicinal practices and use plant-based ingredients. Manufacturers are responding to this trend by introducing new products that cater to this demand, resulting in a wider range of natural analgesics available in the market.Another trend in the market is the increasing availability of analgesic products online. E-commerce platforms have gained popularity in Asia, providing customers with convenient access to a wide range of products, including analgesics. Customers can now easily compare prices, read reviews, and make purchases from the comfort of their homes. This has not only increased the accessibility of analgesics but has also contributed to the growth of the market as a whole.

Local special circumstances: Asia is a diverse region with varying healthcare systems and cultural practices. In some countries, traditional medicine plays a significant role in healthcare, and analgesics based on traditional remedies are widely used. This has created a unique market for traditional analgesics, which coexist with modern pharmaceutical products. Manufacturers operating in Asia need to take into account these local special circumstances and tailor their product offerings accordingly to cater to the specific preferences and needs of each market.

Underlying macroeconomic factors: The growing middle class in Asia is a key driver of the Analgesics market. As disposable incomes rise, more people are able to afford healthcare products, including analgesics. Additionally, rapid urbanization and industrialization in many Asian countries have led to an increase in sedentary lifestyles and occupational hazards, resulting in a higher incidence of pain and the need for analgesics. Furthermore, the increasing prevalence of chronic diseases, such as arthritis and cancer, has also contributed to the growth of the market, as these conditions often require long-term pain management.In conclusion, the Analgesics market in Asia is experiencing growth due to customer preferences for pain relief, trends towards natural and herbal remedies, the increasing availability of analgesics online, local special circumstances, and underlying macroeconomic factors such as the growing middle class and the prevalence of chronic diseases. Manufacturers need to understand these factors and adapt their strategies to capitalize on the opportunities presented by this growing market.

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.