Market Insights Health OTC Pharmaceuticals

Analgesics - Austria

Austria

In Austria, the revenue generated in the Analgesics market is estimated to be US$159.90m in 2024.
It is projected to experience an annual growth rate of 4.89% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in this market, with US$7,243.00m in 2024.
In terms of per capita figures, the revenue generated per person in Austria is US$17.81 in 2024.
Austria has seen an increasing demand for natural and herbal analgesics in the OTC Pharmaceuticals market.

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

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Analyst Opinion

The Analgesics market in Austria is experiencing steady growth, driven by customer preferences for effective pain relief and the increasing prevalence of chronic pain conditions.

Customer preferences: Customers in Austria prioritize analgesics that provide fast and long-lasting pain relief. They are increasingly seeking out products that offer targeted relief for specific types of pain, such as headaches, muscle aches, or joint pain. This has led to a growing demand for analgesics with specialized formulations, such as migraine-specific medications or topical creams for localized pain relief. Additionally, customers are becoming more conscious of the potential side effects of analgesics and are seeking out products with fewer adverse effects.

Trends in the market: One of the key trends in the Analgesics market in Austria is the growing popularity of natural and herbal remedies. Many customers are turning to alternative therapies, such as herbal supplements or homeopathic remedies, as they perceive them to be safer and more gentle on the body. This trend is also driven by a desire for more sustainable and environmentally friendly products.Another trend in the market is the increasing availability of analgesics through online channels. Customers are increasingly turning to e-commerce platforms to purchase their analgesic products due to the convenience and wide product selection offered by online retailers. This trend has been further accelerated by the COVID-19 pandemic, which has led to a surge in online shopping.

Local special circumstances: Austria has a well-developed healthcare system, which includes a strong emphasis on preventive care and holistic approaches to health. This has influenced customer preferences for analgesics, with many customers seeking out products that not only provide pain relief but also support overall well-being. As a result, there is a growing demand for analgesics that are formulated with additional ingredients, such as vitamins or natural extracts, to promote overall health.

Underlying macroeconomic factors: The Analgesics market in Austria is also influenced by several macroeconomic factors. The country has a high standard of living and a strong economy, which has contributed to increased healthcare spending. This has allowed customers to have greater access to a wide range of analgesic products and has supported market growth.Additionally, Austria has an aging population, which has led to a higher prevalence of chronic pain conditions. As the population continues to age, the demand for analgesics is expected to increase further. This demographic trend, coupled with the growing awareness and acceptance of analgesics as a treatment option, will continue to drive market growth in the coming years.In conclusion, the Analgesics market in Austria is experiencing steady growth driven by customer preferences for effective pain relief and the increasing prevalence of chronic pain conditions. Customers in Austria prioritize analgesics that provide fast and long-lasting pain relief, leading to a growing demand for specialized formulations. The market is also influenced by trends such as the growing popularity of natural and herbal remedies and the increasing availability of analgesics through online channels. Austria's well-developed healthcare system, high standard of living, and aging population are underlying macroeconomic factors that support market growth.

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.