Market Insights Health OTC Pharmaceuticals

Analgesics - Baltics

Baltics

In 2024, the revenue in the Analgesics market in Baltics amounts to US$106.80m.
This market is expected to experience an annual growth rate of 8.39% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in this market, reaching US$7,243.00m in 2024.
In terms of per person revenues, in 2024, each individual in Baltics generates US$18.35.
The demand for over-the-counter analgesics in the Baltics is driven by a growing awareness of self-care and a preference for non-prescription pain relief options.

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

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Analyst Opinion

The Analgesics market in Baltics has been experiencing significant growth in recent years.

Customer preferences: Customers in Baltics have shown a strong preference for over-the-counter analgesics, which are easily accessible and do not require a prescription. This preference is driven by the convenience and affordability of these products. Additionally, customers in the region are increasingly seeking analgesics that provide fast and effective pain relief, as well as those that have minimal side effects.

Trends in the market: One of the key trends in the Analgesics market in Baltics is the growing demand for natural and herbal analgesics. Customers are becoming more health-conscious and are seeking products that are made from natural ingredients and have fewer chemicals. This trend is driven by the increasing awareness of the potential side effects of synthetic analgesics and the desire for more holistic and sustainable healthcare options.Another trend in the market is the rise of online sales channels. Customers in Baltics are increasingly turning to online platforms to purchase analgesics, due to the convenience and wide range of products available. This trend has been further accelerated by the COVID-19 pandemic, which has led to an increase in online shopping across all sectors.

Local special circumstances: The Analgesics market in Baltics is characterized by intense competition among both local and international players. Local companies have a strong presence in the market, offering products that are tailored to the preferences and needs of the local population. International companies, on the other hand, bring global expertise and innovation to the market, offering a wide range of analgesics to customers in Baltics.

Underlying macroeconomic factors: The growth of the Analgesics market in Baltics can be attributed to several underlying macroeconomic factors. Firstly, the region has been experiencing steady economic growth, which has led to an increase in disposable income and higher healthcare expenditure. This has resulted in a greater demand for analgesics, as customers are willing to spend more on healthcare products.Secondly, the aging population in Baltics is driving the demand for analgesics. As the population ages, the prevalence of chronic pain conditions such as arthritis and back pain increases. This has created a growing market for analgesics that provide long-term pain relief.In conclusion, the Analgesics market in Baltics is witnessing significant growth due to customer preferences for over-the-counter products, the increasing demand for natural and herbal analgesics, the rise of online sales channels, intense competition among local and international players, and underlying macroeconomic factors such as economic growth and an aging population.

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.