Market Insights Health OTC Pharmaceuticals

Analgesics - China

China

In 2024, the revenue in the Analgesics market in China amounts to US$4.98bn.
It is projected that the market will experience an annual growth rate of 7.68% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in the Analgesics market, with US$7,243.00m in 2024.
In terms of per person revenues, in 2024, each individual in China generates US$3.48.
China's growing middle class and changing lifestyles are driving increased demand for 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 China has been experiencing significant growth in recent years.

Customer preferences: Chinese consumers have shown a growing preference for over-the-counter analgesics due to their convenience and affordability. This trend is driven by the increasing awareness and acceptance of self-medication among the population. Additionally, the aging population in China has led to a higher demand for pain relief medications, further boosting the market for analgesics.

Trends in the market: One of the key trends in the Analgesics market in China is the rising demand for natural and herbal pain relief products. Chinese consumers are becoming more health-conscious and are seeking alternatives to traditional pharmaceutical drugs. This has led to the emergence of a niche market for herbal analgesics, which are perceived to be safer and have fewer side effects.Another trend in the market is the growing popularity of online sales channels. E-commerce platforms have become a preferred choice for consumers to purchase analgesics due to their convenience and competitive pricing. Online retailers also offer a wide range of products, allowing consumers to compare and choose the most suitable option for their needs.

Local special circumstances: China's healthcare system is characterized by a high patient-to-doctor ratio, which has resulted in long waiting times for medical consultations. As a result, many Chinese consumers turn to self-medication as a quick and accessible solution for pain relief. This has contributed to the growth of the Analgesics market in the country.Furthermore, the Chinese government has implemented policies to promote the development of the pharmaceutical industry, including the analgesics segment. This includes initiatives to streamline the drug approval process and encourage innovation in the sector. These policies have created a favorable environment for both domestic and international pharmaceutical companies to invest in the Chinese market.

Underlying macroeconomic factors: China's rapid urbanization and increasing disposable income levels have played a significant role in driving the growth of the Analgesics market. As more people move to urban areas and experience a higher standard of living, they are more likely to seek medical solutions for their health issues, including pain relief.Moreover, the aging population in China is a key demographic factor that contributes to the growth of the Analgesics market. With an increasing number of elderly individuals, there is a higher prevalence of chronic pain conditions, such as arthritis and back pain, which require regular pain management.In conclusion, the Analgesics market in China is experiencing growth due to the increasing preference for over-the-counter pain relief products, the rising demand for natural and herbal alternatives, the popularity of online sales channels, and the unique characteristics of the Chinese healthcare system. These trends are driven by underlying macroeconomic factors such as urbanization, increasing disposable income, and the 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.