Market Insights Health OTC Pharmaceuticals

Analgesics - EAEU

EAEU

In 2024, the revenue in the Analgesics market in the EAEU amounts to US$0.70bn.
According to projections, the market is expected to grow annually by 4.20% (CAGR 2024-2029).
When compared globally, it is noteworthy that the in the United States generates the highest revenue in this market, amounting to US$7,243.00m in 2024.
In terms of per person revenues, the figure stands at US$3.81 in 2024.
The EAEU market for analgesics is experiencing a surge in demand for natural and herbal remedies.

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

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Region comparison

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Analyst Opinion

The Analgesics market in EAEU is witnessing significant growth and development due to various factors.

Customer preferences: Customers in the EAEU region have shown a growing preference for analgesics, which are medications used to relieve pain. This is primarily driven by the increasing prevalence of chronic diseases and the aging population in the region. Customers are seeking effective pain relief solutions to manage their symptoms and improve their quality of life. Additionally, there is a growing awareness and acceptance of analgesics as a safe and reliable option for pain management.

Trends in the market: One of the key trends in the Analgesics market in EAEU is the increasing demand for over-the-counter (OTC) analgesics. Customers are increasingly opting for self-medication and are seeking easily accessible pain relief options. OTC analgesics provide a convenient and cost-effective solution for managing common pain conditions, such as headaches, muscle aches, and minor injuries. This trend is further supported by the expansion of retail pharmacy chains and the availability of a wide range of OTC analgesics in the market.Another trend in the market is the growing demand for natural and herbal analgesics. Customers are becoming more conscious of the potential side effects of traditional analgesics and are seeking alternative options. Natural and herbal analgesics, derived from plant-based ingredients, are perceived as safer and more sustainable alternatives. This trend is driven by the increasing popularity of natural and holistic approaches to healthcare and wellness.

Local special circumstances: The Analgesics market in EAEU is influenced by several local special circumstances. One such circumstance is the regulatory environment in the region. Each country within the EAEU has its own regulations and requirements for the registration and sale of analgesics. This can create challenges for manufacturers and distributors, as they need to navigate different regulatory frameworks. However, efforts are being made to harmonize regulations within the EAEU, which is expected to facilitate market access and promote growth.Another special circumstance is the presence of traditional medicine practices in the region. Traditional medicine, including herbal remedies and alternative therapies, has a strong cultural and historical significance in the EAEU countries. This influences customer preferences and the demand for natural and herbal analgesics. Manufacturers and marketers need to consider these cultural factors and adapt their products and marketing strategies accordingly.

Underlying macroeconomic factors: The development of the Analgesics market in EAEU is also influenced by underlying macroeconomic factors. Economic growth and increasing disposable incomes in the region have contributed to higher healthcare spending, including the purchase of analgesics. Rising urbanization and changing lifestyles have also led to an increase in the incidence of pain-related conditions, driving the demand for analgesics.In conclusion, the Analgesics market in EAEU is experiencing growth and development due to customer preferences for pain relief solutions, the increasing demand for OTC and natural analgesics, local special circumstances such as regulatory environment and traditional medicine practices, and underlying macroeconomic factors such as economic growth and changing lifestyles.

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.