Market Insights Health OTC Pharmaceuticals

Analgesics - Eastern Asia

Eastern Asia

In 2024, the revenue in the Analgesics market in Eastern Asia amounts to US$6.72bn.
It is projected to grow annually by 7.33% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue with US$7,243.00m in 2024.
In terms of per person revenues, in Eastern Asia generates US$4.11 in 2024.
In Eastern Asia, the demand for traditional herbal analgesics is on the rise, as consumers seek natural remedies for pain relief.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Analgesics market in Eastern Asia is experiencing significant growth due to changing customer preferences, emerging trends, and local special circumstances. Customer preferences in Eastern Asia are shifting towards natural and herbal remedies for pain relief. Consumers are becoming more conscious of the potential side effects of traditional analgesics and are seeking alternative options. This trend is driven by a growing interest in holistic health and wellness practices, as well as a desire for more sustainable and eco-friendly products. As a result, there is a rising demand for natural analgesics made from plant-based ingredients, such as herbs and essential oils. Trends in the market also indicate a rise in the popularity of online sales channels. E-commerce platforms have gained significant traction in Eastern Asia, providing consumers with a convenient and accessible way to purchase analgesics. This shift towards online shopping is driven by factors such as the increasing penetration of smartphones and internet connectivity, as well as the convenience of doorstep delivery. Online sales platforms also offer a wide range of products, allowing consumers to compare prices and read reviews before making a purchase. Local special circumstances in Eastern Asia, such as an aging population and an increase in chronic diseases, are contributing to the growth of the Analgesics market. As the population ages, the prevalence of conditions such as arthritis and back pain is on the rise. This has created a higher demand for analgesics to manage chronic pain and improve quality of life. Additionally, the growing middle class in Eastern Asia has led to increased healthcare spending, including the purchase of analgesics. Underlying macroeconomic factors, such as economic growth and urbanization, are also driving the development of the Analgesics market in Eastern Asia. As countries in the region experience economic growth, disposable incomes are increasing, allowing consumers to spend more on healthcare products. Urbanization is also contributing to the growth of the market, as urban dwellers are more likely to have access to a wider range of analgesic products and healthcare services. Overall, the Analgesics market in Eastern Asia is developing due to changing customer preferences towards natural remedies, the rise of online sales channels, local special circumstances such as an aging population, and underlying macroeconomic factors such as economic growth and urbanization. These factors are expected to continue driving the growth of the market in the coming years.

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.