Market Insights Health OTC Pharmaceuticals

Analgesics - Mexico

Mexico

In Mexico, the revenue generated in the Analgesics market in 2024 amounts to US$305.70m.
It is projected that the market will experience an annual growth rate of 4.81% from 2024 to 2029 (CAGR 2024-2029).
When compared to other countries worldwide, the in the United States generates the highest revenue in the Analgesics market, with US$7,243.00m in 2024.
In terms of per capita figures, each person in Mexico generates revenues of US$2.36 in 2024.
In Mexico, there is a growing demand for over-the-counter analgesics, driven by the country's high prevalence of chronic pain and increasing awareness of self-medication.

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

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Analyst Opinion

The Analgesics market in Mexico has been experiencing steady growth in recent years.

Customer preferences: Mexican consumers have shown a growing preference for over-the-counter analgesics due to their convenience and accessibility. This is driven by a desire for quick relief from pain and discomfort, as well as a preference for self-medication. Additionally, there is a growing awareness among consumers about the potential side effects of prescription painkillers, leading them to opt for safer alternatives.

Trends in the market: One of the key trends in the Analgesics market in Mexico is the increasing demand for natural and herbal pain relief products. Consumers are becoming more health-conscious and are seeking products that are perceived as safer and more sustainable. This trend is also influenced by the growing popularity of alternative medicine and traditional remedies in Mexico. As a result, manufacturers are introducing more natural and herbal analgesics to cater to this demand.Another trend in the market is the rising popularity of online retail channels for purchasing analgesics. E-commerce has gained significant traction in Mexico, with consumers increasingly turning to online platforms for their shopping needs. This trend has been further accelerated by the COVID-19 pandemic, which has led to an increase in online shopping across all sectors. As a result, analgesic manufacturers are investing in their online presence and partnering with e-commerce platforms to reach a wider customer base.

Local special circumstances: Mexico has a large and growing population, which provides a significant customer base for the Analgesics market. The country also has a high prevalence of chronic diseases such as arthritis and back pain, which contribute to the demand for pain relief products. Additionally, Mexico has a relatively low healthcare expenditure per capita, leading many consumers to rely on self-medication for minor ailments.

Underlying macroeconomic factors: Mexico's economy has been growing steadily, which has resulted in an increase in disposable income among consumers. This has contributed to the growth of the Analgesics market, as consumers have more purchasing power to spend on healthcare products. Furthermore, the government's efforts to improve healthcare access and affordability have also played a role in driving the demand for analgesics.In conclusion, the Analgesics market in Mexico is experiencing growth due to customer preferences for over-the-counter products, the increasing demand for natural and herbal remedies, the popularity of online retail channels, and the country's large population and growing economy. These factors, along with local special circumstances and underlying macroeconomic factors, are shaping the development of the market in Mexico.

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.