Market Insights Health OTC Pharmaceuticals

Analgesics - Portugal

Portugal

In Portugal, the revenue in the Analgesics market in 2024 amounts to US$37.81m.
It is projected that the market will experience an annual growth rate of 5.12% (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 Portugal generates US$3.70 in 2024.
The market for analgesics in Portugal is experiencing a steady growth due to an increasing aging population and rising prevalence of chronic pain conditions.

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

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Analyst Opinion

The Analgesics market in Portugal is experiencing significant growth and development in recent years.

Customer preferences: Portuguese consumers have shown a strong preference for over-the-counter analgesics, which can be attributed to several factors. Firstly, the convenience and accessibility of these products make them highly appealing to consumers who are seeking quick relief from pain. Additionally, the cost-effectiveness of over-the-counter analgesics compared to prescription medications is another key factor driving customer preferences in Portugal.

Trends in the market: One notable trend in the Analgesics market in Portugal is the increasing demand for natural and herbal pain relief products. This can be attributed to the growing awareness among consumers about the potential side effects of traditional analgesics. As a result, there has been a surge in the availability and sales of natural analgesic products in the market. Another trend in the market is the rising popularity of online retail channels for purchasing analgesics. With the increasing penetration of the internet and smartphones, more and more consumers are opting to purchase their analgesics online. This trend is driven by the convenience and ease of online shopping, as well as the availability of a wide range of products and competitive prices.

Local special circumstances: One of the key factors influencing the Analgesics market in Portugal is the aging population. Portugal has one of the highest proportions of elderly people in Europe, and this demographic group tends to have a higher incidence of chronic pain conditions. As a result, there is a higher demand for analgesic products in the country.Additionally, the healthcare system in Portugal plays a significant role in shaping the market. The accessibility and affordability of healthcare services in the country have a direct impact on the demand for analgesics. As the healthcare system continues to evolve and improve, it is expected to further drive the growth of the Analgesics market in Portugal.

Underlying macroeconomic factors: The economic stability and growth in Portugal have also contributed to the development of the Analgesics market. As the country's economy continues to recover from the global financial crisis, consumers have more disposable income to spend on healthcare products, including analgesics. This has led to an increase in the overall demand for analgesics in the market.Furthermore, the increasing prevalence of chronic diseases and conditions, such as arthritis and back pain, is also driving the growth of the Analgesics market in Portugal. These conditions require long-term pain management, which leads to a sustained demand for analgesic products.In conclusion, the Analgesics market in Portugal is experiencing growth and development due to customer preferences for over-the-counter products, the increasing demand for natural and herbal pain relief, the rising popularity of online retail channels, the aging population, the healthcare system, and the underlying macroeconomic factors.

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.