Market Insights Health OTC Pharmaceuticals

Analgesics - Southern Asia

Southern Asia

In 2024, the revenue in the Analgesics market in Southern Asia amounts to US$1.59bn.
It is projected that the market will experience an annual growth rate of 9.73% from 2024 to 2029 (CAGR 2024-2029).
Compared to other countries worldwide, the in the United States generates the highest revenue in the Analgesics market, reaching US$7,243.00m in 2024.
When considering the population size, the per person revenue in Southern Asia is estimated to be US$0.83 in 2024.
The demand for analgesics in Southern Asia is driven by a preference for traditional herbal remedies.

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

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Analyst Opinion

The Analgesics market in Southern Asia is experiencing significant growth due to several factors. Customer preferences for pain relief products, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the development of the market in this region.Customer preferences in Southern Asia play a crucial role in the growth of the Analgesics market. Consumers in this region prioritize affordable and accessible pain relief solutions. They are more likely to purchase over-the-counter analgesics, such as nonsteroidal anti-inflammatory drugs (NSAIDs) and acetaminophen, rather than prescription medications. This preference for self-medication drives the demand for analgesics in the market.Trends in the market also contribute to the expansion of the Analgesics market in Southern Asia. One notable trend is the increasing prevalence of chronic pain conditions. As the population ages and lifestyles change, the incidence of chronic pain conditions such as arthritis and back pain is on the rise. This trend creates a sustained demand for analgesics in the market.Another trend is the growing popularity of herbal and natural pain relief remedies. Many consumers in Southern Asia prefer traditional medicine and are turning to herbal analgesics, such as turmeric and ginger, for pain management. This trend is driven by a desire for natural and holistic approaches to healthcare.Local special circumstances in Southern Asia further contribute to the development of the Analgesics market. In some countries, there is limited access to healthcare services, particularly in rural areas. As a result, consumers rely heavily on over-the-counter analgesics for pain relief. Additionally, the presence of a large population in the region creates a significant market size, further driving the growth of the Analgesics market.Underlying macroeconomic factors also play a role in the development of the Analgesics market in Southern Asia. Economic growth and increasing disposable incomes in the region have led to improved healthcare infrastructure and greater affordability of healthcare products. This enables more consumers to access and purchase analgesics, contributing to market growth.In conclusion, the Analgesics market in Southern Asia is growing due to customer preferences for affordable and accessible pain relief solutions, trends in the market such as the prevalence of chronic pain conditions and the popularity of herbal remedies, local special circumstances such as limited access to healthcare services, and underlying macroeconomic factors including economic growth and increasing disposable incomes.

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.