Key regions: Europe, United States, Canada, India, South Korea
The Analgesics (Pharmacies) market in Asia is experiencing significant growth and development.
Customer preferences: Customers in Asia are increasingly seeking out analgesics from pharmacies due to the convenience and accessibility they offer. Pharmacies provide a wide range of analgesic products, including over-the-counter pain relievers, which customers can easily purchase without a prescription. This appeals to customers who prefer self-medication and want immediate relief from pain. Furthermore, customers in Asia value the expertise and guidance provided by pharmacists, who can recommend suitable analgesic products based on the customer's specific needs.
Trends in the market: One of the key trends in the Analgesics (Pharmacies) market in Asia is the growing demand for natural and herbal pain relief products. Customers are increasingly opting for analgesics that are derived from natural ingredients and are perceived to have fewer side effects. This trend is driven by the rising awareness of the potential risks associated with long-term use of conventional analgesics. As a result, pharmacies in Asia are expanding their product offerings to include a wider range of natural and herbal pain relief options to cater to this growing demand. Another trend in the market is the increasing popularity of online pharmacies. With the rapid growth of e-commerce in Asia, more customers are turning to online platforms to purchase analgesics. Online pharmacies offer the convenience of doorstep delivery, competitive pricing, and a wide range of products. This trend is particularly evident in countries with high internet penetration rates and a tech-savvy population. As a result, traditional brick-and-mortar pharmacies are adapting to this trend by establishing their online presence and offering online ordering and delivery services.
Local special circumstances: In certain countries in Asia, such as China and India, traditional medicine plays a significant role in healthcare. This has led to a unique market for analgesics that combines both traditional and modern medicine. Customers in these countries often seek out analgesics that are based on traditional herbal remedies, such as Ayurvedic or Traditional Chinese Medicine formulations. Pharmacies in these countries cater to this demand by stocking a wide range of traditional analgesic products alongside conventional ones.
Underlying macroeconomic factors: The growing middle-class population in Asia is a key driver of the Analgesics (Pharmacies) market. As incomes rise, more people have access to healthcare services and are willing to spend on over-the-counter analgesics. Additionally, the aging population in many Asian countries is contributing to the growth of the market, as older individuals are more likely to experience chronic pain and require regular pain relief medication. Furthermore, the increasing urbanization and hectic lifestyles in Asia have led to a rise in stress-related ailments and musculoskeletal disorders, which in turn drive the demand for analgesics. The fast-paced nature of urban life often leads to physical and mental stress, resulting in a higher incidence of headaches, backaches, and other types of pain. Pharmacies play a crucial role in providing quick and convenient access to pain relief medication for individuals in urban areas. In conclusion, the Analgesics (Pharmacies) market in Asia is witnessing growth and development due to customer preferences for convenience, the rise in demand for natural and herbal pain relief products, the popularity of online pharmacies, local special circumstances such as the integration of traditional medicine, and underlying macroeconomic factors such as the growing middle-class population and urbanization.
Data coverage:
The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.Modeling approach:
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.
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