Key regions: Europe, United States, Canada, India, South Korea
The Analgesics (Pharmacies) market in Canada is experiencing steady growth, driven by customer preferences for over-the-counter pain relief medications, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Canadian customers have shown a preference for over-the-counter analgesics due to their convenience and accessibility. With busy lifestyles and a desire for immediate relief, consumers are opting for self-medication options available at pharmacies. This preference is further fueled by the growing awareness and trust in the safety and efficacy of over-the-counter analgesics.
Trends in the market: One of the key trends in the Canadian Analgesics (Pharmacies) market is the increasing demand for natural and herbal pain relief products. Consumers are becoming more conscious of the potential side effects of synthetic medications and are seeking alternative options. This trend is driving the growth of natural analgesics, such as herbal remedies and essential oils, which are perceived as safer and more sustainable options. Another trend in the market is the rising popularity of online pharmacies. With the convenience of online shopping and the ability to compare prices and products, more consumers are turning to online platforms to purchase their analgesics. This trend is reshaping the retail landscape, with traditional brick-and-mortar pharmacies facing increased competition from online retailers.
Local special circumstances: Canada has a universal healthcare system, which provides its citizens with access to healthcare services, including prescription medications. However, not all medications are covered by the public healthcare system, leading to out-of-pocket expenses for certain analgesics. This has created a demand for affordable over-the-counter options, making the Analgesics (Pharmacies) market an important segment of the healthcare industry in Canada.
Underlying macroeconomic factors: The aging population in Canada is a significant macroeconomic factor driving the growth of the Analgesics (Pharmacies) market. As the population continues to age, there is an increased prevalence of chronic pain conditions, such as arthritis and back pain. This demographic shift is creating a greater need for analgesics, both prescription and over-the-counter, to manage pain and improve quality of life. Additionally, the Canadian economy has been experiencing steady growth, leading to higher disposable incomes for consumers. This has resulted in increased spending on healthcare products, including analgesics. As consumers have more purchasing power, they are able to afford a wider range of analgesic options, contributing to the growth of the market. In conclusion, the Analgesics (Pharmacies) market in Canada is developing due to customer preferences for over-the-counter options, emerging trends in the market such as the demand for natural products and the rise of online pharmacies, local special circumstances related to the healthcare system, and underlying macroeconomic factors such as the aging population and economic growth.
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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