Key regions: Europe, United States, Canada, India, South Korea
The Analgesics (Pharmacies) market in Eastern Asia is experiencing significant growth and development due to various factors.
Customer preferences: Customers in Eastern Asia have shown a growing preference for analgesics purchased from pharmacies. This preference can be attributed to the perception that pharmacies offer a wider range of reliable and high-quality analgesic products compared to other retail channels. Additionally, customers in this region often seek professional advice from pharmacists when purchasing analgesics, as they trust their expertise and guidance in selecting the most suitable product for their needs.
Trends in the market: One of the key trends in the Analgesics (Pharmacies) market in Eastern Asia is the increasing demand for over-the-counter (OTC) analgesics. This trend can be attributed to the rising prevalence of minor ailments such as headaches, muscle pain, and joint pain, which are common among the population. OTC analgesics provide a convenient and accessible solution for individuals seeking immediate relief from these ailments. Furthermore, the growing awareness about self-medication and the availability of a wide range of OTC analgesic products in pharmacies have contributed to the increasing demand. Another trend in the market is the rising popularity of natural and herbal analgesics. Eastern Asian consumers have a long-standing tradition of using natural remedies for various health concerns, including pain relief. As a result, there is a growing demand for analgesics derived from natural sources such as herbs and plants. This trend can be attributed to the increasing awareness about the potential side effects of synthetic analgesics and the desire for more holistic and sustainable healthcare options.
Local special circumstances: Eastern Asia is home to several countries with aging populations, such as Japan and South Korea. The elderly population often experiences chronic pain due to age-related conditions, leading to a higher demand for analgesics. Additionally, the healthcare systems in these countries prioritize the use of pharmaceutical interventions for pain management, further driving the demand for analgesics in pharmacies. Furthermore, the high population density in urban areas of Eastern Asia has led to the proliferation of pharmacies, making them easily accessible to a large number of consumers. This accessibility, coupled with the convenience of purchasing analgesics from pharmacies, has contributed to the growth of the market in this region.
Underlying macroeconomic factors: The growing disposable income levels in Eastern Asia have played a significant role in the development of the Analgesics (Pharmacies) market. As individuals have more purchasing power, they are more likely to spend on healthcare products, including analgesics. Moreover, the increasing middle-class population in countries like China and South Korea has resulted in a larger consumer base for analgesics. Additionally, the expanding healthcare infrastructure and government initiatives to improve healthcare access in Eastern Asia have also contributed to the growth of the market. These initiatives have led to an increase in the number of pharmacies and improved healthcare services, making analgesics more accessible to the population. In conclusion, the Analgesics (Pharmacies) market in Eastern Asia is developing due to customer preferences for pharmacy-purchased analgesics, the increasing demand for OTC and natural analgesics, local special circumstances such as aging populations and high population density, and underlying macroeconomic factors such as growing disposable income levels and improved healthcare infrastructure.
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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