Market Insights Health Pharmacies OTC Products

Analgesics (Pharmacies) - Ecuador

Ecuador

Revenue in the Analgesics market is projected to reach US$125.80m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 6.05%, resulting in a market volume of US$159.10m by 2028.
In global comparison, most revenue will be generated in China (US$5,028.00m in 2024).
In relation to total population figures, per person revenues of US$6.85 are generated in 2024.

Key regions: Europe, United States, Canada, India, South Korea

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Analyst Opinion

The Analgesics (Pharmacies) market in Ecuador has been experiencing significant growth in recent years. Customer preferences in the Analgesics (Pharmacies) market in Ecuador have been shifting towards over-the-counter (OTC) products. This is primarily driven by the convenience and accessibility of these products, as customers can easily purchase them without a prescription. Additionally, customers are increasingly seeking analgesics that provide quick relief from pain, which has led to a growing demand for fast-acting and long-lasting products. Trends in the market indicate a rise in the popularity of natural and herbal analgesics. Customers are becoming more health-conscious and are seeking products that are perceived to be safer and have fewer side effects. This trend is in line with the global shift towards natural and organic products, driven by a growing awareness of the potential risks associated with synthetic ingredients. Another trend in the Analgesics (Pharmacies) market in Ecuador is the increasing popularity of online pharmacies. Customers are embracing the convenience of purchasing analgesics online, as it allows them to compare prices, read reviews, and have the products delivered to their doorstep. This trend is consistent with the global rise of e-commerce and the increasing reliance on digital platforms for shopping. Local special circumstances in Ecuador, such as the prevalence of chronic diseases and the aging population, have contributed to the growth of the Analgesics (Pharmacies) market. Chronic diseases, such as arthritis and back pain, are common in Ecuador, leading to a high demand for analgesics. Additionally, the aging population requires more pain relief medication, further driving the market growth. Underlying macroeconomic factors, such as rising disposable incomes and improving healthcare infrastructure, have also played a role in the development of the Analgesics (Pharmacies) market in Ecuador. As the economy improves, consumers have more purchasing power, enabling them to afford analgesics. Furthermore, the expansion of healthcare facilities and the increasing availability of healthcare services have made analgesics more accessible to the population. In conclusion, the Analgesics (Pharmacies) market in Ecuador is experiencing growth due to customer preferences for OTC products, the popularity of natural and herbal analgesics, the rise of online pharmacies, local special circumstances such as chronic diseases and an aging population, and underlying macroeconomic factors such as rising disposable incomes and improving healthcare infrastructure.

Methodology

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.