Key regions: Europe, United States, Canada, India, South Korea
The Analgesics (Pharmacies) market in India has been experiencing significant growth in recent years.
Customer preferences: One of the main reasons for this growth is the increasing demand for pain relief medications among the Indian population. As the population ages and the prevalence of chronic diseases such as arthritis and back pain increases, there is a growing need for analgesics to manage pain. Additionally, the rising awareness about the importance of self-medication and the availability of over-the-counter analgesics in pharmacies has also contributed to the growth of the market.
Trends in the market: The market for analgesics in India is witnessing several trends. Firstly, there is a shift towards the use of non-opioid analgesics such as nonsteroidal anti-inflammatory drugs (NSAIDs) and acetaminophen. This can be attributed to the safety concerns associated with opioid analgesics and the increasing availability of non-opioid alternatives. Secondly, there is a growing preference for topical analgesics such as creams and gels, as they provide localized pain relief without the systemic side effects associated with oral medications. Lastly, there is an increasing demand for natural and herbal analgesics, as consumers are becoming more conscious about the potential side effects of synthetic medications.
Local special circumstances: India has a large population with a significant proportion living in rural areas. This presents unique challenges in terms of access to healthcare services and medications. Pharmacies play a crucial role in bridging this gap by providing easy access to analgesics in both urban and rural areas. Additionally, the presence of a large number of independent pharmacies in India has contributed to the growth of the market. These pharmacies often stock a wide range of analgesics, catering to the diverse needs and preferences of the Indian population.
Underlying macroeconomic factors: The growth of the Analgesics (Pharmacies) market in India can also be attributed to several macroeconomic factors. Firstly, the increasing disposable income of the Indian population has led to higher healthcare spending, including the purchase of analgesics. Secondly, the rapid urbanization and changing lifestyle patterns have resulted in a higher incidence of chronic diseases and musculoskeletal disorders, driving the demand for analgesics. Lastly, the government's focus on improving healthcare infrastructure and expanding access to essential medications has also contributed to the growth of the market. In conclusion, the Analgesics (Pharmacies) market in India is experiencing significant growth due to the increasing demand for pain relief medications, changing customer preferences, unique local circumstances, and underlying macroeconomic factors.
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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