Key regions: Europe, United States, Canada, India, South Korea
The Analgesics (Pharmacies) market in Mexico is experiencing steady growth due to several factors. Customer preferences for over-the-counter pain relief medications, coupled with local special circumstances and underlying macroeconomic factors, have contributed to the development of the market.
Customer preferences: Mexican customers have shown a preference for over-the-counter analgesics available in pharmacies. This can be attributed to the convenience and accessibility of these products, as well as the trust placed in pharmacies as reliable sources of healthcare products. Customers appreciate the ability to self-medicate and alleviate minor pain and discomfort without the need for a prescription. Additionally, the affordability of these products compared to prescription medications is another factor driving customer preferences.
Trends in the market: One of the key trends in the Analgesics (Pharmacies) market in Mexico is the increasing demand for natural and herbal pain relief products. Mexican consumers are becoming more health-conscious and are seeking alternative options to traditional pharmaceuticals. This trend is driven by a desire for natural ingredients and a perception that these products have fewer side effects. As a result, pharmacies are expanding their product offerings to include a wider range of natural analgesics to cater to this growing demand. Another trend in the market is the rising popularity of online pharmacies. With the increasing penetration of the internet and smartphones, more customers are turning to online platforms to purchase their analgesic products. Online pharmacies offer convenience, competitive prices, and a wide range of products, attracting customers who prefer the ease of ordering from the comfort of their homes. This trend has prompted traditional brick-and-mortar pharmacies to establish their online presence and adapt to the changing consumer behavior.
Local special circumstances: Mexico has a large population with a high prevalence of chronic pain conditions such as arthritis and back pain. This drives the demand for analgesics in the country. Additionally, the country has a relatively low doctor-to-patient ratio, leading to limited access to prescription medications. As a result, many individuals rely on over-the-counter analgesics available in pharmacies to manage their pain. This unique circumstance contributes to the growth of the Analgesics (Pharmacies) market in Mexico.
Underlying macroeconomic factors: Mexico has a growing middle class with increasing disposable incomes. This has led to higher healthcare spending, including the purchase of analgesics. As the economy continues to develop, more individuals have the financial means to afford healthcare products, driving the demand for analgesics in pharmacies. Furthermore, the country's aging population is also a significant factor contributing to the market growth. As the elderly population increases, so does the prevalence of chronic pain conditions, leading to a higher demand for analgesics. In conclusion, the Analgesics (Pharmacies) market in Mexico is developing due to customer preferences for over-the-counter pain relief medications, the increasing demand for natural and herbal products, the rise of online pharmacies, local special circumstances such as a high prevalence of chronic pain conditions, and underlying macroeconomic factors such as a growing middle class and aging population.
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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