Key regions: Europe, United States, Canada, India, South Korea
The Analgesics (Pharmacies) market in Panama has been experiencing steady growth in recent years.
Customer preferences: Customers in Panama have shown a growing preference for analgesics purchased from pharmacies rather than other retail outlets. This can be attributed to the trust and convenience that pharmacies offer. Customers trust the expertise of pharmacists and prefer to seek their advice when purchasing analgesics. Pharmacies also provide a wider range of analgesic products compared to other retail outlets, allowing customers to choose the most suitable option for their needs. Additionally, pharmacies often have longer operating hours, making it more convenient for customers to purchase analgesics at any time.
Trends in the market: One of the key trends in the Analgesics (Pharmacies) market in Panama is the increasing demand for over-the-counter (OTC) analgesics. OTC analgesics do not require a prescription and can be purchased directly from pharmacies. This trend can be attributed to the growing awareness among consumers about self-medication and the convenience of purchasing OTC analgesics without the need for a doctor's visit. The availability of a wide range of OTC analgesics in pharmacies has further fueled this trend. Another trend in the market is the rising demand for natural and herbal analgesics. Customers in Panama are becoming more health-conscious and are seeking alternative options to traditional analgesics. Natural and herbal analgesics are perceived to have fewer side effects and are considered to be a more holistic approach to pain relief. Pharmacies have responded to this trend by expanding their range of natural and herbal analgesics to cater to the growing demand.
Local special circumstances: One of the key factors contributing to the growth of the Analgesics (Pharmacies) market in Panama is the country's aging population. As the population ages, the prevalence of chronic pain conditions increases, leading to a higher demand for analgesics. The elderly population in Panama often relies on pharmacies for their medication needs, including analgesics. Pharmacies play a crucial role in providing the necessary pain relief medications to this segment of the population.
Underlying macroeconomic factors: The stable economic growth in Panama has also contributed to the development of the Analgesics (Pharmacies) market. As the economy grows, consumers have more disposable income to spend on healthcare products, including analgesics. The increasing middle-class population in Panama has also contributed to the growth of the market, as this segment of the population has higher purchasing power and is more likely to seek analgesics from pharmacies. In conclusion, the Analgesics (Pharmacies) market in Panama is experiencing growth due to customer preferences for pharmacies, increasing demand for OTC and natural analgesics, the country's aging population, and stable economic growth. Pharmacies in Panama have capitalized on these trends and special circumstances to meet the growing demand for analgesics.
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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