Key regions: Europe, United States, Canada, India, South Korea
The Analgesics (Pharmacies) market in Serbia has been experiencing steady growth in recent years.
Customer preferences: Serbian consumers have shown a growing preference for analgesics purchased from pharmacies rather than other retail outlets. This is primarily due to the perception that pharmacies offer a wider range of high-quality products and professional advice from pharmacists. Additionally, consumers in Serbia tend to trust pharmacies more than other types of stores when it comes to purchasing medications.
Trends in the market: One of the key trends in the Analgesics (Pharmacies) market in Serbia is the increasing demand for over-the-counter (OTC) analgesics. This can be attributed to several factors, including the rising prevalence of chronic pain conditions and the growing awareness of self-medication among consumers. OTC analgesics are more convenient and accessible for consumers, as they do not require a prescription and can be purchased directly from pharmacies. Another trend in the market is the growing popularity of natural and herbal analgesics. Serbian consumers are becoming more health-conscious and are seeking alternative remedies for pain relief. This trend is in line with the global shift towards natural and organic products, as consumers are increasingly concerned about the potential side effects of conventional analgesics.
Local special circumstances: One of the unique aspects of the Analgesics (Pharmacies) market in Serbia is the strong presence of traditional medicine. Traditional remedies, such as herbal teas and balms, are widely used by Serbian consumers for pain relief. This preference for traditional medicine is deeply rooted in the country's cultural heritage and is often passed down through generations. As a result, pharmacies in Serbia often stock a wide range of traditional analgesics alongside conventional products.
Underlying macroeconomic factors: The growth of the Analgesics (Pharmacies) market in Serbia can be attributed to several macroeconomic factors. The country's improving economic conditions have led to higher disposable incomes, allowing consumers to spend more on healthcare products. Additionally, the aging population in Serbia has contributed to the increased demand for analgesics, as older individuals are more likely to experience chronic pain and require pain management solutions. In conclusion, the Analgesics (Pharmacies) market in Serbia is developing due to customer preferences for pharmacy purchases, the increasing demand for OTC analgesics, the popularity of natural and herbal remedies, the strong presence of traditional medicine, and underlying macroeconomic factors such as improving economic conditions and an 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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