Market Insights Consumer OTC Pharmaceuticals

Analgesics - North Macedonia

North Macedonia

Revenue in the Analgesics market amounts to US$7.86m in 2024. The market is expected to grow annually by 10.33% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$7,243m in 2024).
In relation to total population figures, per person revenues of US$3.77 are generated in 2024.

Key regions: United Kingdom, Indonesia, United States, Europe, Canada

Market

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Analyst Opinion

Although the COVID-19 pandemic resulted in a reduction of selective procedures and surgeries, which leads to a decreasing sale of after-surgical pain killers, COVID-19-related symptoms such as muscle or body aches are driving the demand during the pandemic. In 2022, the global Analgesics market reached US$30.93 billion and recovered from a slight decline in 2020 brought about by the COVID-19 pandemic.

Another significant trend is the prevalence of chronic diseases, which leads to a growing demand for analgesics used by people suffering from chronic and severe pain. The growth of the Analgesics market is restricted by legislation, as the restriction on opioid analgesics differs from country to country.

In the forecast period, the market exhibits steady growth at a CAGR of around 6%, mainly based on the globally growing share of the elderly population and the correspondingly increasing demand. The global Analgesics market is expected to reach US$42.65 billion in 2027.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.