Market Insights Health OTC Pharmaceuticals

Analgesics - Belgium

Belgium

In Belgium, the revenue generated in the Analgesics market is estimated to reach US$99.81m in 2024.
It is projected to experience an annual growth rate of 4.72% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in this market, with US$7,243.00m in 2024.
In terms of per capita figures, in Belgium generates US$8.52 in revenue per person in 2024.
Belgium sees a growing demand for natural and herbal analgesics, as consumers increasingly seek alternative remedies for pain relief.

Key regions: Canada, United States, United Kingdom, Australia, Germany

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Analyst Opinion

The Analgesics market in Belgium is experiencing steady growth due to several factors such as changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Belgium are increasingly seeking pain relief solutions that are convenient, effective, and have minimal side effects. As a result, there is a growing demand for analgesics that offer fast-acting and long-lasting relief. Additionally, customers are becoming more conscious about the ingredients used in analgesics and are opting for products that are natural or have fewer chemical additives.

Trends in the market: One of the key trends in the Analgesics market in Belgium is the rising popularity of over-the-counter (OTC) analgesics. Customers are increasingly opting for OTC products as they offer convenience and accessibility without the need for a prescription. This trend is driven by the growing awareness among customers about self-medication and the availability of a wide range of OTC analgesics in pharmacies and supermarkets.Another trend in the market is the increasing demand for topical analgesics. These products, such as creams, gels, and patches, are applied directly to the affected area for localized pain relief. Topical analgesics are gaining popularity due to their targeted action, ease of use, and lower risk of systemic side effects compared to oral analgesics.

Local special circumstances: Belgium has a well-developed healthcare system with a high level of accessibility to healthcare services. This accessibility, coupled with the country's aging population, is driving the demand for analgesics. As people age, they are more likely to experience chronic pain conditions, such as arthritis or back pain, which require long-term pain management solutions.

Underlying macroeconomic factors: The Analgesics market in Belgium is also influenced by underlying macroeconomic factors. The country's stable economy and high disposable income levels enable customers to afford and access a wide range of analgesics. Additionally, the increasing prevalence of chronic diseases and the growing emphasis on healthcare and wellness contribute to the growth of the market.In conclusion, the Analgesics market in Belgium is experiencing steady growth due to changing customer preferences, emerging trends such as the popularity of OTC and topical analgesics, local special circumstances like the aging population, and underlying macroeconomic factors including the stable economy and high disposable income levels.

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.