Key regions: Canada, United States, United Kingdom, Australia, Germany
The Analgesics market in BRICS is experiencing significant growth due to several factors.
Customer preferences: Customers in the BRICS countries have shown a growing preference for analgesics as a means to manage pain and discomfort. This can be attributed to various factors such as an aging population, increasing awareness about the benefits of pain relief medications, and a rise in chronic diseases. Moreover, the availability of a wide range of analgesics in different forms and strengths has also contributed to the growing demand.
Trends in the market: Brazil, Russia, India, China, and South Africa, collectively known as BRICS, have witnessed a surge in the demand for analgesics in recent years. In Brazil, for example, the increasing prevalence of chronic pain conditions such as arthritis and back pain has led to a higher demand for analgesics. Similarly, in Russia, the growing aging population and rising incidence of musculoskeletal disorders have fueled the demand for pain relief medications.In India, the analgesics market has been driven by factors such as a rising middle class with increased purchasing power, growing awareness about pain management, and the availability of affordable generic analgesics. China, on the other hand, has witnessed a shift towards over-the-counter analgesics due to the convenience and accessibility they offer. Lastly, in South Africa, the demand for analgesics has been driven by factors such as a high prevalence of HIV/AIDS-related pain and an increasing incidence of chronic diseases.
Local special circumstances: While the overall demand for analgesics is growing in the BRICS countries, there are certain local special circumstances that influence the market dynamics in each country. For instance, in Brazil, the government's efforts to promote the use of generic drugs have led to a higher demand for affordable analgesics. In Russia, the dominance of domestic pharmaceutical companies has resulted in a limited presence of international analgesic brands. In India, the presence of a large number of small-scale manufacturers has led to intense competition in the market.
Underlying macroeconomic factors: Several underlying macroeconomic factors are contributing to the growth of the analgesics market in BRICS. These include factors such as population growth, urbanization, increasing healthcare expenditure, and rising disposable incomes. Additionally, the expanding middle class in these countries is driving the demand for analgesics as they seek better healthcare and pain management solutions.In conclusion, the Analgesics market in BRICS is witnessing significant growth due to customer preferences for pain relief medications, evolving market trends, local special circumstances, and underlying macroeconomic factors. As the demand for analgesics continues to rise in these countries, pharmaceutical companies are expected to capitalize on the opportunities presented by this growing market.
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.
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