Analgesics - Dominican Republic | Statista Market Forecast

In the Dominican Republic, the revenue in the Analgesics market in 2024 is estimated to be US$111.20m.
It is projected to experience an annual growth rate of 9.03% (CAGR 2024-2029).
When compared to other countries worldwide, the United States generates the highest revenue in this market, with US$7.24bn in 2024.
Taking the total population into account, the per person revenue in 2024 amounts to US$9.72.
The Dominican Republic is experiencing a growing demand for analgesics in the OTC Pharmaceuticals market due to increasing health awareness and a rise in chronic pain conditions.

Definition:
The Analgesics market comprises over-the-counter natural and synthetic non-opioid analgesics (only in approved low doses) like Paracetamol, Ibuprofen, Aspirin, Diclofenac and other pain-relieving preparations. Legislation on opioid analgesics differs from country to country. According to the respective state legislation, legal opioid analgesics are included. In Germany, Austria and Switzerland, for instance, opioid analgesics are only included if they are not limited by the narcotics law and do not require prescription. Analgesics are included in the form of pills, capsules, gels and ointments. Not included are prescription medicines (e.g. morphine), anesthetics and homeopathic remedies. Among the top-selling painkillers are Voltaren, Aspirin, Thomapyrin, Ibuprofen, Dolormin, Paracetamol and ASS. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Additional information:
The Analgesics market comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Over-the-counter analgesics (e.g. Aspirin and Paracetamol)
Natural and synthetic agents
In the form of pills, capsules, gels and ointments

Prescription medicines
Homeopathic remedies
Anesthetics

The Analgesics market in Dominican Republic has been experiencing significant growth in recent years.

Customer preferences: Customers in Dominican Republic have shown a growing preference for over-the-counter analgesics. This can be attributed to several factors, including the convenience and accessibility of these medications. With the busy lifestyles of consumers, over-the-counter analgesics provide a quick and easy solution for pain relief. Additionally, the affordability of these medications makes them a popular choice among consumers.

Trends in the market: One of the key trends in the Analgesics market in Dominican Republic is the increasing demand for natural and herbal pain relief products. As consumers become more health-conscious, they are seeking alternatives to traditional analgesics that may have potential side effects. Natural and herbal products are perceived to be safer and more gentle on the body, which has led to their growing popularity in the market.Another trend in the market is the rising demand for analgesics specifically designed for different age groups. Manufacturers have recognized the need for specialized products that cater to the unique pain relief requirements of children, adults, and the elderly. This trend is driven by the aging population in Dominican Republic and the need for tailored healthcare solutions for different age groups.

Local special circumstances: One of the special circumstances in the Analgesics market in Dominican Republic is the influence of traditional medicine. While modern analgesics are widely available and used, there is still a significant portion of the population that relies on traditional remedies for pain relief. This is particularly true in rural areas where access to modern healthcare may be limited. Traditional remedies, such as herbal teas and poultices, are deeply ingrained in the culture and continue to be used alongside modern analgesics.

Underlying macroeconomic factors: The growth of the Analgesics market in Dominican Republic can be attributed to several underlying macroeconomic factors. Firstly, the country has experienced steady economic growth in recent years, leading to an increase in disposable income among consumers. This has allowed them to afford healthcare products, including analgesics.Additionally, the government's focus on improving healthcare infrastructure and access to healthcare services has contributed to the growth of the market. The expansion of pharmacies and healthcare facilities across the country has made analgesics more readily available to consumers.In conclusion, the Analgesics market in Dominican Republic is witnessing growth due to customer preferences for over-the-counter analgesics, the increasing demand for natural and herbal pain relief products, and the rising need for specialized analgesics for different age groups. The influence of traditional medicine and the country's macroeconomic factors, such as economic growth and improved healthcare infrastructure, also play a significant role in the market's development.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global pharmaceutical industry has experienced significant growth during the past two decades, with revenues totaling around 1.6 trillion U.S. dollars in 2023. With growth like that, the industry's size is now comparable to the gross domestic products (GDPs) of countries like Spain, Mexico, or Australia.