Market Insights Health OTC Pharmaceuticals

Analgesics - G20

In 2024, the revenue in the Analgesics market in G20 countries amounts to US$26.17bn.
It is projected that the market will experience an annual growth rate of 6.08% (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 person revenues, in 2024, each individual in the G20 countries generates approximately US$5.26.
In G20 countries, there is a growing trend towards natural and herbal analgesics, as consumers seek alternative remedies for pain relief.

Key regions: Brazil, Europe, Germany, Canada, United States

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Analyst Opinion

The Analgesics market in G20 countries is experiencing significant growth due to various factors such as changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in G20 countries are increasingly seeking pain relief solutions that are convenient, fast-acting, and have minimal side effects. This has led to a growing demand for over-the-counter analgesics, which can be easily purchased without a prescription. Additionally, customers are also showing a preference for natural and herbal analgesic products, as they are perceived to be safer and have fewer adverse effects compared to synthetic alternatives.

Trends in the market: One of the key trends in the Analgesics market in G20 countries is the rising popularity of topical analgesics. These products, such as creams, gels, and patches, are applied directly to the affected area to provide localized pain relief. Topical analgesics are gaining traction due to their targeted action, ease of use, and reduced systemic absorption, which can help minimize potential side effects.Another trend in the market is the increasing adoption of online retail channels for purchasing analgesic products. The convenience of online shopping, coupled with a wider range of product options and competitive pricing, has attracted a growing number of customers to purchase analgesics online. E-commerce platforms and online pharmacies have capitalized on this trend by offering a seamless shopping experience and doorstep delivery.

Local special circumstances: Different G20 countries have their own unique set of circumstances that influence the Analgesics market. For example, in countries with aging populations, there is a higher demand for analgesics as elderly individuals are more likely to experience chronic pain. In countries with a high prevalence of sports injuries, there is a greater demand for analgesics that specifically target muscle and joint pain. Additionally, cultural beliefs and practices may also influence the choice of analgesics, with some countries preferring traditional remedies over modern pharmaceutical products.

Underlying macroeconomic factors: The Analgesics market in G20 countries is influenced by macroeconomic factors such as GDP growth, healthcare expenditure, and government regulations. Higher GDP growth and increased healthcare spending generally lead to greater affordability and accessibility of analgesic products. Government regulations, on the other hand, can impact the availability and pricing of analgesics, as well as the advertising and promotion of these products. For example, stricter regulations on opioid analgesics may result in a shift towards non-opioid alternatives.In conclusion, the Analgesics market in G20 countries is witnessing growth driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for convenient and natural analgesic solutions, the rise of topical analgesics and online retail channels, as well as unique local circumstances and macroeconomic factors, all contribute to the development of the market in G20 countries.

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.