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Key regions: Brazil, Europe, Germany, Canada, United States
The Analgesics market in G7 countries has been experiencing steady growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development.
Customer preferences: Customers in G7 countries are increasingly seeking convenient and effective pain relief solutions. They are looking for analgesics that provide quick and long-lasting relief from various types of pain, including headaches, muscle aches, and joint pain. Additionally, there is a growing demand for analgesics that are easy to use and have minimal side effects. Consumers are also becoming more health-conscious and are seeking natural and organic alternatives to traditional analgesics.
Trends in the market: One of the key trends in the Analgesics market in G7 countries is the growing popularity of over-the-counter (OTC) analgesics. Consumers are increasingly turning to OTC analgesics as a first-line treatment for minor aches and pains, as they are easily accessible and do not require a prescription. This trend is driven by factors such as rising healthcare costs, increasing self-medication practices, and the convenience of purchasing OTC analgesics from pharmacies and retail stores.Another trend in the market is the rising demand for topical analgesics. These products are applied directly to the skin and provide localized pain relief. Topical analgesics are gaining popularity due to their ease of use, targeted pain relief, and minimal systemic side effects. They are particularly favored by individuals with specific pain areas, such as athletes with muscle soreness or individuals with arthritis.
Local special circumstances: Each G7 country has its own unique set of circumstances that influence the Analgesics market. For example, in the United States, the market is highly competitive, with a wide range of analgesic products available from both domestic and international brands. The market is also heavily regulated by the Food and Drug Administration (FDA), which ensures the safety and efficacy of analgesic products.In Japan, there is a preference for traditional analgesics such as Kampo medicine, which is based on traditional Chinese medicine principles. These traditional analgesics are often made from natural ingredients and are believed to have fewer side effects compared to synthetic analgesics.
Underlying macroeconomic factors: The growth of the Analgesics market in G7 countries is also influenced by underlying macroeconomic factors. Factors such as population growth, increasing disposable incomes, and changing demographics play a role in driving market demand. Additionally, advancements in healthcare infrastructure and access to healthcare services contribute to the growth of the market.In conclusion, the Analgesics market in G7 countries is experiencing steady growth due to customer preferences for convenient and effective pain relief solutions. Trends such as the popularity of OTC analgesics and topical analgesics are driving market growth. Local special circumstances, such as regulatory frameworks and cultural preferences, also influence the market. Furthermore, underlying macroeconomic factors, including population growth and increasing disposable incomes, contribute to the development of the 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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)