Market Insights Health OTC Pharmaceuticals

Analgesics - Georgia

Georgia

In the year 2024, the revenue in the Analgesics market in Georgia is estimated to reach US$23.85m.
It is projected that the market will experience an annual growth rate of 7.64% (CAGR 2024-2029).
When compared to global figures, the in the United States generates the highest revenue in this market, with a staggering amount of US$7,243.00m in 2024.
Taking into account the population size, the per person revenue in Georgia is calculated to be US$6.42 in 2024.
Despite the growing popularity of traditional Georgian medicine, the demand for over-the-counter analgesics remains high in Georgia.

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

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Analyst Opinion

The Analgesics market in Georgia has been experiencing steady growth in recent years, driven by customer preferences for over-the-counter pain relief medications, as well as local special circumstances and underlying macroeconomic factors.Customer preferences in the Analgesics market in Georgia have been shaped by several factors. Firstly, there is a growing awareness and acceptance of self-medication among consumers, who are increasingly seeking quick and convenient solutions for pain relief. This has led to a rise in the demand for over-the-counter analgesics, which can be easily purchased without a prescription. Additionally, consumers in Georgia tend to prefer non-opioid analgesics, such as acetaminophen and nonsteroidal anti-inflammatory drugs (NSAIDs), due to their perceived safety and effectiveness.Trends in the Analgesics market in Georgia reflect global and regional market dynamics. One notable trend is the increasing availability and popularity of generic analgesic medications. Generic drugs are often more affordable than their branded counterparts, making them an attractive option for cost-conscious consumers. Furthermore, the market has witnessed a shift towards combination analgesics, which offer multiple active ingredients to target different types of pain. This trend is driven by the desire for more personalized pain relief options.Local special circumstances also play a role in the development of the Analgesics market in Georgia. The country has a high prevalence of musculoskeletal disorders, such as arthritis and back pain, which contribute to the demand for analgesics. Additionally, the aging population in Georgia is another factor driving the market growth, as older individuals are more likely to experience chronic pain and require regular pain management.Underlying macroeconomic factors have also contributed to the growth of the Analgesics market in Georgia. The country has experienced steady economic growth in recent years, leading to an increase in disposable income levels. As a result, consumers have more purchasing power to spend on healthcare products, including analgesics. Furthermore, the government's efforts to improve access to healthcare services and promote self-medication have also supported the growth of the market.Overall, the Analgesics market in Georgia is developing in response to customer preferences for over-the-counter pain relief medications, trends in the global and regional market, local special circumstances, and underlying macroeconomic factors. As consumer awareness and acceptance of self-medication continue to grow, the market is expected to witness further expansion in the coming years.

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.