Market Insights Health OTC Pharmaceuticals

Analgesics - Greece

Greece

In Greece, the revenue in the Analgesics market is projected to reach US$119.00m in 2024.
It is anticipated that the market will experience an annual growth rate of 4.50% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue, amounting to US$7,243.00m in 2024.
In terms of per person revenues, in Greece generates US$11.55 in 2024.
Greece's analgesics market is experiencing a surge in demand, driven by an aging population and increasing awareness of self-care.

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

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Analyst Opinion

The Analgesics market in Greece has experienced significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in the Analgesics market have shifted towards natural and herbal remedies, as consumers become more health-conscious and seek alternative options to traditional pharmaceutical products. This trend is not unique to Greece, but is part of a global movement towards more natural and holistic approaches to healthcare. As a result, there has been a rise in the demand for herbal analgesics and pain relief products in Greece.In addition to the preference for natural remedies, there has also been an increased demand for over-the-counter (OTC) analgesics in Greece. This can be attributed to the convenience and accessibility of these products, as well as the rising incidence of chronic pain conditions among the population. OTC analgesics offer a quick and affordable solution for managing pain without the need for a prescription, which has contributed to their popularity among consumers.One of the key trends in the Analgesics market in Greece is the growing popularity of online retail channels. With the increasing penetration of internet and smartphones, consumers are now able to conveniently purchase analgesics online, which has led to a surge in e-commerce sales. This trend has been further accelerated by the COVID-19 pandemic, as more consumers have turned to online shopping to avoid crowded stores and reduce the risk of infection.Another trend in the market is the growing demand for specialized analgesics targeting specific pain conditions. Manufacturers have been introducing new products that are tailored to address different types of pain, such as migraine, arthritis, and menstrual pain. This trend reflects the increasing awareness and understanding of pain management among consumers, who are seeking targeted solutions for their specific needs.Local special circumstances in Greece have also influenced the development of the Analgesics market. The country has a high prevalence of chronic pain conditions, such as musculoskeletal disorders and arthritis, which has created a significant demand for analgesics. Additionally, the aging population in Greece has contributed to the growth of the market, as older individuals are more likely to experience chronic pain and require pain relief medication.Underlying macroeconomic factors, such as the overall economic growth and healthcare expenditure in Greece, have also played a role in the development of the Analgesics market. As the economy improves and disposable incomes rise, consumers are more willing to spend on healthcare products, including analgesics. Furthermore, increased government focus on healthcare and the availability of subsidized medicines have made analgesics more accessible to the population, further driving market growth.In conclusion, the Analgesics market in Greece has seen significant development due to changing customer preferences, emerging market trends, local special circumstances, and underlying macroeconomic factors. The shift towards natural remedies, the popularity of OTC analgesics, the rise of online retail channels, and the demand for specialized pain relief products have all contributed to the growth of the market. Additionally, the high prevalence of chronic pain conditions and the aging population in Greece have created a significant demand for analgesics. The overall economic growth and healthcare expenditure in the country have also played a role in driving market development.

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.