Analgesics - Guatemala | Statista Market Forecast

In Guatemala, the revenue in the Analgesics market in 2024 amounts to US$124.90m.
The market is projected to grow annually by 9.35% (CAGR 2024-2029).
When compared globally, the United States generates the highest revenue in the market, reaching US$7.24bn in 2024.
In terms of per capita income, each person in Guatemala generates US$6.80 in revenue in 2024.
Guatemala's analgesics market is experiencing a surge in demand for herbal and traditional remedies.

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 Guatemala has been experiencing significant growth in recent years.

Customer preferences: Guatemalan consumers have shown a growing preference for analgesic products due to a variety of factors. One of the key drivers is the increasing awareness and concern about health and well-being. As people become more health-conscious, they are seeking out products that can alleviate pain and discomfort. Additionally, the aging population in Guatemala has contributed to the demand for analgesics, as older individuals are more likely to experience chronic pain conditions.

Trends in the market: One of the major trends in the Analgesics market in Guatemala is the rising popularity of natural and herbal remedies. Consumers are increasingly seeking out products that are perceived to be more natural and have fewer side effects. This has led to a surge in demand for analgesics made from natural ingredients, such as herbal extracts and essential oils. Manufacturers have responded to this trend by introducing a wide range of natural analgesic products to cater to the growing demand.Another trend in the market is the increasing availability of analgesics in different formats. Traditionally, analgesics were available in the form of tablets or capsules. However, there has been a shift towards alternative formats, such as creams, gels, and patches. These formats offer convenience and ease of application, making them popular among consumers. Additionally, the availability of different formats allows consumers to choose the most suitable option based on their individual needs and preferences.

Local special circumstances: Guatemala has a large informal sector, which poses unique challenges and opportunities for the Analgesics market. Many small-scale vendors operate outside of formal retail channels, selling products in local markets and street stalls. This informal market plays a significant role in the distribution of analgesics, particularly in rural areas where access to formal retail outlets is limited. Manufacturers and distributors need to adapt their distribution strategies to reach these informal channels effectively.

Underlying macroeconomic factors: The growing economy of Guatemala has contributed to the development of the Analgesics market. With increasing disposable incomes, consumers have more purchasing power to spend on healthcare products, including analgesics. Additionally, the government's focus on improving healthcare infrastructure and services has also played a role in driving the demand for analgesics. As access to healthcare improves, more people are seeking treatment for pain-related conditions, leading to increased demand for analgesic products.In conclusion, the Analgesics market in Guatemala is experiencing growth due to changing customer preferences, including a preference for natural and herbal remedies, as well as the availability of analgesics in different formats. The local special circumstances, such as the presence of an informal market, pose both challenges and opportunities for manufacturers and distributors. The underlying macroeconomic factors, such as the growing economy and government initiatives to improve healthcare, are also contributing 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.

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.