Analgesics - Guinea | Statista Market Forecast

In Guinea, the revenue in the Analgesics market in 2024 amounts to US$8.75m.
It is projected to grow annually by 9.83% (CAGR 2024-2029).
When compared globally, the United States generates the highest revenue with US$7.24bn in 2024.
In terms of per person revenues, US$0.60 is generated in 2024.
Despite the availability of various analgesic options, traditional herbal remedies still hold a significant market share in Guinea's OTC pharmaceuticals market.

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 Guinea is experiencing significant growth due to several factors. Customer preferences for pain relief medication, along with global and regional trends, are driving the expansion of the market. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the development of the Analgesics market in Guinea.Customer preferences in Guinea play a crucial role in driving the growth of the Analgesics market. As individuals become more aware of the importance of managing pain effectively, the demand for analgesic medications increases. Customers in Guinea are seeking reliable and effective pain relief options, leading to a higher demand for Analgesics products.Trends in the market are also influencing the growth of the Analgesics market in Guinea. Worldwide, there is a growing trend towards self-medication, with individuals seeking over-the-counter pain relief options. This trend is mirrored in Guinea, where consumers are increasingly turning to Analgesics products for immediate pain relief. The convenience and accessibility of these products contribute to their popularity among customers.Local special circumstances in Guinea further contribute to the development of the Analgesics market. Guinea has a high prevalence of certain conditions that require pain management, such as musculoskeletal disorders and infectious diseases. The need for effective pain relief in these cases drives the demand for Analgesics products in the country. Additionally, the lack of access to healthcare facilities in certain regions of Guinea makes over-the-counter medications like Analgesics an attractive option for individuals seeking pain relief.Underlying macroeconomic factors also play a role in the growth of the Analgesics market in Guinea. The country's improving economy and rising disposable incomes contribute to increased consumer spending on healthcare products, including Analgesics. As individuals have more purchasing power, they are able to afford pain relief medications, driving the demand for Analgesics products.In conclusion, the Analgesics market in Guinea is experiencing significant growth due to customer preferences, global and regional trends, local special circumstances, and underlying macroeconomic factors. As individuals in Guinea seek reliable and convenient pain relief options, the demand for Analgesics products continues to rise. The prevalence of certain conditions and the lack of access to healthcare facilities further contribute to the growth of the market. Additionally, Guinea's improving economy and rising disposable incomes enable individuals to afford pain relief medications, driving the demand for Analgesics products.

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.