Market Insights Health OTC Pharmaceuticals

Analgesics - Israel

Israel

In Israel, the revenue generated in the Analgesics market is projected to reach US$146.00m in 2024.
It is anticipated that the market will experience an annual growth rate of 5.74% (CAGR 2024-2029).
When comparing the revenue globally, the in the United States leads with a staggering US$7,243.00m in 2024.
In terms of per capita revenue, in Israel, each person is expected to generate US$15.68 in 2024.
Israel is experiencing a growing demand for natural and alternative analgesics, as consumers seek non-traditional pain relief options.

Key regions: Canada, United States, United Kingdom, Australia, Germany

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Analyst Opinion

The Analgesics market in Israel has been experiencing steady growth in recent years, driven by several key factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the development of the Analgesics market in Israel.

Customer preferences: Israeli consumers have shown a growing preference for over-the-counter (OTC) analgesics due to their convenience and accessibility. OTC analgesics provide quick relief for common ailments such as headaches, muscle aches, and fever, without the need for a prescription. This preference for self-medication has led to an increase in the demand for OTC analgesics in Israel.

Trends in the market: One of the prominent trends in the Analgesics market in Israel is the rising demand for natural and herbal-based pain relief products. Consumers are becoming more health-conscious and are opting for products that are perceived to be safer and have fewer side effects. This trend has led to the introduction of a wide range of natural and herbal analgesics in the market, catering to the growing demand.Another trend in the market is the increasing popularity of online retail channels for purchasing analgesics. E-commerce platforms provide convenience and a wide variety of options to consumers, allowing them to compare prices and read reviews before making a purchase. This shift towards online shopping has significantly impacted the distribution channels in the Analgesics market in Israel.

Local special circumstances: Israel has a well-developed healthcare system and a high level of healthcare expenditure per capita. The country's aging population and the increasing prevalence of chronic diseases have contributed to the demand for analgesics. As the population ages, the need for pain relief medications is expected to grow, further driving the growth of the Analgesics market in Israel.

Underlying macroeconomic factors: Israel has a stable economy with a high GDP per capita. The country's strong economic performance and high disposable income have a positive impact on the purchasing power of consumers. As a result, consumers are more willing to spend on healthcare products, including analgesics. Additionally, the government's focus on healthcare and wellness initiatives further supports the growth of the Analgesics market in Israel.In conclusion, the Analgesics market in Israel is developing due to customer preferences for OTC products, the trend towards natural and herbal analgesics, the increasing popularity of online retail channels, the country's aging population, and the underlying macroeconomic factors. These factors collectively contribute to the growth and expansion of the Analgesics market in Israel.

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.