Market Insights Health OTC Pharmaceuticals

Analgesics - Myanmar

Myanmar

In Myanmar, the revenue in the Analgesics market is projected to reach US$67.02m by 2024.
This market is expected to grow annually by 8.61% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue with US$7,243.00m in 2024.
In terms of per person revenues, in Myanmar generates US$1.22 in 2024.
Myanmar's analgesics market is witnessing a surge in demand for traditional herbal remedies, reflecting the country's cultural preference for natural healing methods.

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

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Analyst Opinion

The Analgesics market in Myanmar has been experiencing significant growth in recent years, driven by various factors such as changing customer preferences, emerging trends in the market, and local special circumstances.

Customer preferences: Customers in Myanmar are increasingly seeking pain relief solutions that are effective, affordable, and easily accessible. They are looking for analgesics that provide quick and long-lasting relief from pain, without causing any adverse side effects. Additionally, there is a growing demand for natural and herbal remedies, as customers are becoming more conscious about the potential risks associated with synthetic drugs.

Trends in the market: One of the key trends in the Analgesics market in Myanmar is the increasing popularity of over-the-counter (OTC) analgesics. Customers are opting for OTC products as they offer convenience and ease of access without the need for a prescription. This trend is driven by the growing awareness and knowledge about different types of analgesics, as well as the availability of a wide range of OTC products in pharmacies and retail outlets. Another trend in the market is the rising demand for topical analgesics, such as creams, gels, and patches. These products are preferred by customers due to their localized application and targeted pain relief. Topical analgesics are also seen as a safer alternative to oral analgesics, as they have a lower risk of systemic side effects.

Local special circumstances: Myanmar is a country with a large rural population and limited access to healthcare facilities. This has led to a higher reliance on self-medication and home remedies for pain relief. As a result, there is a significant market for traditional and herbal analgesics in Myanmar. Customers prefer these products as they are perceived to be natural and have fewer side effects compared to synthetic drugs. Additionally, the affordability of analgesics is a major consideration for customers in Myanmar. Many people in the country have limited disposable income and cannot afford expensive medications. Therefore, there is a strong demand for affordable analgesics that provide effective pain relief at a reasonable price.

Underlying macroeconomic factors: The growing Analgesics market in Myanmar can be attributed to the country's improving economy and rising disposable income levels. As the economy continues to develop, more people are able to afford healthcare products and services, including analgesics. This has led to an increase in overall demand for analgesics in the country. Furthermore, the government's efforts to improve healthcare infrastructure and increase access to healthcare services have also contributed to the growth of the Analgesics market. As healthcare facilities become more accessible, customers have greater access to a wider range of analgesic products, leading to increased consumption. In conclusion, the Analgesics market in Myanmar is witnessing significant growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customers are seeking effective and affordable pain relief solutions, leading to a rise in demand for OTC and topical analgesics. The market is also influenced by the country's reliance on traditional and herbal remedies, as well as the affordability of analgesics. With the improving economy and increasing access to healthcare services, the Analgesics market in Myanmar is expected to continue growing 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.