Market Insights Health OTC Pharmaceuticals

Analgesics - NAFTA

NAFTA

The revenue generated in the Analgesics market in 2024 amounts to US$8.16bn.
It is projected to experience an annual growth rate of 4.89% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue, reaching US$7,243.00m in 2024.
In terms of per capita figures, each person the in the United States generates US$16.00 in revenue in 2024.
In the NAFTA region, the demand for analgesics in the OTC Pharmaceuticals market is driven by a strong emphasis on self-medication and a growing aging population.

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

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Analyst Opinion

The Analgesics market in NAFTA has been experiencing steady growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development.Customer preferences in the Analgesics market in NAFTA have played a significant role in its growth. Consumers in this region are increasingly seeking pain relief options that are convenient, effective, and affordable. As a result, there has been a rise in demand for over-the-counter analgesics, such as acetaminophen and ibuprofen, which can be easily purchased without a prescription. This preference for self-medication has led to an increase in sales of these products.Trends in the market have also contributed to the growth of the Analgesics market in NAFTA. One notable trend is the increasing use of online platforms for purchasing healthcare products, including analgesics. E-commerce has become a popular channel for consumers to buy these products, as it offers convenience and a wide range of options. This trend has been further accelerated by the COVID-19 pandemic, as more people have turned to online shopping due to social distancing measures and lockdowns. As a result, online sales of analgesics have seen a significant boost.Local special circumstances have also had an impact on the development of the Analgesics market in NAFTA. For example, the aging population in this region has led to an increased demand for pain relief options. As people age, they are more likely to experience chronic pain and require regular use of analgesics. This demographic trend has created a steady and growing market for analgesics in NAFTA.Underlying macroeconomic factors have also played a role in the growth of the Analgesics market in NAFTA. The stable economic conditions in this region have allowed consumers to have disposable income to spend on healthcare products. Additionally, the increasing prevalence of chronic diseases, such as arthritis and back pain, has contributed to the demand for analgesics. As these conditions become more common, the need for pain relief options grows, further driving the growth of the market.Overall, the Analgesics market in NAFTA has experienced steady growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As consumers continue to seek convenient and affordable pain relief options, and as online shopping becomes increasingly popular, the market is expected to continue its positive trajectory 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.