Key regions: Brazil, Europe, Germany, Canada, United States
The Analgesics market in North America is experiencing steady growth due to various factors.
Customer preferences: Customers in North America have a high demand for analgesics due to the increasing prevalence of chronic pain conditions such as arthritis and back pain. Additionally, the aging population in the region is also contributing to the growing demand for pain relief medications. Customers in North America are also becoming more conscious about their health and are opting for over-the-counter analgesics as a first line of treatment for minor aches and pains.
Trends in the market: One of the key trends in the Analgesics market in North America is the increasing popularity of natural and herbal analgesics. Customers are seeking alternatives to traditional pain relief medications and are turning towards natural ingredients such as turmeric, ginger, and CBD oil for pain management. This trend is driven by the growing awareness of the potential side effects of synthetic analgesics and the desire for more holistic approaches to healthcare.Another trend in the market is the rising demand for topical analgesics. These products are gaining popularity among customers in North America as they provide targeted pain relief without the need for oral medication. Topical analgesics are particularly favored by athletes and individuals with musculoskeletal injuries as they can be applied directly to the affected area for immediate relief.
Local special circumstances: The legalization of cannabis for medical and recreational use in some states in North America has had a significant impact on the Analgesics market. Cannabis-derived products, such as CBD oil, are gaining traction as alternative pain relief options. Customers are increasingly seeking out these products for their potential analgesic properties, as well as for their perceived therapeutic benefits.
Underlying macroeconomic factors: The growing healthcare expenditure in North America is driving the growth of the Analgesics market. With increasing healthcare costs, patients are looking for cost-effective solutions for pain management, leading to a higher demand for over-the-counter analgesics. Additionally, the strong presence of pharmaceutical companies in the region and their continuous investment in research and development of new analgesic drugs are also contributing to the growth of the market.In conclusion, the Analgesics market in North America is witnessing steady growth due to customer preferences for over-the-counter pain relief medications, the increasing popularity of natural and herbal analgesics, and the rising demand for topical analgesics. The legalization of cannabis and the growing healthcare expenditure in the region are also significant factors driving 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.
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