Market Insights Health OTC Pharmaceuticals

Analgesics - Panama

Panama

In Panama, the revenue generated in the Analgesics market in 2024 amounts to US$79.44m.
It is projected that the market will experience an annual growth rate of 8.91% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in the market, with US$7,243.00m in 2024.
Looking at the per person revenues in relation to the total population figures, US$17.55 is generated per person in 2024.
Panama's analgesics market is witnessing a surge in demand due to the growing aging population and increasing prevalence of chronic pain.

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

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Analyst Opinion

The Analgesics market in Panama has been experiencing steady growth in recent years.

Customer preferences: Panamanian consumers have shown a growing preference for over-the-counter analgesics, such as ibuprofen and acetaminophen, due to their convenience and accessibility. These products are widely available in pharmacies and supermarkets across the country, allowing consumers to easily purchase them without a prescription. Additionally, the affordability of these products makes them a popular choice among the general population.

Trends in the market: One of the key trends in the Analgesics market in Panama is the increasing demand for natural and herbal pain relief products. As consumers become more health-conscious and seek alternative remedies, there has been a rise in the popularity of analgesics made from natural ingredients, such as arnica or turmeric. This trend is driven by the perception that natural products are safer and have fewer side effects compared to traditional analgesics.Another trend in the market is the growing prevalence of online sales channels. With the increasing penetration of internet and smartphones in Panama, more consumers are turning to online platforms to purchase analgesics. This shift towards e-commerce has been further accelerated by the COVID-19 pandemic, as consumers have become more cautious about visiting physical stores. Online pharmacies and health-focused websites are catering to this demand by offering a wide range of analgesics and delivering them directly to consumers' doorsteps.

Local special circumstances: One of the unique factors influencing the Analgesics market in Panama is the country's aging population. As the population ages, there is a higher prevalence of chronic pain conditions, such as arthritis or back pain. This has led to an increased demand for analgesics among older adults, who are seeking relief from their pain symptoms. Manufacturers and retailers in Panama are recognizing this demographic shift and are tailoring their marketing strategies to target this specific segment of the population.

Underlying macroeconomic factors: The steady growth in the Analgesics market in Panama can be attributed to several macroeconomic factors. Firstly, the country has experienced consistent economic growth over the past decade, leading to an increase in disposable income among the population. This has resulted in higher purchasing power and an ability to afford analgesics.Additionally, Panama's healthcare system has been improving, with increased access to healthcare services and a greater emphasis on preventive care. As a result, more individuals are seeking medical advice for their pain symptoms and are subsequently recommended analgesics as part of their treatment. This has contributed to the overall growth of the market.In conclusion, the Analgesics market in Panama is witnessing growth due to customer preferences for over-the-counter products, the increasing demand for natural and herbal pain relief, the rise of online sales channels, the country's aging population, and the underlying macroeconomic factors of economic growth and improved healthcare services.

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.