Key regions: China, South Korea, Canada, India, France
The Analgesics (Pharmacies) market in Belgium has been experiencing steady growth in recent years.
Customer preferences: Customers in Belgium have shown a growing preference for analgesics purchased from pharmacies. This can be attributed to the trust and reliability associated with pharmacy products. Customers value the professional advice and guidance provided by pharmacists, which gives them confidence in the quality and effectiveness of the analgesics they purchase.
Trends in the market: One of the key trends in the Analgesics (Pharmacies) market in Belgium is the increasing demand for over-the-counter (OTC) analgesics. This can be attributed to the convenience and accessibility of OTC products, as well as the growing awareness among consumers about self-care and self-medication. The availability of a wide range of OTC analgesics in pharmacies has further fueled this trend. Another trend in the market is the growing popularity of natural and herbal analgesics. Customers in Belgium are increasingly seeking alternatives to traditional analgesics, and are turning to natural remedies for pain relief. This trend is driven by a growing interest in holistic health and wellness, as well as concerns about the potential side effects of conventional analgesics.
Local special circumstances: Belgium has a well-established healthcare system, with a strong emphasis on the role of pharmacists in providing healthcare services. Pharmacists in Belgium are highly trained and play a crucial role in advising patients on the appropriate use of medications, including analgesics. This has created a favorable environment for the growth of the Analgesics (Pharmacies) market in the country.
Underlying macroeconomic factors: The growing demand for analgesics in Belgium can be attributed to several macroeconomic factors. Firstly, the aging population in the country is driving the demand for pain relief medications. As people age, they are more likely to experience chronic pain and require regular use of analgesics. Additionally, the increasing prevalence of chronic diseases, such as arthritis and back pain, is also contributing to the demand for analgesics. Furthermore, the rising disposable income in Belgium has made healthcare more affordable for consumers, leading to increased spending on medications, including analgesics. The strong economy and stable healthcare system in Belgium have also contributed to the growth of the Analgesics (Pharmacies) market. In conclusion, the Analgesics (Pharmacies) market in Belgium is experiencing steady growth due to customer preferences for pharmacy products, the increasing demand for OTC analgesics, the popularity of natural and herbal remedies, the role of pharmacists in healthcare, the aging population, the prevalence of chronic diseases, rising disposable income, and a strong economy.
Data coverage:
The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.Modeling approach:
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.
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