Analgesics (Pharmacies) - Belgium

Revenue in the Analgesics market is projected to reach US$93.15m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.29%, resulting in a market volume of US$114.90m by 2029.
In global comparison, most revenue will be generated China (US$5.03bn in 2024).
In relation to total population figures, per person revenues of US$7.95 are generated in 2024.

Definition:
The Analgesics market encompasses non-prescription natural and synthetic non-opioid analgesics sold through pharmacies. These include well-known products such as Paracetamol, Ibuprofen, Aspirin, Diclofenac, and various pain-relieving preparations. The market's scope varies with national legislation concerning opioid analgesics, with legal opioids being incorporated based on respective state regulations. In countries like Germany, Austria, and Switzerland, opioid analgesics are included if they comply with narcotics law limitations and do not necessitate a prescription. The analgesics are presented in forms like pills, capsules, gels, and ointments. However, the market excludes prescription medications (e.g., morphine), anesthetics, and homeopathic remedies. Notable top-selling painkillers encompass Voltaren, Aspirin, Thomapyrin, Ibuprofen, Dolormin, Paracetamol, and ASS. This market exclusively covers product sales through pharmacies.

Additional information:
The Analgesics market comprises revenues, average revenue per capita and average revenue per pharmacy. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Over-the-counter analgesics (e.g. Aspirin and Paracetamol)
Natural and synthetic agents
In the form of pills, capsules, gels and ointments

Prescription medicines
Homeopathic remedies
Anesthetics

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global online pharmacy sector was estimated at 32 billion U.S. dollars by the end of 2023. In the United States, forecasts indicate that this figure would reach approximately 5.7 billion, solidifying its position as one of the largest online pharmacy markets. However, China dominates the pharma e-commerce industry worldwide, generating nearly 8.5 billion dollars in revenue. With China at the forefront, it is no wonder digital pharmacies make up the fastest-growing segment in the Asian digital health market.