Analgesics (Pharmacies) - Guinea | Statista Market Forecast

Revenue in the Analgesics market is projected to reach US$6.75m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.20%, resulting in a market volume of US$10.48m 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$0.46 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 Guinea is experiencing significant growth and development.

Customer preferences: Customers in Guinea have shown a growing preference for analgesics purchased from pharmacies. This preference can be attributed to the trust and reliability associated with purchasing medication from licensed pharmacies. Customers value the convenience and accessibility of pharmacies, as they provide a wide range of analgesic products and professional advice from pharmacists. Additionally, customers in Guinea prioritize the quality and efficacy of analgesics, leading them to choose products that are manufactured by reputable pharmaceutical companies.

Trends in the market: One major trend in the Analgesics (Pharmacies) market in Guinea is the increasing demand for over-the-counter (OTC) analgesics. OTC analgesics are medications that can be purchased without a prescription, and they are becoming increasingly popular among consumers in Guinea. This trend can be attributed to the convenience and affordability of OTC analgesics compared to prescription medications. Customers are also becoming more proactive in managing their own health, and OTC analgesics provide them with the opportunity to do so. Another trend in the market is the growing demand for natural and herbal analgesics. Customers in Guinea are becoming more conscious of the potential side effects of traditional analgesics and are seeking alternative options. This has led to an increase in the availability and popularity of natural and herbal analgesics in pharmacies. These products are perceived as safer and more gentle on the body, appealing to customers who prefer a more holistic approach to pain relief.

Local special circumstances: One special circumstance that influences the Analgesics (Pharmacies) market in Guinea is the prevalence of traditional medicine practices. Traditional medicine plays a significant role in the healthcare system of Guinea, with many people relying on traditional remedies for pain relief. This cultural preference for traditional medicine can impact the demand for analgesics in pharmacies. However, there is also a growing acceptance and integration of modern medicine, leading to increased sales of analgesics in pharmacies.

Underlying macroeconomic factors: The growing Analgesics (Pharmacies) market in Guinea can be attributed to several underlying macroeconomic factors. Firstly, Guinea has experienced steady economic growth in recent years, leading to an increase in disposable income among consumers. This has resulted in a higher demand for healthcare products, including analgesics. Additionally, the expanding healthcare infrastructure in Guinea has contributed to the growth of the Analgesics (Pharmacies) market. With the establishment of more pharmacies and healthcare facilities, customers have easier access to analgesics. The government's efforts to improve healthcare services and promote the availability of essential medications have also positively impacted the market. In conclusion, the Analgesics (Pharmacies) market in Guinea is developing due to customer preferences for pharmacy-purchased medications, the increasing demand for OTC and natural analgesics, the influence of traditional medicine practices, and underlying macroeconomic factors such as economic growth and improved healthcare infrastructure.

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.