Key regions: China, South Korea, Canada, India, France
The Analgesics (Pharmacies) market in Latvia has been experiencing steady growth in recent years.
Customer preferences: Customers in Latvia have shown a growing preference for over-the-counter pain relief medications, leading to an increase in the demand for analgesics in pharmacies. This shift in preference can be attributed to the convenience and accessibility of these medications, as well as the increasing awareness among consumers about self-care and self-medication. Additionally, the aging population in Latvia has contributed to the rising demand for analgesics, as older individuals are more prone to experiencing chronic pain and rely on these medications for relief.
Trends in the market: One of the key trends in the Analgesics (Pharmacies) market in Latvia is the growing popularity of non-steroidal anti-inflammatory drugs (NSAIDs). These medications are widely used for the treatment of pain and inflammation and are available over-the-counter in pharmacies. The increasing prevalence of musculoskeletal disorders and sports-related injuries has fueled the demand for NSAIDs, as they provide effective relief for these conditions. Furthermore, there has been a shift towards the use of topical analgesics, such as creams and gels, which offer localized pain relief and are preferred by consumers for their ease of application.
Local special circumstances: The Latvian healthcare system plays a significant role in shaping the Analgesics (Pharmacies) market. The country has a universal healthcare system, which provides free or subsidized healthcare services to its residents. However, due to long waiting times and limited access to specialized treatments, many Latvians turn to pharmacies for immediate relief from pain. This has resulted in a higher demand for analgesics in pharmacies, as consumers seek quick and accessible solutions to their pain-related issues.
Underlying macroeconomic factors: The growing economy of Latvia has had a positive impact on the Analgesics (Pharmacies) market. As the country's GDP continues to rise, consumers have more disposable income to spend on healthcare products, including analgesics. Additionally, the increasing urbanization in Latvia has led to a higher concentration of pharmacies in urban areas, making these medications more readily available to the population. The government's focus on improving healthcare infrastructure and promoting self-care has also contributed to the growth of the market. In conclusion, the Analgesics (Pharmacies) market in Latvia is witnessing steady growth due to the shifting customer preferences towards over-the-counter pain relief medications, such as NSAIDs, and the increasing demand from the aging population. The Latvian healthcare system, along with the country's growing economy and urbanization, are further driving the market.
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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