Analgesics (Pharmacies) - Malaysia

Revenue in the Analgesics market is projected to reach US$66.82m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.55%, resulting in a market volume of US$100.70m 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$1.93 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 Malaysia is experiencing steady growth due to several key factors.

Customer preferences: Customers in Malaysia have shown a growing preference for over-the-counter analgesics, as they provide quick and convenient relief for common ailments such as headaches, muscle aches, and fever. This preference is driven by the busy lifestyles of Malaysians, who often seek immediate relief without the need for a doctor's prescription. Additionally, the affordability and accessibility of analgesics in pharmacies make them a popular choice among consumers.

Trends in the market: One of the key trends in the Analgesics (Pharmacies) market in Malaysia is the increasing demand for natural and herbal-based analgesics. Consumers are becoming more health-conscious and are seeking products that are perceived to be safer and have fewer side effects. As a result, there has been a rise in the availability and popularity of analgesics made from natural ingredients such as turmeric, ginger, and eucalyptus oil. This trend is driven by the growing awareness of the potential risks associated with long-term use of conventional analgesics. Another trend in the market is the growing popularity of online pharmacies. With the increasing penetration of internet access and smartphones in Malaysia, consumers are turning to online platforms to purchase analgesics. Online pharmacies offer convenience, competitive pricing, and a wide range of products, making them an attractive option for consumers. This trend is further fueled by the COVID-19 pandemic, which has led to an increase in online shopping across various sectors.

Local special circumstances: One of the unique aspects of the Malaysian market is the cultural diversity and traditional medicine practices. Traditional medicine, such as traditional Chinese medicine and Malay traditional medicine, has a long history in Malaysia and is still widely practiced today. This has created a niche market for traditional analgesics, which are often derived from natural ingredients and have been used for generations to treat various ailments. The demand for traditional analgesics is driven by consumers who prefer traditional remedies or are seeking alternative treatments.

Underlying macroeconomic factors: The growing population and increasing disposable income in Malaysia are contributing to the growth of the Analgesics (Pharmacies) market. As the population continues to expand, the demand for healthcare products, including analgesics, is expected to rise. Additionally, the rising disposable income allows consumers to spend more on healthcare and wellness products, further driving the market growth. In conclusion, the Analgesics (Pharmacies) market in Malaysia is witnessing growth due to customer preferences for convenient and affordable over-the-counter analgesics. The market is also influenced by the trends of natural and herbal-based products and the rise of online pharmacies. The cultural diversity and traditional medicine practices in Malaysia create a unique market for traditional analgesics. The underlying macroeconomic factors of a growing population and increasing disposable income further contribute to the market's development.

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.