Market Insights Health Pharmacies OTC Products

Analgesics (Pharmacies) - Seychelles

Seychelles

Revenue in the Analgesics market is projected to reach US$394.50k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.64%, resulting in a market volume of US$570.10k by 2029.
In global comparison, most revenue will be generated in China (US$5,028.00m in 2024).
In relation to total population figures, per person revenues of US$3.64 are generated in 2024.

Key regions: China, South Korea, Canada, India, France

Market

Region

Region comparison

Currency

Analyst Opinion

The Analgesics (Pharmacies) market in Seychelles has been experiencing steady growth in recent years.

Customer preferences: Customers in Seychelles have shown a growing preference for analgesics purchased from pharmacies, rather than other retail outlets. This is due to the trust and confidence that customers have in the quality and authenticity of the products sold in pharmacies. Customers also prefer the convenience of purchasing analgesics from pharmacies, as they can receive professional advice from pharmacists and easily access a wide range of products.

Trends in the market: One of the key trends in the Analgesics (Pharmacies) market in Seychelles is the increasing demand for over-the-counter (OTC) analgesics. This trend can be attributed to the rising awareness among consumers about self-medication and the availability of a variety of OTC analgesics in pharmacies. Customers are increasingly opting for OTC analgesics as they provide quick relief for common ailments such as headaches, muscle pain, and fever. Another trend in the market is the growing popularity of natural and herbal analgesics. Customers in Seychelles are becoming more health-conscious and are seeking alternative remedies for pain relief. This has led to an increase in the demand for natural and herbal analgesics, which are perceived to have fewer side effects compared to conventional analgesics.

Local special circumstances: Seychelles is a popular tourist destination, attracting visitors from around the world. This has a significant impact on the Analgesics (Pharmacies) market in the country. Tourists often require analgesics for minor ailments during their stay in Seychelles, leading to an increased demand for these products. Pharmacies in popular tourist areas cater to this demand by stocking a wide range of analgesics to meet the needs of both locals and tourists.

Underlying macroeconomic factors: The growing population and increasing disposable income in Seychelles have contributed to the growth of the Analgesics (Pharmacies) market. As more people can afford healthcare and medication, the demand for analgesics has increased. Additionally, the government's focus on improving healthcare infrastructure and access to medication has also played a role in the market's development. In conclusion, the Analgesics (Pharmacies) market in Seychelles has been growing steadily due to customer preferences for pharmacy purchases, the increasing demand for OTC analgesics, the popularity of natural and herbal analgesics, the impact of tourism, and underlying macroeconomic factors such as population growth and increasing disposable income.

Methodology

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.