Key regions: China, South Korea, Canada, India, France
The Analgesics (Pharmacies) market in South America is experiencing significant growth and development due to several factors.
Customer preferences: Customers in South America have shown a growing preference for analgesics purchased from pharmacies. This preference can be attributed to the trust that customers have in the quality and authenticity of products sold in pharmacies. Additionally, the convenience of purchasing analgesics from pharmacies, which are often located in close proximity to residential areas, has also contributed to the increasing demand.
Trends in the market: One of the key trends in the Analgesics (Pharmacies) market in South America is the rising demand for over-the-counter (OTC) analgesics. This trend can be attributed to the increasing awareness among customers about self-medication and the availability of a wide range of OTC analgesics in pharmacies. Customers are increasingly opting for OTC analgesics as they offer quick relief from pain and are easily accessible without the need for a prescription. Another trend in the market is the growing popularity of natural and herbal analgesics. Customers in South America are increasingly inclined towards natural and herbal products due to their perceived safety and minimal side effects. This trend is driven by the rising awareness about the potential risks associated with the long-term use of conventional analgesics.
Local special circumstances: South America has a diverse population with varying healthcare needs and preferences. This diversity has led to the emergence of niche markets for specific types of analgesics. For example, in countries with a large elderly population, there is a growing demand for analgesics specifically formulated for the elderly, such as those that are gentle on the stomach or have lower dosages.
Underlying macroeconomic factors: The growing Analgesics (Pharmacies) market in South America can also be attributed to the overall economic development in the region. As economies in South America continue to grow, there is an increase in disposable income, which allows customers to spend more on healthcare products, including analgesics. Additionally, the expanding middle class in South America has also contributed to the growth of the market, as this segment of the population has greater access to healthcare services and products. In conclusion, the Analgesics (Pharmacies) market in South America is experiencing growth and development due to customer preferences for pharmacy-purchased analgesics, the rising demand for OTC analgesics, the popularity of natural and herbal analgesics, local special circumstances, and underlying macroeconomic factors.
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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