Market Insights Health Pharmacies OTC Products

Analgesics (Pharmacies) - Southern Europe

Southern Europe

Revenue in the Analgesics market is projected to reach US$1.96bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.15%, resulting in a market volume of US$2.52bn 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$8.27 are generated in 2024.

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

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Region

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Analyst Opinion

The Analgesics (Pharmacies) market in Southern Europe is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Analgesics (Pharmacies) market in Southern Europe are shifting towards natural and organic pain relief options. Consumers are becoming more conscious about the ingredients and potential side effects of traditional analgesics and are seeking alternative solutions. This preference for natural products is driven by a growing awareness of health and wellness, as well as a desire to minimize the use of chemicals in daily life. Trends in the market show an increasing demand for CBD-based analgesics in Southern Europe. CBD, or cannabidiol, is a non-psychoactive compound derived from the cannabis plant. It has been found to have potential pain-relieving properties and is gaining popularity as a natural alternative to traditional analgesics. The growing acceptance and legalization of cannabis for medical purposes in some countries in Southern Europe have contributed to the rise of CBD-based analgesics in the market. Local special circumstances in Southern Europe also play a role in the development of the Analgesics (Pharmacies) market. The region has a high prevalence of chronic pain conditions, such as arthritis and back pain, which drive the demand for analgesics. Additionally, the aging population in Southern Europe is increasing, leading to a higher demand for pain relief medications. The accessibility and affordability of analgesics in pharmacies make them a convenient option for consumers seeking pain relief. Underlying macroeconomic factors further contribute to the growth of the Analgesics (Pharmacies) market in Southern Europe. The region has experienced economic stability in recent years, which has increased consumer purchasing power. As a result, consumers are more willing to spend on healthcare products, including analgesics. Furthermore, the healthcare infrastructure in Southern Europe is well-developed, with a strong network of pharmacies that provide easy access to analgesics. In conclusion, the Analgesics (Pharmacies) market in Southern Europe is developing due to changing customer preferences towards natural and organic pain relief options, the emerging trend of CBD-based analgesics, local special circumstances such as a high prevalence of chronic pain conditions and an aging population, and underlying macroeconomic factors such as economic stability and a well-developed healthcare infrastructure.

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.