Analgesics (Pharmacies) - Sri Lanka

Revenue in the Analgesics market is projected to reach US$64.45m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.69%, resulting in a market volume of US$93.35m 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$2.94 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 Sri Lanka is experiencing a steady growth due to changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Analgesics market in Sri Lanka are shifting towards products that provide quick and effective pain relief. Consumers are increasingly looking for analgesics that are easy to use, have minimal side effects, and offer long-lasting relief. This has led to a rise in demand for over-the-counter analgesics such as paracetamol and ibuprofen, which are readily available in pharmacies without the need for a prescription. Trends in the market indicate a growing demand for natural and herbal analgesics in Sri Lanka. Consumers are becoming more health-conscious and are seeking alternative remedies for pain relief. This has created opportunities for companies to introduce natural analgesic products that are perceived as safer and have fewer side effects compared to conventional analgesics. Additionally, there is a rising trend of online purchasing of analgesics, as consumers prefer the convenience of ordering products from the comfort of their homes. Local special circumstances in Sri Lanka, such as a rapidly aging population, contribute to the growth of the Analgesics market. As the population ages, the prevalence of chronic pain conditions such as arthritis and back pain increases, leading to a higher demand for analgesics. Furthermore, the country's healthcare system is evolving, with an increasing focus on self-medication and over-the-counter availability of medications. This has resulted in a greater reliance on pharmacies for accessing analgesics, driving the growth of the market. Underlying macroeconomic factors also play a role in the development of the Analgesics market in Sri Lanka. The country's improving economic conditions, rising disposable incomes, and expanding middle class have contributed to increased healthcare spending. As consumers have more purchasing power, they are more willing to invest in analgesics to alleviate pain and improve their quality of life. Additionally, the government's efforts to improve healthcare infrastructure and promote self-medication have created a favorable environment for the growth of the Analgesics market. In conclusion, the Analgesics (Pharmacies) market in Sri Lanka is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for quick and effective pain relief, the rise of natural and herbal analgesics, the aging population, and the increasing focus on self-medication are all contributing to the development of the market. With the country's improving economic conditions and expanding middle class, the Analgesics market is expected to continue its growth trajectory in the coming years.

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.