Key regions: China, South Korea, Canada, India, France
The Analgesics (Pharmacies) market in Western Asia is experiencing steady growth due to various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Western Asia have played a significant role in the development of the Analgesics (Pharmacies) market. Customers in this region have shown a growing inclination towards self-medication and over-the-counter (OTC) products. This preference for OTC analgesics has been driven by factors such as convenience, affordability, and the desire for immediate relief from pain. Additionally, the increasing awareness of the benefits of analgesics in managing common ailments has also contributed to the growth of the market. Trends in the market have further fueled the growth of the Analgesics (Pharmacies) market in Western Asia. One notable trend is the rising demand for natural and herbal analgesics. Customers are increasingly seeking products that are perceived to be more natural and have fewer side effects. This trend has led to the introduction of a wide range of herbal analgesics in the market, catering to the preferences of health-conscious consumers. Furthermore, the growing popularity of online pharmacies and e-commerce platforms has made analgesics more accessible to customers, contributing to the market's growth. Local special circumstances in Western Asia have also influenced the development of the Analgesics (Pharmacies) market. The region has a high prevalence of chronic diseases such as arthritis and back pain, which has created a significant demand for analgesics. Additionally, Western Asia has a large aging population, which is more prone to pain-related conditions. These factors have created a favorable environment for the growth of the analgesics market in the region. Underlying macroeconomic factors have also played a role in the development of the Analgesics (Pharmacies) market in Western Asia. The region has been experiencing economic growth, leading to increased disposable income and improved healthcare infrastructure. As a result, customers have become more willing to spend on healthcare products, including analgesics. Furthermore, government initiatives to improve healthcare access and affordability have also contributed to the market's growth. In conclusion, the Analgesics (Pharmacies) market in Western Asia is experiencing steady growth due to customer preferences for OTC products, trends in the market such as the demand for natural and herbal analgesics, local special circumstances including a high prevalence of chronic diseases, and underlying macroeconomic factors such as economic growth and improved healthcare infrastructure.
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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