Market Insights Health OTC Pharmaceuticals

Analgesics - Australia

Australia

In Australia, the revenue generated in the Analgesics market in 2024 amounts to €0.76k.
It is projected that the market will experience an annual growth rate of 6.88% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue with €6,716.00 in 2024.
Taking into account the total population, the per person revenue in Australia for 2024 is €28.39.
Australia's analgesics market is experiencing a shift towards natural and alternative remedies, driven by a growing preference for holistic healthcare solutions.

Key regions: Brazil, Europe, Germany, Canada, United States

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Analyst Opinion

The Analgesics market in Australia has been experiencing steady growth in recent years, driven by several key factors.

Customer preferences: Customers in Australia have shown a growing preference for over-the-counter analgesics, which can be purchased without a prescription. This is due to the convenience and accessibility of these products, as well as the increasing awareness and acceptance of self-medication. In addition, there is a rising demand for analgesics that offer fast and effective relief from pain, as well as those that have minimal side effects.

Trends in the market: One of the major trends in the Analgesics market in Australia is the increasing demand for natural and herbal remedies. This can be attributed to the growing focus on health and wellness, as well as the desire for more natural and holistic approaches to healthcare. Consumers are seeking out analgesics that are made from natural ingredients and have fewer synthetic chemicals. This trend is also driven by the perception that natural remedies are safer and have fewer side effects compared to traditional pharmaceutical options.Another trend in the market is the growing popularity of online purchasing. With the rise of e-commerce platforms and the convenience of online shopping, more and more consumers are opting to purchase their analgesics online. This allows them to compare prices, read reviews, and have their products delivered directly to their doorstep. Online retailers are also offering a wider range of products and brands, providing customers with more options and flexibility.

Local special circumstances: Australia has a high prevalence of chronic pain conditions, such as arthritis and back pain, which has contributed to the demand for analgesics. The aging population in Australia is also a significant factor, as older individuals are more likely to experience chronic pain and require regular pain management. Additionally, Australia has a strong pharmaceutical industry, with several local manufacturers producing a wide range of analgesic products. This has led to a competitive market, with a variety of options available to consumers.

Underlying macroeconomic factors: The growing population and increasing disposable income in Australia have contributed to the growth of the Analgesics market. As the population continues to expand, there is a larger customer base for analgesic products. Additionally, rising disposable income allows consumers to spend more on healthcare and wellness products, including analgesics. The stable economy in Australia has also created a favorable environment for market growth, with consumers feeling more confident in their purchasing power.In conclusion, the Analgesics market in Australia is developing due to customer preferences for over-the-counter options, the increasing demand for natural and herbal remedies, the popularity of online purchasing, the high prevalence of chronic pain conditions, the aging population, the presence of a strong pharmaceutical industry, and the underlying macroeconomic factors of population growth, increasing disposable income, and a stable economy.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.