Market Insights Health OTC Pharmaceuticals

Analgesics - Canada

Canada

In Canada, the revenue generated in the Analgesics market is €0.56k in 2024.
It is projected to experience an annual growth rate of 5.15% (CAGR 2024-2029).
When compared to other countries worldwide, the in the United States leads with revenue of €6,647.00 in 2024.
Taking into account the total population, per person revenues amount to €14.45 in 2024.
The demand for over-the-counter analgesics is growing in Canada due to the increased awareness and preference for self-medication among the Canadian population.

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

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Analyst Opinion

The Analgesics market in Canada has been experiencing significant growth in recent years.

Customer preferences: Canadian consumers have shown a strong preference for over-the-counter analgesics, such as ibuprofen and acetaminophen, due to their convenience and accessibility. These products are widely available in pharmacies, supermarkets, and convenience stores across the country. Additionally, there is a growing trend towards natural and herbal remedies, as consumers seek alternatives to traditional pain relief medications. This has led to an increase in the demand for products that contain natural ingredients, such as Arnica and Willow Bark.

Trends in the market: One of the key trends in the Canadian Analgesics market is the rise in demand for topical analgesics. These products, which include creams, gels, and patches, are applied directly to the skin to provide localized pain relief. They are particularly popular among athletes and individuals suffering from chronic pain conditions, as they offer targeted relief without the side effects associated with oral medications. The growing aging population in Canada is also driving the demand for analgesics, as older individuals are more likely to experience pain and require pain management solutions.

Local special circumstances: Canada has a publicly funded healthcare system, which means that prescription medications are covered by the government. However, many analgesics are available over-the-counter, and consumers are willing to pay out-of-pocket for these products due to their convenience and affordability. Additionally, the legalization of cannabis for medical and recreational use in Canada has created a new market for cannabis-based analgesics. These products are gaining popularity among consumers who are seeking alternative pain relief options.

Underlying macroeconomic factors: The Canadian economy has been relatively stable in recent years, with steady GDP growth and low unemployment rates. This has contributed to increased consumer spending power, allowing Canadians to purchase analgesics and other healthcare products. Additionally, the healthcare industry in Canada is well-regulated, with strict quality control standards for pharmaceutical products. This has fostered consumer trust in the safety and efficacy of analgesics, further driving market growth.In conclusion, the Analgesics market in Canada is experiencing growth due to customer preferences for over-the-counter medications, the rise in demand for topical analgesics, the aging population, the availability of publicly funded healthcare, and the stable macroeconomic conditions in the country. With these factors in play, the market is expected to continue its upward trajectory in the coming years.

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.