Market Insights Health Pharmacies OTC Products

Analgesics (Pharmacies) - China

China

Revenue in the Analgesics market is projected to reach €4.66bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.54%, resulting in a market volume of €7.02bn by 2029.
In global comparison, most revenue will be generated in China (€4,663.00m in 2024).
In relation to total population figures, per person revenues of €3.25 are generated in 2024.

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

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Analgesics (Pharmacies) market in China has been experiencing significant growth in recent years.

Customer preferences: Chinese consumers have shown a growing preference for analgesics purchased from pharmacies rather than other retail channels. This preference can be attributed to several factors. Firstly, pharmacies are seen as reliable sources of medication, providing consumers with a sense of trust and confidence in the products they purchase. Secondly, pharmacies often have trained pharmacists who can provide advice and recommendations on the appropriate analgesics for different ailments. This personalized service is highly valued by Chinese consumers, who prioritize their health and well-being. Lastly, pharmacies in China offer a wide range of analgesic products, catering to the diverse needs and preferences of consumers.

Trends in the market: One of the key trends in the Analgesics (Pharmacies) market in China is the increasing demand for over-the-counter (OTC) analgesics. Chinese consumers are becoming more proactive in managing their health and are seeking quick and convenient solutions for minor ailments such as headaches, muscle pain, and menstrual cramps. OTC analgesics, which do not require a prescription, provide consumers with easy access to pain relief medication. This trend is further fueled by the growing awareness and acceptance of self-medication among Chinese consumers. Another trend in the market is the rising popularity of natural and herbal analgesics. Chinese consumers have a long-standing tradition of using herbal remedies for various health issues, including pain relief. As a result, there is a growing demand for analgesics made from natural ingredients such as traditional Chinese herbs. These products are perceived as safer and more gentle on the body compared to synthetic analgesics. Manufacturers have responded to this trend by introducing a wide range of natural and herbal analgesics to cater to the preferences of Chinese consumers.

Local special circumstances: China's aging population is a significant factor driving the growth of the Analgesics (Pharmacies) market. As the population ages, the prevalence of chronic pain conditions such as arthritis and back pain increases. Older adults are more likely to seek pain relief medication from pharmacies, contributing to the growth of the market. Additionally, the rising middle class in China has increased disposable income and improved access to healthcare services, leading to increased demand for analgesics.

Underlying macroeconomic factors: China's rapid urbanization and economic development have played a crucial role in the growth of the Analgesics (Pharmacies) market. Urbanization has led to lifestyle changes, including sedentary jobs and increased stress levels, which contribute to the demand for analgesics. Economic development has also resulted in improved healthcare infrastructure and increased healthcare expenditure, making healthcare services more accessible to the population. These factors have created a favorable environment for the growth of the Analgesics (Pharmacies) market in China. In conclusion, the Analgesics (Pharmacies) market in China is experiencing significant growth due to customer preferences for pharmacy channels, the increasing demand for OTC analgesics, the popularity of natural and herbal remedies, the aging population, and underlying macroeconomic factors such as urbanization and economic development.

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.