Market Insights Health Pharmacies OTC Products

Analgesics (Pharmacies) - Colombia

Colombia

Revenue in the Analgesics market is projected to reach €182.50m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.88%, resulting in a market volume of €279.30m 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 €3.49 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 Colombia has been experiencing steady growth in recent years. Customer preferences have shifted towards over-the-counter pain relief medications, leading to increased sales in this market. Additionally, several trends have emerged in the market, such as the rising demand for natural and herbal analgesics. Local special circumstances, such as the country's healthcare system and regulatory environment, have also influenced the development of the market. Lastly, underlying macroeconomic factors, including population growth and increasing healthcare expenditure, have contributed to the growth of the analgesics market in Colombia. Customer preferences in the analgesics market have undergone a significant shift in recent years. Consumers are increasingly opting for over-the-counter pain relief medications due to their convenience and accessibility. This preference for self-medication has led to increased sales of analgesics in pharmacies. Additionally, there has been a growing demand for natural and herbal analgesics, as consumers seek alternative remedies with fewer side effects. This trend is driven by a desire for more holistic and sustainable healthcare options. Several trends have emerged in the analgesics market in Colombia. One notable trend is the increasing availability of analgesics in different formats, such as tablets, capsules, creams, and gels. This variety allows consumers to choose the most suitable form of pain relief for their specific needs. Another trend is the growing emphasis on product innovation, with pharmaceutical companies introducing new formulations and delivery methods to enhance the effectiveness of analgesics. For example, sustained-release formulations have become popular, providing long-lasting pain relief. Local special circumstances in Colombia have also influenced the development of the analgesics market. The country's healthcare system, which provides universal healthcare coverage, has contributed to the increased demand for analgesics. As more people have access to healthcare services, the demand for pain relief medications has also grown. Additionally, the regulatory environment in Colombia plays a role in shaping the market. Strict regulations ensure the safety and quality of analgesics sold in pharmacies, giving consumers confidence in their purchases. Underlying macroeconomic factors have played a significant role in the growth of the analgesics market in Colombia. The country's population has been steadily increasing, leading to a larger consumer base for analgesics. This population growth, coupled with rising healthcare expenditure, has contributed to the expansion of the market. As more resources are allocated to healthcare, including pain management, the demand for analgesics is expected to continue rising. In conclusion, the Analgesics (Pharmacies) market in Colombia has experienced growth due to shifting customer preferences towards over-the-counter pain relief medications and the rising demand for natural and herbal analgesics. Trends such as the availability of different formats and product innovation have also influenced the market. Local special circumstances, including the country's healthcare system and regulatory environment, have played a role in shaping the market. Lastly, underlying macroeconomic factors, such as population growth and increasing healthcare expenditure, have contributed to the growth of the analgesics market in Colombia.

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.