Market Insights Health Pharmacies OTC Products

Analgesics (Pharmacies) - Spain

Spain

Revenue in the Analgesics market is projected to reach €0.49bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.14%, resulting in a market volume of €0.66bn 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 €10.41 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 Spain has been experiencing steady growth in recent years.

Customer preferences: Spanish consumers have shown a growing preference for analgesics purchased from pharmacies rather than other retail channels. This can be attributed to the trust and confidence that consumers have in the expertise and advice of pharmacists. Additionally, the convenience of being able to consult with a healthcare professional while purchasing analgesics is a key factor driving the preference for pharmacies.

Trends in the market: One notable trend in the Analgesics (Pharmacies) market in Spain is the increasing demand for over-the-counter (OTC) analgesics. This trend is driven by the growing awareness among consumers about self-care and the availability of a wide range of OTC analgesics in pharmacies. The convenience and accessibility of OTC analgesics have made them a popular choice among consumers for the management of common pain and discomfort. Another trend in the market is the rising demand for natural and alternative analgesic products. Spanish consumers are becoming more health-conscious and are seeking products that are perceived as safer and more natural. This has led to an increase in the demand for analgesics made from natural ingredients, such as herbal extracts and essential oils. Pharmacies are catering to this demand by offering a variety of natural and alternative analgesic products.

Local special circumstances: One unique aspect of the Analgesics (Pharmacies) market in Spain is the strong presence of independent pharmacies. Unlike in some other countries where chain pharmacies dominate the market, independent pharmacies play a significant role in Spain. These independent pharmacies often have a loyal customer base and are known for providing personalized service and advice. This has contributed to the preference for pharmacies as the preferred retail channel for analgesics.

Underlying macroeconomic factors: The growth of the Analgesics (Pharmacies) market in Spain can be attributed to several underlying macroeconomic factors. Firstly, Spain has a rapidly aging population, which has led to an increase in the prevalence of chronic pain conditions. This has created a higher demand for analgesics in the market. Additionally, the improving economic conditions in Spain have resulted in higher disposable incomes, allowing consumers to spend more on healthcare products, including analgesics. The increasing focus on wellness and self-care has also contributed to the growth of the market. In conclusion, the Analgesics (Pharmacies) market in Spain is developing due to the preference for pharmacies as the retail channel, the increasing demand for OTC analgesics, the rising demand for natural and alternative products, the strong presence of independent pharmacies, and the underlying macroeconomic factors such as an aging population and improving economic conditions.

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.