Market Insights Health Pharmacies OTC Products

Analgesics (Pharmacies) - Chile

Chile

Revenue in the Analgesics market is projected to reach €54.68m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.46%, resulting in a market volume of €71.34m by 2029.
In global comparison, most revenue will be generated in China (€4,614.00m in 2024).
In relation to total population figures, per person revenues of €2.78 are generated in 2024.

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

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

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

Customer preferences: Chilean consumers have shown a growing preference for analgesics purchased from pharmacies. This can be attributed to several factors. Firstly, pharmacies are seen as a trusted source for healthcare products, and consumers feel more confident in the quality and efficacy of analgesics purchased from these establishments. Additionally, pharmacies often offer a wide range of analgesic options, allowing consumers to choose products that best suit their needs.

Trends in the market: One of the key trends in the Analgesics (Pharmacies) market in Chile is the increasing demand for over-the-counter (OTC) analgesics. This can be attributed to several factors. Firstly, consumers are becoming more proactive in managing their health and are seeking immediate relief for common ailments such as headaches and muscle pain. OTC analgesics provide a convenient and accessible solution for these consumers. Additionally, the availability of a wide range of OTC analgesics in pharmacies allows consumers to choose products that best suit their specific needs. Another trend in the market is the growing popularity of natural and herbal analgesics. Consumers are increasingly seeking alternative and holistic remedies for pain relief, and natural and herbal analgesics are seen as a safer and more sustainable option compared to conventional pharmaceutical products. Pharmacies have responded to this trend by expanding their product offerings to include a variety of natural and herbal analgesics, catering to the changing preferences of consumers.

Local special circumstances: Chile has a well-established healthcare system, with a strong emphasis on pharmaceutical regulation and safety. This has contributed to the trust and confidence that consumers have in pharmacies as a reliable source for analgesics. Additionally, the presence of a large number of pharmacies throughout the country ensures easy access to analgesics for consumers, further driving the growth of the market.

Underlying macroeconomic factors: Chile has experienced steady economic growth in recent years, which has led to an increase in disposable income among consumers. This has allowed consumers to spend more on healthcare products, including analgesics. Additionally, the aging population in Chile has contributed to the growth of the Analgesics (Pharmacies) market, as older individuals are more likely to experience chronic pain and require regular analgesic medication. In conclusion, the Analgesics (Pharmacies) market in Chile is experiencing growth due to customer preferences for pharmacy-purchased analgesics, the increasing demand for OTC analgesics, the popularity of natural and herbal remedies, the well-established healthcare system, and the underlying macroeconomic factors of economic growth and an aging population.

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.