Key regions: China, South Korea, Canada, India, France
The Analgesics (Pharmacies) market in Hong Kong has been experiencing steady growth in recent years.
Customer preferences: Customers in Hong Kong have a strong preference for over-the-counter analgesics purchased from pharmacies. This is due to the convenience and accessibility of pharmacies, as well as the trust that customers have in the quality and effectiveness of the products sold in these establishments. In addition, customers in Hong Kong tend to prefer analgesics that provide quick relief from pain, such as ibuprofen or acetaminophen.
Trends in the market: One of the key trends in the Analgesics (Pharmacies) market in Hong Kong is the increasing demand for natural and herbal analgesics. Customers are becoming more health-conscious and are seeking alternatives to traditional pharmaceutical products. This trend is driven by the perception that natural and herbal analgesics have fewer side effects and are safer for long-term use. As a result, pharmacies in Hong Kong are expanding their offerings to include a wider range of natural and herbal analgesics to cater to this growing demand. Another trend in the market is the rising popularity of online pharmacies. With the increasing use of e-commerce platforms, customers in Hong Kong are now able to conveniently purchase analgesics online and have them delivered to their doorstep. This trend has been further accelerated by the COVID-19 pandemic, as customers are opting for online shopping to minimize their exposure to crowded places. As a result, pharmacies in Hong Kong are adapting to this trend by establishing their online presence and offering delivery services.
Local special circumstances: One of the unique aspects of the Analgesics (Pharmacies) market in Hong Kong is the presence of traditional Chinese medicine (TCM) pharmacies. TCM has a long history in Hong Kong and is widely practiced and trusted by the local population. TCM pharmacies offer a wide range of herbal analgesics and remedies that are based on traditional Chinese medicine principles. These pharmacies cater to customers who prefer natural and holistic approaches to pain relief.
Underlying macroeconomic factors: The growing demand for analgesics in Hong Kong can be attributed to several underlying macroeconomic factors. Firstly, the aging population in Hong Kong is driving the demand for analgesics, as older individuals tend to experience more frequent and chronic pain. Secondly, the increasing prevalence of chronic diseases such as arthritis and back pain is also contributing to the demand for analgesics. Lastly, the rising disposable income in Hong Kong has made healthcare more affordable and accessible to a larger segment of the population, leading to increased demand for analgesics. In conclusion, the Analgesics (Pharmacies) market in Hong Kong is experiencing steady growth due to customer preferences for over-the-counter analgesics, the increasing demand for natural and herbal products, the rising popularity of online pharmacies, the presence of traditional Chinese medicine pharmacies, and underlying macroeconomic factors such as the aging population and the increasing prevalence of chronic diseases.
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.
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