After seeing strong growth in 2019, analgesics is expected to see an even stronger performance in 2020 overall. The outbreak of COVID-19 has led to a surge in demand for analgesics in Guatemala that is set to continue throughout the rest of the year.
Bayer will continue to lead analgesics in retail value share terms in 2020. Its wide product portfolio and long presence in analgesics has helped Bayer develop strong brand recognition and trust among consumers.
Acetaminophen is anticipated to show the most dynamic growth in 2020 overall. This comes as no surprise as acetaminophen is perceived as the safer analgesic as it is not classified as a NSAIDs (Non-steroidal anti-inflammatory drugs, such as ibuprofen, aspirin (acetylsalicylate), diclofenac, and naproxen).
After largely benefiting from the pandemic in 2020, current value growth rates of analgesics are anticipated to drop slightly in 2021. The stockpiling trend is the largest contributing factor to the dynamic growth seen in 2020 and as this trend was only present in the first half of the year, it will not impact growth over the forecast period.
Over the forecast period, generics are expected to continue recording a higher retail value share than any brand. Generics are more prevalent at the lower end of the market and are usually sold through social pharmacy chains like Farmacias de la Comunidad and Farmacias del Dr Simi, which only sell generics in terms of analgesics.
A driving factor of growth of analgesics over the forecast period has been the growing self-medication trend. Due to increased access to information via social media and smartphones, the Guatemalan population is becoming more knowledgeable about medication, which is expected to continue increasing over the forecast period.
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This report originates from Passport, our Analgesics research and analysis database.
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