As competition from cheaper brands intensifies, analgesics in Latvia is expected to witness further price-competition. Companies like Nycomed Latvia and Grindeks JSC will need to adapt by either lowering prices or adding value through innovative product features to maintain retail value share.
While the demand for topical analgesics is already looking good in 2024, there is significant potential for further growth in this segment. Companies could capitalise on this trend by introducing new formulations, such as fast-acting gels or creams designed specifically for sports injuries or chronic pain conditions.
With saturation limiting overall volume and value growth in analgesics, innovation will be key for companies looking to stand out in the upcoming period. This could involve developing new delivery mechanisms, such as patches or sprays, or creating combination products that offer added benefits, like anti-inflammatory properties or muscle relaxants that go beyond basic pain relief.
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Understand the latest market trends and future growth opportunities for the Analgesics industry in Latvia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Analgesics industry in Latvia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Analgesics
Analgesics cover systemic and topical pain relievers. Products which include a pain-relief ingredient in addition to another core function are excluded (e.g. a sore throat remedy which includes paracetamol is excluded from the analgesics and instead is included in pharyngeal remedies).
See all of our definitionsThis report originates from Passport, our Analgesics research and analysis database.
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