OTC Pharmaceuticals - Sweden

Sweden

Revenue in the OTC Pharmaceuticals market amounts to US$634.70m in 2024. The market is expected to grow annually by 3.73% (CAGR 2024-2029).
The market's largest segment is the segment Analgesics with a market volume of US$229.90m in 2024.
In global comparison, most revenue is generated in the United States (US$41,240m in 2024).
In relation to total population figures, per person revenues of US$59.47 are generated in 2024.
In the OTC Pharmaceuticals market, 19.3% of total revenue will be generated through online sales by 2024.

Key regions: Worldwide, India, Philippines, United States, Europe

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Analyst Opinion

The OTC Pharmaceuticals market in Sweden has been experiencing steady growth in recent years.

Customer preferences: Swedish consumers have shown a growing preference for self-care and self-medication, which has contributed to the increasing demand for over-the-counter (OTC) pharmaceuticals. This trend can be attributed to several factors, including a greater emphasis on personal health and wellness, a desire for convenience, and a growing awareness of the benefits of OTC medications. Additionally, the availability of a wide range of OTC products in pharmacies and retail outlets has made it easier for consumers to access and purchase these medications.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Sweden is the growing popularity of natural and herbal remedies. Swedish consumers are increasingly seeking out products that are perceived to be more natural and have fewer side effects compared to traditional pharmaceuticals. This trend is driven by a desire for holistic health solutions and a preference for products that are perceived to be more sustainable and environmentally friendly. Another trend in the market is the increasing use of online platforms for purchasing OTC medications. Swedish consumers are increasingly turning to e-commerce platforms to buy their medications, as it offers convenience and a wider range of products. This trend has been further accelerated by the COVID-19 pandemic, which has led to a greater reliance on online shopping.

Local special circumstances: Sweden has a well-developed healthcare system, with a strong emphasis on preventive care and public health. This has contributed to a high level of health consciousness among the population, leading to a greater demand for OTC medications. Additionally, the Swedish government has implemented policies to promote self-care and self-medication, which has further fueled the growth of the OTC Pharmaceuticals market.

Underlying macroeconomic factors: The Swedish economy has been relatively stable in recent years, with a high standard of living and a strong social welfare system. This has provided consumers with the financial means to purchase OTC medications and invest in their health and well-being. Additionally, the aging population in Sweden has contributed to the growth of the OTC Pharmaceuticals market, as older individuals tend to have a higher demand for healthcare products and medications. In conclusion, the OTC Pharmaceuticals market in Sweden is experiencing growth due to the increasing preference for self-care and self-medication, the popularity of natural and herbal remedies, the use of online platforms for purchasing medications, the emphasis on preventive care and public health, and the stable macroeconomic factors in the country.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.