OTC Pharmaceuticals - Nordics

Nordics

In 2024, the revenue in the OTC Pharmaceuticals market in Nordics amounts to US$1,546.00m.
It is projected that the market will experience an annual growth rate of 3.11% (CAGR 2024-2029).
Among the various markets, the largest one is Analgesics, with a market volume of US$387.50m in 2024.
When compared globally, the in the United States generates the highest revenue, amounting to US$41,240.00m in 2024.
In terms of per capita figures, each person in Nordics generates revenues of US$55.12 in 2024.
Additionally, it is expected that 17.93% of the total revenue in the OTC Pharmaceuticals market will be generated through online sales by 2024.
In the Nordics, the OTC Pharmaceuticals market is witnessing a growing demand for natural and herbal remedies.

Key regions: United States, China, Germany, Japan, 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.
For more information on the data displayed, use the info button next to the boxes.

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Analyst Opinion

The OTC Pharmaceuticals market in Nordics has been experiencing steady growth in recent years, driven by customer preferences for self-medication and the increasing availability of OTC products.

Customer preferences: Customers in the Nordics have shown a growing preference for self-medication and taking control of their own healthcare. This trend is driven by factors such as convenience, cost-effectiveness, and the desire for quick relief from common ailments. As a result, there has been a shift towards purchasing OTC pharmaceuticals for the treatment of minor illnesses and symptoms.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in the Nordics is the increasing availability and accessibility of OTC products. Pharmacies and drugstores are expanding their product offerings to include a wider range of OTC medications, making it easier for customers to find and purchase the products they need. Additionally, online retailers have also entered the market, providing customers with the convenience of ordering OTC pharmaceuticals from the comfort of their own homes. Another trend in the market is the growing demand for natural and herbal remedies. Customers in the Nordics are increasingly seeking out OTC products that are perceived as more natural and less chemical-based. This trend is driven by a desire for holistic health and wellness, as well as concerns about the potential side effects of traditional pharmaceuticals. As a result, there has been an increase in the availability of natural and herbal OTC products in the market.

Local special circumstances: The OTC Pharmaceuticals market in the Nordics is influenced by the region's strong healthcare system and high levels of healthcare expenditure. The Nordics have well-established healthcare infrastructure and a high standard of healthcare services, which has contributed to the growing demand for OTC pharmaceuticals. Additionally, the region's high disposable income levels and strong social welfare systems have also played a role in driving the market growth.

Underlying macroeconomic factors: The growth of the OTC Pharmaceuticals market in the Nordics is also supported by favorable macroeconomic factors. The region has a stable economy and low unemployment rates, which has contributed to high consumer confidence and increased purchasing power. Additionally, the aging population in the Nordics has created a growing market for OTC pharmaceuticals, as older individuals are more likely to require medications for chronic conditions and age-related ailments. In conclusion, the OTC Pharmaceuticals market in the Nordics is experiencing steady growth, driven by customer preferences for self-medication, the increasing availability of OTC products, and favorable macroeconomic factors. The market is also influenced by local special circumstances, such as the region's strong healthcare system and high levels of healthcare expenditure. As the trend towards self-medication and the demand for natural remedies continues to grow, the OTC Pharmaceuticals market in the Nordics is expected to further expand in the coming years.

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.