OTC Pharmaceuticals - Norway

Norway

Revenue from the OTC Pharmaceuticals market in Norway is projected to reach US$229.20m in 2024.
It is expected to experience an annual growth rate of 1.47% (CAGR 2024-2029).
The largest market within this market is Other OTC Pharmaceuticals, which is estimated to have a market volume of US$56.19m in 2024.
When compared globally, the in the United States generates the highest revenue, with US$41,240.00m in 2024.
In terms of per capita revenue, in Norway generates US$41.57 per person in 2024.
Furthermore, it is predicted that 21.13% of the total revenue in the OTC Pharmaceuticals market will come from online sales by 2024.
Norway's OTC Pharmaceuticals market is witnessing a rising demand for natural and herbal remedies, driven by a growing preference for holistic and sustainable healthcare solutions.

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.
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Analyst Opinion

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

Customer preferences: Norwegian consumers have a strong preference for self-care and taking responsibility for their own health. This has led to an increased demand for over-the-counter (OTC) pharmaceutical products, as they provide convenient and accessible solutions for common health issues. Consumers in Norway value convenience and ease of use, and OTC pharmaceuticals offer a wide range of products that can be easily purchased without a prescription. Additionally, the high level of trust in the Norwegian healthcare system has also contributed to the popularity of OTC pharmaceuticals, as consumers feel confident in their efficacy and safety.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Norway is the growing demand for natural and herbal remedies. Norwegian consumers are increasingly seeking alternative and natural solutions for their health issues, and this has led to a rise in the popularity of herbal and homeopathic OTC products. This trend is driven by a desire for more holistic approaches to health and wellness, as well as a growing awareness of the potential side effects of traditional pharmaceuticals.Another trend in the market is the increasing availability of OTC pharmaceuticals through online channels. Norwegian consumers are becoming more comfortable with online shopping, and this has extended to the purchase of healthcare products. Online pharmacies and e-commerce platforms offer a wide range of OTC pharmaceuticals, providing consumers with convenience and a greater selection of products. This trend is expected to continue as more consumers embrace digital platforms for their shopping needs.

Local special circumstances: Norway has a highly regulated healthcare system, which includes strict regulations on the sale and distribution of pharmaceutical products. This has created a safe and reliable market for OTC pharmaceuticals, as consumers can trust that the products they purchase meet high standards of quality and safety. The Norwegian Medicines Agency plays a crucial role in regulating the OTC Pharmaceuticals market, ensuring that only approved products are available for sale.

Underlying macroeconomic factors: The strong economy in Norway has contributed to the growth of the OTC Pharmaceuticals market. With a high standard of living and disposable income, Norwegian consumers have the financial means to invest in their health and well-being. Additionally, the aging population in Norway has also contributed to the growth of the market, as older individuals tend to have higher healthcare needs and are more likely to purchase OTC pharmaceuticals.In conclusion, the OTC Pharmaceuticals market in Norway is experiencing growth due to customer preferences for self-care, the demand for natural remedies, the availability of products through online channels, the strict regulations in the healthcare system, and the strong economy. These factors are expected to continue driving the growth of the market 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.