Market Insights Health OTC Pharmaceuticals

Other OTC Pharmaceuticals - Nordics

Nordics

In the Nordics, the revenue in the market Other OTC Pharmaceuticals reaches a substantial amount of US$0.38bn in 2024.
Looking ahead, the market is projected to experience an annual growth rate of 1.03% (CAGR 2024-2029).
When comparing globally, it is noteworthy that the in the United States generates the highest revenue in this market, amounting to a staggering US$7,171.00m in 2024.
To put things into perspective, in 2024, the per person revenue in the Nordics stands at US$13.62.
This figure is derived by dividing the total revenue by the population.
In the Nordics, there is a growing trend towards natural and organic OTC pharmaceuticals, driven by consumers' increasing demand for healthier and sustainable products.

Key regions: United States, Brazil, Europe, Canada, United Kingdom

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Analyst Opinion

The Other OTC Pharmaceuticals market in Nordics is experiencing steady growth due to several factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.Customer preferences in the Nordics play a significant role in the development of the Other OTC Pharmaceuticals market. Consumers in this region tend to prioritize self-care and preventative healthcare. They are increasingly seeking over-the-counter products that can help them manage common health conditions such as cold and flu symptoms, allergies, and pain relief. This preference for self-care is driven by a desire for convenience and cost-effectiveness, as well as a growing awareness of the importance of maintaining good health.Trends in the market also contribute to the growth of the Other OTC Pharmaceuticals market in the Nordics. One notable trend is the increasing availability and popularity of natural and herbal remedies. Consumers in this region are showing a preference for products that are perceived to be more natural and have fewer side effects. This trend is driven by a growing interest in holistic health and a desire to reduce reliance on traditional pharmaceuticals.Another trend in the market is the rise of e-commerce and online sales channels. Consumers in the Nordics are increasingly turning to online platforms to purchase over-the-counter products, as it offers convenience and a wider range of options. This trend has been further accelerated by the COVID-19 pandemic, which has led to an increase in online shopping across all sectors.Local special circumstances also contribute to the development of the Other OTC Pharmaceuticals market in the Nordics. The region has a well-established healthcare system that provides universal access to healthcare services. However, due to long waiting times and high costs for prescription medications, consumers are more inclined to seek over-the-counter alternatives. Additionally, the Nordic countries have a high level of health literacy, with consumers actively seeking information about healthcare products and making informed choices.Underlying macroeconomic factors further support the growth of the Other OTC Pharmaceuticals market in the Nordics. The region has a strong and stable economy, which allows consumers to have disposable income to spend on healthcare products. Additionally, the aging population in the Nordics is driving demand for over-the-counter products that can help manage age-related health conditions.In conclusion, the Other OTC Pharmaceuticals market in the Nordics is developing due to customer preferences for self-care, trends in the market such as the popularity of natural remedies and e-commerce, local special circumstances including a well-established healthcare system and high health literacy, and underlying macroeconomic factors such as a strong economy and an aging population. This market is expected to continue growing as consumers prioritize self-care and seek convenient and cost-effective solutions for their healthcare needs.

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.