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Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
Key regions: United States, China, Germany, Japan, Europe
The Pharmaceuticals market in Estonia has been growing steadily in recent years.
Customer preferences: Estonian customers are becoming increasingly health-conscious and are seeking out more natural and holistic remedies. This has led to a rise in demand for herbal and homeopathic medicines, as well as supplements and vitamins. However, traditional pharmaceuticals still dominate the market, particularly in the treatment of chronic illnesses.
Trends in the market: One of the main trends in the Estonian Pharmaceuticals market is the increasing use of e-prescriptions. This has made it easier for patients to obtain their medications and has also helped to reduce errors and improve efficiency in the healthcare system. Another trend is the growing importance of generic drugs, which are becoming more widely available and affordable. This has put pressure on brand-name drug manufacturers to lower their prices and has increased competition in the market.
Local special circumstances: Estonia has a relatively small population, which means that the market for Pharmaceuticals is also relatively small. This has made it difficult for international pharmaceutical companies to justify investing in the country, which has in turn led to a greater reliance on domestic producers. Additionally, the Estonian government heavily regulates the Pharmaceuticals market, which can make it challenging for companies to enter the market or introduce new products.
Underlying macroeconomic factors: Estonia has a strong economy and a well-developed healthcare system, which has helped to support growth in the Pharmaceuticals market. However, the country also faces challenges such as an aging population and a high prevalence of chronic diseases, which could put pressure on the healthcare system in the future. Additionally, Estonia's membership in the European Union has helped to facilitate trade and investment in the Pharmaceuticals market.
Data coverage:
Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.Modeling approach / Market size:
Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.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. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)