Pharmaceuticals - Nordics

Nordics

The Pharmaceuticals market in the Nordics is expected to generate a revenue of US$13.41bn in 2024.
among the various markets, Oncology Drugs is projected to be the largest, with a market volume of US$2.35bn in the same year.
The market is anticipated to exhibit a steady annual growth rate of 4.22% from 2024 to 2029, resulting in a market volume of US$16.49bn by 2029.
When compared on a global scale, United States is forecasted to generate the highest revenue, reaching US$630.30bn in 2024.
In the Nordics, the pharmaceutical market is experiencing a surge in demand for personalized medicine and innovative biotech solutions.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Next generation therapies are also part of the Pharmaceuticals market and include gene therapy, cell therapy, and nucleic acid therapy. Cell therapies involve the use of living cells to replace or repair damaged tissues within the patient's body, or to modify cells to perform specific functions. Gene therapies focus on altering a patient’s genetic material to regulate the production of certain proteins. Nucleic acid therapies use short strands of DNA or RNA to inhibit the production of harmful proteins associated with diseases and promote the generation of therapeutic proteins. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmaceuticals market in Nordics has been experiencing significant growth in recent years, driven by a number of factors.

Customer preferences: Consumers in Nordics have a strong preference for natural and organic products, including in the pharmaceuticals market. This has led to an increase in demand for natural remedies and supplements, as well as a growing interest in alternative therapies such as acupuncture and herbal medicine.

Trends in the market: One key trend in the Nordics pharmaceuticals market is the growth of e-commerce. Online pharmacies have become increasingly popular in the region, offering consumers a convenient and cost-effective way to purchase their medications. This trend has been particularly pronounced in Sweden and Denmark, where online pharmacies have become a major player in the market.Another trend in the Nordics pharmaceuticals market is the focus on research and development. The region is home to a number of leading pharmaceutical companies, and there is a strong emphasis on innovation and the development of new treatments and therapies. This has led to a number of breakthroughs in areas such as cancer treatment and rare diseases.

Local special circumstances: One unique aspect of the Nordics pharmaceuticals market is the strong emphasis on sustainability and environmental responsibility. Many companies in the region have adopted environmentally-friendly practices, such as using renewable energy sources and reducing waste. This has helped to position the Nordics as a leader in sustainable business practices, and has contributed to the region's reputation as a hub for innovation and forward-thinking.

Underlying macroeconomic factors: The Nordics pharmaceuticals market is also influenced by a number of macroeconomic factors, including government policies and healthcare spending. In recent years, there has been a growing focus on preventative healthcare in the region, with governments investing in programs and initiatives designed to promote healthy living and prevent disease. This has helped to drive demand for natural remedies and supplements, as well as for innovative new treatments and therapies.Overall, the Pharmaceuticals market in Nordics is characterized by a strong focus on innovation, sustainability, and customer preferences for natural and organic products. These trends are likely to continue in the coming years, driven by ongoing investment in research and development, government policies, and changing consumer preferences.

Methodology

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.