Other Pharmaceuticals - Estonia

Estonia

In Estonia, the revenue in the market Other Pharmaceuticals market is projected to reach US$112.10m by 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 4.06%, resulting in a market volume of US$136.80m by 2029.
When compared globally, United States is expected to generate the most revenue, reaching US$260.50bn in 2024.
The demand for innovative over-the-counter pharmaceutical products is steadily increasing in Estonia, driven by the country's strong emphasis on healthcare and wellness.

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

Market

Region

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Currency

Analyst Opinion

The Other Pharmaceuticals market in Estonia has been experiencing notable growth in recent years.

Customer preferences: Estonian consumers have been showing an increasing demand for Other Pharmaceuticals, which includes over-the-counter medications, vitamins, and supplements. This can be attributed to a growing focus on personal health and wellness, as well as a desire for self-care and prevention of illnesses.

Trends in the market: One trend that has been observed in the Other Pharmaceuticals market in Estonia is the rise of e-commerce. More and more consumers are turning to online channels to purchase their medications and supplements, which has led to increased competition among retailers. Additionally, there has been a shift towards natural and organic products, with many consumers seeking out supplements and vitamins made from natural ingredients.

Local special circumstances: Estonia has a relatively small population, which has led to a limited number of domestic manufacturers in the Other Pharmaceuticals market. This has resulted in a reliance on imports from other countries, particularly neighboring Finland and Sweden. However, the Estonian government has been taking steps to support the growth of domestic manufacturers, which could lead to increased competition and innovation in the market.

Underlying macroeconomic factors: Estonia has a strong and stable economy, which has contributed to the growth of the Other Pharmaceuticals market. Additionally, the country has a well-developed healthcare system, which has led to increased access to healthcare services and medications. However, the aging population in Estonia could present a challenge to the market in the future, as older individuals tend to require more medications and supplements.

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.