Other Pharmaceuticals - Northern Europe

Northern Europe

In Northern Europe, the revenue for the Other Pharmaceuticals market is estimated to reach US$6.00bn in 2024.
It is projected to experience a compound annual growth rate (CAGR 2024-2029) of 3.63%, leading to a market volume of US$7.17bn by 2029.
When compared globally, United States is expected to contribute the highest revenue, with US$260.50bn in 2024.
In Northern Europe, the demand for innovative and sustainable pharmaceuticals in the Other Pharmaceuticals market is driving the growth of local research and development initiatives.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Other Pharmaceuticals market in Northern Europe has been experiencing significant growth in recent years.

Customer preferences: Consumers in Northern Europe have shown a growing interest in alternative medicines and natural remedies, leading to an increased demand for Other Pharmaceuticals. Additionally, an aging population has resulted in a higher demand for medications to treat chronic conditions.

Trends in the market: Sweden has been leading the way in the Other Pharmaceuticals market in Northern Europe, with a focus on natural and organic products. Norway and Denmark have also seen growth in this market, with a particular emphasis on homeopathic remedies. Finland has been slower to adopt these trends but is starting to show interest in alternative medicines.

Local special circumstances: The Nordic countries have a strong tradition of natural remedies and alternative medicines, which has contributed to the growth of the Other Pharmaceuticals market. Additionally, the high cost of prescription drugs in these countries has led consumers to seek out more affordable options.

Underlying macroeconomic factors: The strong economies of Northern Europe have allowed consumers to have more disposable income to spend on healthcare products. Additionally, the region's aging population has resulted in a higher demand for medications to treat chronic conditions. The regulatory environment in Northern Europe is also favorable to the growth of the Other Pharmaceuticals market, with a focus on safety and quality.

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.