Pharmacies - Estonia | Statista Market Forecast

The Pharmacies market in Estonia is projected to reach a revenue of US$521.90m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 4.65%, resulting in a market volume of US$655.10m by 2029.
In global comparison, United States is anticipated to generate the highest revenue of US$387.30bn in 2024.
In relation to the total population figures, per person revenues of US$395.60 are estimated to be generated in Estonia in 2024.
Despite being a small country, Estonia has a highly developed pharmacy market with a strong focus on digital health solutions.

Definition:
Pharmacies are physical or digital places where mainly pharmaceuticals and medical products are sold. Additionally, they also sell other items that are generally found in a pharmacy, such as food supplements, cosmetic products, and other health-related goods. A large proportion of pharmaceuticals are only available on prescription; the rest of the product range of pharmacies is sold over the counter (OTC). Besides selling products, pharmacies also advise customers, inform them about undesirable effects of the products, and detect possible interactions with other medicines.

Structure:
The Pharmacies market consists of two markets: Prescriptions Drugs and OTC Products. The Prescription Drugs market covers all products – mainly pharmaceuticals – that are only available on prescription. The OTC Products market comprises all products that are sold over the counter (OTC), including pharmaceuticals, medical devices, and other items that are generally found in a pharmacy.

Additional information:
The KPIs shown include revenue, revenue growth, average revenue per pharmacy, average revenue per capita, number of pharmacies, pharmacy density, users, and the online sales share for the OTC Products market. Revenues are generated through offline and online spending by (B2C) consumers and include VAT. B2B and B2G sales as well as other pharmaceutical sales through hospitals or retail stores, such as supermarkets, are not included.
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Prescription pharmaceuticals
Prescription medical products
OTC pharmaceuticals
OTC medical products
Pharmacy-usual items

Services such as vaccinations
Sales through hospitals or retail stores

The Pharmacies market in Estonia has been experiencing steady growth in recent years, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Pharmacies market in Estonia have been shifting towards a greater emphasis on convenience and personalized service. Customers are increasingly looking for pharmacies that offer a wide range of products and services, including over-the-counter medications, prescription drugs, health and wellness products, and beauty and personal care items. In addition, customers are also seeking pharmacies that provide knowledgeable and friendly staff who can offer expert advice and recommendations. Trends in the market have also played a significant role in the development of the Pharmacies market in Estonia. One notable trend is the increasing demand for online pharmacies, which allow customers to conveniently order medications and healthcare products from the comfort of their own homes. This trend has been driven by the growing popularity of e-commerce and the convenience it offers to consumers. Another trend is the rising focus on holistic health and wellness, with pharmacies expanding their product offerings to include natural and alternative remedies, vitamins and supplements, and organic and natural beauty products. Local special circumstances have also influenced the development of the Pharmacies market in Estonia. The country has a well-established healthcare system that provides universal access to healthcare services, including prescription medications. This has created a strong demand for pharmacies to serve the needs of the population. Additionally, Estonia has a high level of digitalization and technological advancement, which has facilitated the growth of online pharmacies and the adoption of digital health solutions. Underlying macroeconomic factors have also played a role in the growth of the Pharmacies market in Estonia. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has allowed consumers to allocate a larger portion of their budget towards healthcare and wellness products, including those offered by pharmacies. Furthermore, the aging population in Estonia has contributed to the growth of the Pharmacies market, as older individuals tend to have higher healthcare needs and require regular access to medications. Overall, the Pharmacies market in Estonia is developing and evolving to meet the changing preferences and needs of customers. The emphasis on convenience, personalized service, and holistic health and wellness, along with the influence of local special circumstances and underlying macroeconomic factors, are driving the growth of the market. As the market continues to evolve, pharmacies in Estonia will need to adapt and innovate to stay competitive in an increasingly dynamic and customer-centric landscape.

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global online pharmacy sector was estimated at 32 billion U.S. dollars by the end of 2023. In the United States, forecasts indicate that this figure would reach approximately 5.7 billion, solidifying its position as one of the largest online pharmacy markets. However, China dominates the pharma e-commerce industry worldwide, generating nearly 8.5 billion dollars in revenue. With China at the forefront, it is no wonder digital pharmacies make up the fastest-growing segment in the Asian digital health market.