Pharmacies - Finland

Finland

The Pharmacies market in Finland is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is set to reach US$3.66bn by 2024.
This growth is attributed to various factors including an increase in the demand for pharmaceutical products and services.
Furthermore, it is estimated that the market will experience a compound annual growth rate (CAGR) of 2.74% from 2024 to 2029.
This growth will result in a market volume of US$4.19bn by 2029.
These figures indicate a positive outlook for the Pharmacies market in Finland, signaling potential opportunities for businesses operating in this sector.
When compared to other countries globally, it is noteworthy that United States is projected to generate the highest revenue in the Pharmacies market, reaching a staggering US$387.30bn in 2024.
This highlights the significant market size and potential United States.
In terms of per person revenues, in Finland is expected to generate US$660.20 per person in 2024.
This metric provides insights into the economic impact of the Pharmacies market on the population, indicating the financial contribution of each individual towards the overall revenue generated in this sector.
Overall, the Pharmacies market in Finland presents promising opportunities for growth and development.
With the projected revenue figures and expected CAGR, it is evident that this market is poised for expansion in the coming years.
In Finland, pharmacies are increasingly focusing on personalized healthcare services to meet the growing demand for individualized treatment options.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmacies market in Finland has been experiencing significant growth in recent years.

Customer preferences: Customers in Finland are increasingly seeking convenience and accessibility when it comes to healthcare services. This has led to a growing demand for pharmacies that offer a wide range of products and services in convenient locations. Customers are also placing a greater emphasis on personalized care and are looking for pharmacies that can provide tailored advice and recommendations.

Trends in the market: One of the key trends in the Pharmacies market in Finland is the increasing focus on digitalization. Pharmacies are adopting digital technologies to streamline their operations and enhance the customer experience. This includes the use of online platforms for ordering prescription medication and scheduling appointments with pharmacists. Additionally, pharmacies are leveraging data analytics to gain insights into customer preferences and optimize their product offerings. Another trend in the market is the growing demand for over-the-counter (OTC) products. Customers are increasingly self-medicating and are turning to pharmacies for a wide range of OTC products, such as pain relievers, vitamins, and skincare products. Pharmacies are responding to this trend by expanding their OTC product offerings and providing more information and guidance to customers on the safe and effective use of these products.

Local special circumstances: Finland has a well-developed healthcare system, with a strong emphasis on preventive care and public health. This has created a favorable environment for the Pharmacies market to thrive. Pharmacies in Finland play a crucial role in promoting public health by providing access to a wide range of healthcare products and services. They also work closely with other healthcare providers, such as doctors and hospitals, to ensure coordinated and comprehensive care for patients.

Underlying macroeconomic factors: The growth of the Pharmacies market in Finland is supported by several macroeconomic factors. Finland has a high level of disposable income, which enables consumers to afford healthcare products and services. Additionally, the aging population in Finland is driving the demand for healthcare services, including pharmaceuticals. As the population continues to age, the demand for pharmacies is expected to increase further. Furthermore, the Finnish government has implemented policies to promote the use of generic drugs, which are more affordable than branded drugs. This has led to increased demand for generic drugs and has contributed to the growth of the Pharmacies market. In conclusion, the Pharmacies market in Finland is experiencing significant growth due to customer preferences for convenience and accessibility, as well as the adoption of digital technologies. The market is also driven by the growing demand for OTC products and the favorable healthcare system in Finland. The underlying macroeconomic factors, such as high disposable income and an aging population, further support the growth of the market.

Methodology

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.