Key regions: Canada, United Kingdom, United States, China, Europe
The Cold & Cough Remedies (Pharmacies) market in Nordics is experiencing steady growth due to changing customer preferences, emerging trends in the market, and local special circumstances.
Customer preferences: Customers in the Nordics have shown a growing preference for natural and herbal remedies for cold and cough. They are increasingly seeking products that are free from artificial ingredients and chemicals. This shift in preference is driven by a desire for more sustainable and environmentally friendly options, as well as a growing awareness of the potential side effects of traditional over-the-counter medications.
Trends in the market: One of the key trends in the Cold & Cough Remedies market in the Nordics is the increasing demand for immune-boosting products. Customers are looking for remedies that not only alleviate symptoms but also strengthen their immune system to prevent future illnesses. This trend is driven by a growing focus on preventive healthcare and a desire to reduce reliance on pharmaceutical drugs. Another trend in the market is the rise of online sales channels. Customers in the Nordics are increasingly turning to online platforms to purchase their cold and cough remedies. This shift is fueled by convenience and the availability of a wider range of products. Online platforms also provide customers with the opportunity to compare prices and read reviews, making it easier for them to make informed purchasing decisions.
Local special circumstances: The Nordics region is known for its cold and harsh winters, which often result in a higher incidence of cold and cough. This creates a favorable market environment for cold and cough remedies, as customers are more likely to seek relief from their symptoms. Additionally, the high level of healthcare awareness and access to quality healthcare services in the Nordics further drives the demand for cold and cough remedies.
Underlying macroeconomic factors: The Cold & Cough Remedies market in the Nordics is influenced by several macroeconomic factors. The region has a high disposable income and a strong welfare system, which allows customers to afford and access healthcare products. Furthermore, the aging population in the Nordics is driving the demand for cold and cough remedies, as older individuals are more susceptible to respiratory illnesses. The stable and well-developed healthcare infrastructure in the region also contributes to the growth of the market, as it ensures easy availability and distribution of cold and cough remedies. In conclusion, the Cold & Cough Remedies (Pharmacies) market in the Nordics is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for natural and herbal remedies, immune-boosting products, and online sales channels is driving the market forward. The cold climate, high healthcare awareness, and aging population in the region further contribute to the growth of the market.
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.
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