Digestive & Intestinal Remedies (Pharmacies) - Baltics

Baltics

Highlights

Revenue in the Digestives & Intestinal Remedies market is projected to reach US$48.95m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.93%, resulting in a market volume of US$62.27m by 2029.
In global comparison, most revenue will be generated China (US$3.37bn in 2024).
In relation to total population figures, per person revenues of US$8.41 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Digestive & Intestinal Remedies (Pharmacies) market in Baltics has witnessed significant growth in recent years.

Customer preferences: Customers in the Baltics have shown a growing preference for digestive and intestinal remedies due to several factors. Firstly, the increasing adoption of unhealthy lifestyles, such as poor dietary habits and sedentary lifestyles, has led to a rise in digestive and intestinal issues among the population. This has created a demand for remedies that can alleviate symptoms and provide relief. Additionally, the growing awareness about the importance of gut health and its impact on overall well-being has also contributed to the increased demand for these remedies. Customers are now more proactive in seeking solutions to their digestive and intestinal problems, leading to a surge in sales of these products.

Trends in the market: One of the key trends in the Digestive & Intestinal Remedies market in the Baltics is the rising popularity of natural and herbal remedies. Customers are increasingly looking for products that are derived from natural sources and have minimal side effects. This trend is driven by the growing preference for holistic and alternative medicine, as well as the increasing awareness about the potential harmful effects of synthetic drugs. As a result, there has been a shift towards the use of herbal ingredients in digestive and intestinal remedies, with many companies launching products that cater to this demand. Another trend in the market is the increasing availability of these remedies through online channels. E-commerce has gained significant traction in the Baltics, with more and more customers opting to purchase products online. This trend has been further accelerated by the COVID-19 pandemic, which has led to a surge in online shopping. Pharmacies and healthcare retailers have responded to this trend by enhancing their online presence and offering a wide range of digestive and intestinal remedies through their websites. This has made it more convenient for customers to access these products, further driving the growth of the market.

Local special circumstances: The Baltics, comprising of Estonia, Latvia, and Lithuania, have a relatively small population compared to other European countries. This has created a unique market dynamic, with a limited customer base and a high level of competition among market players. In order to stand out in the market, companies have focused on product innovation and differentiation. This has resulted in the introduction of a wide range of digestive and intestinal remedies that cater to specific customer needs. For example, some companies have launched products that target specific digestive issues, such as bloating or acid reflux, while others have focused on developing remedies that are suitable for different age groups. This level of customization has helped companies gain a competitive edge in the market.

Underlying macroeconomic factors: The growth of the Digestive & Intestinal Remedies market in the Baltics is also influenced by underlying macroeconomic factors. The region has experienced steady economic growth in recent years, which has led to an increase in disposable incomes and improved living standards. This has contributed to the growing demand for healthcare products, including digestive and intestinal remedies. Additionally, the healthcare infrastructure in the Baltics has undergone significant development, with an increasing number of pharmacies and healthcare retailers opening across the region. This has made these remedies more accessible to customers, further driving the growth of the market. In conclusion, the Digestive & Intestinal Remedies (Pharmacies) market in the Baltics is witnessing growth due to the increasing customer preferences for these products, driven by unhealthy lifestyles and a growing awareness of gut health. The market is characterized by trends such as the popularity of natural and herbal remedies and the increasing availability of products through online channels. The local special circumstances of a small population and high competition have led to product innovation and customization. Underlying macroeconomic factors such as economic growth and improved healthcare infrastructure have also contributed to the market's development.

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.