OTC Products - Estonia

Estonia

Highlights

In Estonia, the revenue in the market of OTC Products market is estimated to reach US$187.00m by the year 2024.
It is projected to exhibit an annual growth rate of 5.22% from 2024 to 2029, leading to a market volume of US$241.10m by 2029.
When compared globally, China is expected to generate the highest revenue in this market, amounting to US$74.91bn in 2024.
In terms of per person revenues, in Estonia is projected to generate US$141.70 in 2024.
Estonia's OTC market is experiencing a surge in demand for natural health supplements due to the country's strong focus on wellness and sustainability.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The OTC Products (Pharmacies) market in Estonia has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Customers in Estonia have shown a growing preference for OTC products, seeking convenience and affordability. With an increasing focus on self-care and wellness, consumers are turning to pharmacies for a wide range of OTC products, including medications, supplements, and personal care items. This shift in consumer behavior is driven by the desire for quick and easy access to healthcare solutions, as well as a growing awareness of the benefits of preventive healthcare.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Estonia is the increasing demand for natural and organic products. Consumers are becoming more conscious of the ingredients used in the products they use, and are seeking out options that are free from artificial additives and chemicals. This trend is reflected in the growing availability of natural and organic OTC products in pharmacies across the country. Another trend in the market is the rising popularity of online pharmacies. With the increasing use of e-commerce platforms, customers are now able to conveniently purchase OTC products online and have them delivered to their doorstep. This has led to a shift in the retail landscape, with traditional brick-and-mortar pharmacies adapting to the changing market dynamics by establishing their own online presence.

Local special circumstances: One of the unique aspects of the OTC Products (Pharmacies) market in Estonia is the country's well-developed healthcare system. Estonia has a high level of healthcare accessibility and affordability, which has contributed to the growth of the OTC market. The country's universal healthcare coverage ensures that a wide range of OTC products are available to all citizens, regardless of their income level.

Underlying macroeconomic factors: The growth of the OTC Products (Pharmacies) market in Estonia is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income levels. This has allowed consumers to allocate more of their budget towards healthcare and wellness products, including OTC products. Furthermore, the aging population in Estonia is also driving the demand for OTC products. As the population ages, there is a greater need for self-care and preventive healthcare, leading to an increased demand for OTC medications and supplements. In conclusion, the OTC Products (Pharmacies) market in Estonia is experiencing growth due to changing customer preferences, including a preference for natural and organic products, as well as the rising popularity of online pharmacies. The country's well-developed healthcare system and underlying macroeconomic factors, such as steady economic growth and an aging population, are also contributing to the market's expansion.

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.