OTC Products - Finland

Finland

The OTC Products market in Finland is anticipated to witness a significant surge in revenue, with projections indicating a staggering amount of US$464.00m in 2024.
This growth is expected to continue steadily, with an estimated annual growth rate (CAGR 2024-2029) of 2.87%.
Consequently, the market volume is predicted to expand and reach an impressive US$534.50m by 2029.
When comparing in Finland to other countries globally, it is noteworthy that China is anticipated to generate the highest revenue in the OTC Products market, with a substantial amount of US$74.91bn projected for 2024.
However, it is important to consider that this comparison is made on a global scale and does not solely reflect the market situation in Finland.
To provide a better understanding of the market's impact on individuals, it is worth noting that in Finland, per person revenues are estimated to be US$83.61 in 2024.
This figure demonstrates the average revenue generated by each individual in relation to the total population of the country.
The demand for OTC products in Finland is driven by a strong consumer preference for natural and herbal remedies.

Key regions: Europe, Australia, United Kingdom, Germany, South Korea

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Analyst Opinion

The OTC Products (Pharmacies) market in Finland has been experiencing steady growth in recent years.

Customer preferences: Customers in Finland have shown a growing preference for OTC products, which can be attributed to several factors. Firstly, the increasing awareness and emphasis on self-care and preventive healthcare have led consumers to seek out OTC products for minor ailments and health concerns. Secondly, the convenience and accessibility of OTC products in pharmacies have made them a popular choice among consumers. Lastly, the rising healthcare costs and long waiting times for doctor appointments have also contributed to the increased demand for OTC products.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Finland is the growing demand for natural and herbal remedies. Consumers are increasingly seeking out products that are perceived to be more natural and have fewer side effects. This trend is in line with the global shift towards natural and organic products. As a result, pharmacies in Finland have been expanding their range of natural and herbal OTC products to cater to this demand. Another trend in the market is the increasing popularity of online pharmacies. With the widespread use of the internet and smartphones, consumers are now able to purchase OTC products online with ease. This trend has been further accelerated by the COVID-19 pandemic, which has led to a surge in online shopping. Online pharmacies offer convenience, competitive prices, and a wide range of products, making them an attractive option for consumers.

Local special circumstances: Finland has a well-developed healthcare system, which includes a strong network of pharmacies. The Finnish government has implemented policies to ensure the accessibility and affordability of healthcare services, including OTC products. Pharmacies in Finland are regulated by the Finnish Medicines Agency (Fimea) and are required to adhere to strict quality standards. This has helped to build trust and confidence among consumers in the OTC products available in pharmacies.

Underlying macroeconomic factors: The OTC Products (Pharmacies) market in Finland is influenced by several macroeconomic factors. Firstly, the overall economic growth and stability in Finland have contributed to the increased purchasing power of consumers, enabling them to afford OTC products. Secondly, the aging population in Finland has led to a higher demand for healthcare products and services, including OTC products. Lastly, the government's focus on promoting self-care and preventive healthcare has also played a role in driving the growth of the OTC Products (Pharmacies) market in Finland. In conclusion, the OTC Products (Pharmacies) market in Finland is experiencing growth due to customer preferences for self-care, convenience, and natural remedies. The market is also influenced by trends such as the rise of online pharmacies. The local special circumstances, including a well-regulated healthcare system and government policies, have contributed to the development of the market. Additionally, underlying macroeconomic factors such as economic growth and an aging population have further fueled the growth of the OTC Products (Pharmacies) market in Finland.

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.