OTC Products - Nordics

Nordics

In the Nordics, the OTC Products market is forecasted to generate a revenue of US$1,573.00m in 2024.
This market is expected to exhibit a Compound Annual Growth Rate (CAGR 2024-2029) of 2.74%, resulting in a market volume of US$1,801.00m by 2029.
In a global perspective, China is anticipated to generate the highest revenue with US$74.91bn in 2024.
When considering the total population, the per person revenue in the Nordics is projected to be US$56.06 in 2024.
In the Nordics, the OTC products market is seeing a rise in demand for natural and organic remedies.

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

Market

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Currency

Analyst Opinion

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

Customer preferences: Customers in the Nordics have shown a growing preference for self-medication and over-the-counter (OTC) products. This can be attributed to several factors, including the increasing awareness and acceptance of OTC products, the convenience of purchasing these products without a prescription, and the desire for more control over one's own healthcare. Additionally, the high level of trust in pharmacies and pharmacists in the region has also contributed to the popularity of OTC products.

Trends in the market: One of the key trends in the OTC Products market in the Nordics is the increasing demand for natural and herbal remedies. Customers are becoming more conscious of their health and are seeking out alternative options to traditional pharmaceutical products. This trend is driven by a desire for more natural and holistic approaches to healthcare, as well as concerns about potential side effects of certain medications. As a result, pharmacies in the Nordics are expanding their range of natural and herbal products to cater to this growing demand. Another trend in the market is the rise of e-commerce in the OTC Products sector. Online pharmacies and digital platforms have gained popularity among customers who value the convenience and accessibility of purchasing OTC products online. This trend has been further accelerated by the COVID-19 pandemic, as more people have turned to online shopping for their healthcare needs. As a result, pharmacies in the Nordics are investing in their online presence and expanding their e-commerce capabilities to meet the changing needs of their customers.

Local special circumstances: The Nordics have a well-developed healthcare system, with a strong emphasis on preventive care and public health. This has created a favorable environment for the growth of the OTC Products market, as customers are encouraged to take an active role in managing their own health. Additionally, the high level of trust in pharmacies and pharmacists in the region has also contributed to the popularity of OTC products.

Underlying macroeconomic factors: The OTC Products market in the Nordics is also influenced by macroeconomic factors such as population demographics and disposable income levels. The region has a relatively high disposable income, which allows customers to spend more on healthcare products, including OTC products. Furthermore, the aging population in the Nordics has led to an increased demand for healthcare products and services, including OTC products. This demographic trend is expected to continue in the coming years, further driving the growth of the OTC Products market in the region.

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.