OTC Products - Northern Europe

Northern Europe

In Northern Europe, the projected revenue in the OTC Products market is estimated to reach US$2,445.00m in 2024.
This market is expected to grow at an annual growth rate (CAGR 2024-2029) of 3.26%, resulting in a market volume of US$2,871.00m by 2029.
When compared globally, China is anticipated to generate the highest revenue in 2024, amounting to US$74.91bn.
Looking at the per person revenues in Northern Europe, it is estimated to be US$72.18 in 2024.
In Northern Europe, there is a growing trend towards natural and organic OTC products, driven by consumer demand for sustainable and eco-friendly options.

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

Market

Region

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Analyst Opinion

The OTC Products (Pharmacies) market in Northern Europe has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in Northern Europe have shifted towards self-care and preventive healthcare. Consumers are increasingly looking for over-the-counter products that can help them manage minor ailments and maintain their overall well-being. This trend is driven by a growing awareness of the importance of self-care and a desire for convenience. As a result, there has been a surge in demand for OTC products in the region. Trends in the market reflect the changing needs and preferences of consumers. Northern European countries have witnessed a rise in the demand for natural and organic OTC products. Consumers are seeking products that are free from artificial ingredients and chemicals, and that align with their values of sustainability and environmental consciousness. This trend has led to the emergence of new brands and product lines that cater to these specific preferences. Local special circumstances in Northern Europe have also played a role in the development of the OTC Products (Pharmacies) market. The region has a well-established healthcare system that emphasizes accessibility and affordability. Pharmacies are an integral part of this system, providing a wide range of OTC products and expert advice to consumers. The presence of well-trained pharmacists and the availability of prescription-free medications have contributed to the growth of the market. Underlying macroeconomic factors have further fueled the expansion of the OTC Products (Pharmacies) market in Northern Europe. The region has experienced steady economic growth, which has increased disposable incomes and consumer spending power. As a result, consumers have more resources to invest in their health and well-being, leading to increased demand for OTC products. Additionally, the aging population in Northern Europe has created a larger consumer base for healthcare products, including OTC medications. In conclusion, the OTC Products (Pharmacies) market in Northern Europe is developing due to shifting customer preferences towards self-care, the demand for natural and organic products, the presence of a well-established healthcare system, and underlying macroeconomic factors such as economic growth and an aging population. These factors have created a favorable environment for the growth of the market and are expected to continue driving its expansion in the future.

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.