OTC Products - Norway

Norway

Highlights

The OTC Products market in Norway is expected to achieve a revenue of US$201.40m in 2024.
This projection indicates a positive growth trend for the industry.
Anticipated annual growth rate (CAGR 2024-2029) stands at 4.07%, leading to a market volume of US$245.90m by 2029.
When compared to other countries worldwide, China is projected to generate the highest revenue in the OTC Products market, reaching US$74.91bn in 2024.
Norway's revenue may not be as substantial as China's, but it is still a significant contributor to the industry.
In terms of per capita revenue, in Norway is expected to generate approximately US$36.53 per person in 2024.
This figure indicates the average revenue generated by each individual in the country.
The demand for OTC products in Norway has been steadily increasing due to the population's high level of health consciousness and accessibility to pharmacies.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The OTC Products (Pharmacies) market in Norway has been experiencing significant growth in recent years.

Customer preferences: Customers in Norway have shown a strong preference for OTC products, which has contributed to the growth of the market. The convenience and accessibility of purchasing these products from pharmacies without a prescription have made them popular among consumers. Additionally, the increasing awareness of self-care and the importance of preventive healthcare has also driven the demand for OTC products.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Norway is the growing demand for natural and organic products. Consumers are becoming more conscious about the ingredients used in the products they use, and are opting for natural alternatives. This trend is in line with the global shift towards natural and organic products, and is driven by the increasing focus on health and wellness. Another trend in the market is the rise of e-commerce. Online pharmacies have gained popularity in recent years, offering consumers the convenience of purchasing OTC products from the comfort of their homes. This trend has been further accelerated by the COVID-19 pandemic, as more people are turning to online shopping for their healthcare needs.

Local special circumstances: Norway has a well-developed healthcare system and a high standard of living, which has contributed to the growth of the OTC Products (Pharmacies) market. The country has a strong emphasis on preventive healthcare and self-care, which aligns with the increasing demand for OTC products. Additionally, the Norwegian government has implemented policies to promote self-care and the use of OTC products, further driving the growth of the market.

Underlying macroeconomic factors: The growth of the OTC Products (Pharmacies) market in Norway can also be attributed to underlying macroeconomic factors. The country has a stable economy and a high disposable income, which allows consumers to spend on healthcare products. Additionally, the aging population in Norway has also contributed to the growth of the market, as older adults are more likely to use OTC products for their healthcare needs. In conclusion, the OTC Products (Pharmacies) market in Norway is experiencing growth due to customer preferences for convenience and accessibility, as well as the increasing demand for natural and organic products. The rise of e-commerce and the emphasis on preventive healthcare are also driving the growth of the market. The local special circumstances in Norway, such as the well-developed healthcare system and government policies, further contribute to the growth. Lastly, underlying macroeconomic factors, such as the stable economy and aging population, play a role in the development of the market.

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.