Other OTC Pharmaceuticals (Pharmacies) - Estonia

Estonia

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$17.36m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.82%, resulting in a market volume of US$19.95m by 2029.
In global comparison, most revenue will be generated United States (US$4.98bn in 2024).
In relation to total population figures, per person revenues of US$13.16 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in Estonia has been experiencing significant growth in recent years, driven by several key factors.

Customer preferences: Estonian consumers have shown a growing preference for over-the-counter (OTC) pharmaceuticals purchased from pharmacies. This can be attributed to several reasons. Firstly, there is a growing awareness among consumers about the importance of self-care and taking proactive measures to maintain their health. As a result, many individuals are turning to OTC medications to address common ailments and minor health issues. Additionally, the convenience of purchasing these medications from pharmacies, where trained professionals can provide advice and recommendations, is also a factor driving customer preferences.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Estonia is the increasing demand for natural and herbal remedies. Consumers are becoming more conscious of the potential side effects of traditional medications and are seeking alternative options. This has led to a rise in the availability and popularity of natural OTC products, such as herbal supplements and homeopathic remedies. Pharmacies in Estonia have responded to this trend by expanding their product offerings to cater to the growing demand for natural remedies. Another trend in the market is the growing emphasis on preventive healthcare. Estonian consumers are increasingly focused on maintaining their overall well-being and preventing illnesses before they occur. This has led to an increased demand for OTC products that promote general health and wellness, such as vitamins, supplements, and immune-boosting products. Pharmacies have capitalized on this trend by stocking a wide range of preventive healthcare products and offering personalized advice to customers.

Local special circumstances: Estonia has a well-developed healthcare system, with a strong emphasis on primary healthcare services. Pharmacies play a crucial role in this system, serving as the first point of contact for many individuals seeking healthcare advice and treatment. This has created a favorable environment for the growth of the Other OTC Pharmaceuticals (Pharmacies) market in the country. Additionally, the high level of trust that Estonian consumers have in their local pharmacies has further contributed to the market's development.

Underlying macroeconomic factors: Estonia has experienced steady economic growth in recent years, which has had a positive impact on the healthcare sector as a whole. With increasing disposable incomes, consumers have more financial resources to spend on healthcare products, including OTC pharmaceuticals. This has contributed to the growth of the Other OTC Pharmaceuticals (Pharmacies) market in the country. Furthermore, the aging population in Estonia is also driving the demand for OTC pharmaceuticals. As individuals age, they are more likely to experience chronic health conditions and require medications to manage their symptoms. This has created a growing market for OTC products that cater to the needs of the elderly population. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Estonia is experiencing growth due to customer preferences for self-care and convenience, as well as trends towards natural remedies and preventive healthcare. The well-developed healthcare system and high level of trust in pharmacies, combined with favorable macroeconomic factors, have further contributed 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.