Key regions: France, Australia, India, South Korea, Germany
The Other OTC Pharmaceuticals (Pharmacies) market in Finland is experiencing steady growth due to several key factors.
Customer preferences: Finland has a well-developed healthcare system that emphasizes self-care and self-medication. As a result, customers in Finland have a strong preference for over-the-counter (OTC) pharmaceuticals, including products for pain relief, cough and cold remedies, and digestive health. This preference for self-medication is driven by factors such as convenience, cost-effectiveness, and a desire for greater control over one's own health.
Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Finland is the increasing demand for natural and herbal remedies. Customers are becoming more conscious of the ingredients in the products they use and are seeking alternatives to traditional pharmaceuticals. This trend is driven by a growing interest in holistic health and wellness, as well as a desire for more sustainable and eco-friendly options. Another trend in the market is the rising popularity of online pharmacies. With the increasing availability of internet access and the convenience of online shopping, more customers are turning to online pharmacies to purchase their OTC pharmaceuticals. This trend is particularly prevalent among younger consumers who are comfortable with technology and value the convenience of home delivery.
Local special circumstances: Finland has a high level of trust in the healthcare system, which extends to the OTC pharmaceuticals market. Customers in Finland have confidence in the quality and safety of the products available in pharmacies, which further drives the demand for OTC pharmaceuticals. Additionally, the Finnish government plays a role in shaping the market through regulations and policies that promote self-care and self-medication.
Underlying macroeconomic factors: The growth of the Other OTC Pharmaceuticals (Pharmacies) market in Finland is also influenced by macroeconomic factors. Finland has a stable economy with a high standard of living, which allows customers to afford OTC pharmaceuticals. Furthermore, the aging population in Finland contributes to the demand for OTC pharmaceuticals, as older individuals often require medications for chronic conditions and general health maintenance. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Finland is developing due to customer preferences for self-medication, the increasing demand for natural and herbal remedies, the popularity of online pharmacies, the high level of trust in the healthcare system, and underlying macroeconomic factors such as a stable economy and an aging population. These factors are driving the growth of the market and shaping the trends in Finland's OTC pharmaceuticals industry.
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.
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