Key regions: France, Australia, India, South Korea, Germany
The Other OTC Pharmaceuticals (Pharmacies) market in Nordics has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Nordics have been shifting towards self-care and a focus on preventive health measures. Consumers are increasingly seeking non-prescription medications and healthcare products that can be easily accessed and purchased from pharmacies without the need for a doctor's prescription. This preference for over-the-counter (OTC) pharmaceuticals is driven by factors such as convenience, cost-effectiveness, and the desire for greater control over one's own health. Additionally, the high level of trust in the healthcare system and the quality of products available in pharmacies further contributes to the growing demand for OTC pharmaceuticals. Trends in the market indicate a growing emphasis on natural and organic products, as well as a rising demand for products that cater to specific health needs. Consumers in the Nordics are increasingly seeking out OTC pharmaceuticals that are made from natural ingredients, free from artificial additives, and have a minimal environmental impact. This trend aligns with the overall focus on sustainability and wellness in the region. Additionally, there is a growing demand for specialized OTC pharmaceuticals that target specific health conditions, such as sleep disorders, allergies, and digestive issues. This trend reflects the increasing awareness and proactive approach towards managing and improving individual health. Local special circumstances in the Nordics also contribute to the development of the Other OTC Pharmaceuticals (Pharmacies) market. The region's well-developed healthcare infrastructure and high level of healthcare literacy create a conducive environment for the growth of OTC pharmaceuticals. The presence of a large number of pharmacies, both brick-and-mortar and online, ensures easy access to a wide range of OTC products for consumers. Furthermore, the strong regulatory framework in the Nordics ensures the safety and quality of OTC pharmaceuticals, instilling confidence in consumers and encouraging their use. Underlying macroeconomic factors, such as the increasing disposable income and aging population in the Nordics, also play a role in the development of the OTC Pharmaceuticals (Pharmacies) market. As disposable income rises, consumers have more purchasing power to spend on healthcare products and medications. The aging population, on the other hand, drives the demand for OTC pharmaceuticals as older individuals often have a higher need for self-care and preventive health measures. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in the Nordics is experiencing growth due to changing customer preferences towards self-care, emerging trends in the market such as the demand for natural and specialized products, local special circumstances such as a well-developed healthcare infrastructure, and underlying macroeconomic factors such as increasing disposable income and an aging population. This growth is expected to continue as consumers in the region prioritize their health and seek convenient and effective solutions for their healthcare needs.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
