Other OTC Pharmaceuticals (Pharmacies) - Norway

Norway

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$37.19m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.19%, resulting in a market volume of US$37.54m 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$6.75 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in Norway is experiencing steady growth due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Other OTC Pharmaceuticals (Pharmacies) market in Norway are driving the growth of the industry. Customers in Norway prefer to have easy access to over-the-counter medications and healthcare products without the need for a prescription. This preference for convenience and self-care has led to an increased demand for OTC pharmaceuticals in pharmacies. Customers also value the expertise and advice provided by pharmacists, who can recommend suitable products for their specific needs. Trends in the market further contribute to the growth of the Other OTC Pharmaceuticals (Pharmacies) market in Norway. One notable trend is the increasing focus on natural and herbal remedies. Customers are becoming more conscious of their health and are seeking alternative options to traditional pharmaceuticals. This has led to a rise in the availability and popularity of natural and herbal OTC products in pharmacies. Another trend is the growing popularity of online pharmacies, which provide customers with the convenience of ordering OTC products from the comfort of their homes. This trend has expanded the reach of pharmacies and increased accessibility for customers. Local special circumstances also play a role in the development of the Other OTC Pharmaceuticals (Pharmacies) market in Norway. The Norwegian healthcare system emphasizes preventive care and self-management of minor ailments. This approach encourages individuals to take responsibility for their own health and seek appropriate OTC medications when needed. The government also regulates the sale of OTC pharmaceuticals to ensure safety and quality standards are met, providing customers with confidence in their purchases from pharmacies. Underlying macroeconomic factors contribute to the growth of the Other OTC Pharmaceuticals (Pharmacies) market in Norway. Norway has a high standard of living and a well-developed healthcare system, which creates a favorable environment for the OTC pharmaceutical industry. The country's strong economy and high disposable income levels allow customers to afford OTC medications and healthcare products. Additionally, the aging population in Norway contributes to the demand for OTC pharmaceuticals, as older individuals often require medications for chronic conditions and age-related ailments. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Norway is growing due to customer preferences for convenience and self-care, market trends such as the popularity of natural remedies and online pharmacies, local special circumstances emphasizing preventive care, and underlying macroeconomic factors such as a high standard of living and an aging population. These factors are driving the development of the OTC pharmaceutical industry in Norway.

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.