OTC Products - Sweden

Sweden

In Sweden, the revenue in the OTC Products market is forecasted to reach US$719.20m in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 2.04%, leading to a market volume of US$795.60m by 2029.
When compared globally, China is projected to generate the highest revenue of US$74.91bn in 2024.
In terms of per person revenues, in Sweden is expected to generate US$67.38 in 2024.
"The OTC market in Sweden is experiencing a surge in demand for natural health products, driven by a growing interest in holistic wellness and alternative medicine."

Key regions: Europe, Australia, United Kingdom, Germany, South Korea

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Swedish consumers have shown a growing preference for over-the-counter (OTC) products, which can be attributed to several factors. Firstly, there is a strong emphasis on self-care and personal health management in Sweden. Consumers are increasingly taking responsibility for their own health and seeking out OTC products to address minor health issues. Additionally, the convenience and accessibility of OTC products in pharmacies have made them a popular choice among consumers.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Sweden is the increasing demand for natural and herbal remedies. Consumers are becoming more conscious of the ingredients in the products they use and are opting for natural alternatives. This trend is in line with the overall shift towards a more holistic approach to health and wellness. Pharmacies in Sweden have responded to this trend by expanding their range of natural and herbal OTC products. Another trend in the market is the growing popularity of online pharmacies. Swedish consumers are increasingly turning to online platforms to purchase OTC products, as it offers convenience and a wider range of options. Online pharmacies also provide consumers with the ability to compare prices and read reviews, which helps them make informed decisions. This trend has prompted traditional brick-and-mortar pharmacies to enhance their online presence and offer competitive pricing.

Local special circumstances: One unique aspect of the Swedish market is the strong presence of state-owned pharmacies. Apoteket AB, a government-owned pharmacy chain, has a monopoly on prescription drugs and operates a large number of pharmacies across the country. This has created a favorable environment for the sale of OTC products, as consumers often visit pharmacies to pick up their prescriptions and are likely to purchase OTC products as well. The state-owned pharmacies have also played a role in promoting self-care and providing information to consumers about OTC products.

Underlying macroeconomic factors: The growth of the OTC Products (Pharmacies) market in Sweden can be attributed to several underlying macroeconomic factors. Firstly, Sweden has a high standard of living and a strong healthcare system, which has contributed to a population that is willing and able to spend on healthcare products. Additionally, the aging population in Sweden has increased the demand for OTC products, as older individuals often require medications and healthcare products for chronic conditions. Finally, the strong economy and high disposable income levels in Sweden have allowed consumers to allocate a larger portion of their budget towards healthcare and wellness products. In conclusion, the OTC Products (Pharmacies) market in Sweden is experiencing growth due to customer preferences for self-care, the increasing demand for natural remedies, the popularity of online pharmacies, the presence of state-owned pharmacies, and underlying macroeconomic factors such as a high standard of living and an aging population.

Methodology

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.