Prescription Drugs - Estonia

Estonia

In Estonia, the revenue in the Prescription Drugs market is forecasted to reach US$334.90m in 2024.
It is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 4.33%, leading to a market volume of US$414.00m by 2029.
When compared globally, United States is projected to generate the highest revenue of US$358.90bn in 2024.
In terms of per person revenues, in Estonia is estimated to generate US$253.90 in 2024.
Estonia's pharmaceutical market has witnessed a surge in demand for innovative prescription drugs, driven by the country's growing healthcare sector and increasing focus on personalized medicine.

Key regions: Japan, China, Europe, Australia, Canada

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Estonia has been experiencing steady growth in recent years.

Customer preferences: Customers in Estonia have shown a growing preference for purchasing prescription drugs from pharmacies. This is driven by several factors, including the convenience of having a wide range of medications available in one location, as well as the trust and expertise that pharmacists provide. Additionally, customers in Estonia value the ability to consult with pharmacists for advice on medication usage and potential side effects.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Estonia is the increasing demand for over-the-counter (OTC) medications. This can be attributed to the growing awareness among consumers about self-care and the availability of OTC medications for common ailments. In addition, the aging population in Estonia has contributed to the demand for prescription drugs, as elderly individuals require regular medications for chronic conditions. Another trend in the market is the growing popularity of online pharmacies. Customers in Estonia are increasingly turning to online platforms to purchase prescription drugs, due to the convenience and ease of comparison shopping. Online pharmacies also offer a wider selection of medications and often provide home delivery services, which appeals to customers who may have limited mobility or live in remote areas.

Local special circumstances: Estonia has a well-developed healthcare system, which includes a network of pharmacies that are easily accessible to the population. The country has a high number of pharmacies per capita, ensuring that customers have access to prescription drugs in their local communities. This accessibility contributes to the growth of the Prescription Drugs (Pharmacies) market in Estonia.

Underlying macroeconomic factors: Estonia has experienced steady economic growth in recent years, which has contributed to the increasing affordability of prescription drugs for the population. The country's strong economy has also led to higher disposable incomes, allowing customers to allocate more of their budget towards healthcare expenses, including prescription medications. Additionally, the government of Estonia has implemented policies to ensure the affordability and accessibility of prescription drugs, further supporting the growth of the market.

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.