Prescription Drugs - Nordics

Nordics

In the Nordics, the revenue in the Prescription Drugs market is projected to reach US$15.90bn in 2024.
Looking ahead, the market is expected to show an annual growth rate (CAGR 2024-2029) of 3.83%, resulting in a market volume of US$19.19bn by 2029.
When compared globally, United States is expected to generate the highest revenue in the Prescription Drugs market, reaching US$358.90bn in 2024.
In terms of per person revenues, the figure stands at US$0.57k in 2024.
This indicates the revenue generated per individual in the Nordics market.
In the Nordic countries, the prescription drug market is characterized by a strong emphasis on research and development, leading to a high level of innovation and a wide range of advanced treatments available to patients.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Nordics is experiencing significant growth and development due to various factors.

Customer preferences: Customers in the Nordics have a strong preference for high-quality healthcare services, including prescription drugs. They prioritize access to a wide range of medications and value convenience in obtaining their prescriptions. As a result, they rely heavily on pharmacies to meet their healthcare needs.

Trends in the market: One major trend in the Prescription Drugs (Pharmacies) market in the Nordics is the increasing demand for online pharmacy services. Customers are increasingly turning to online platforms to order their prescription medications, as it offers convenience, privacy, and a wider selection of products. This trend has been further accelerated by the COVID-19 pandemic, as people are seeking contactless options for their healthcare needs. Another trend is the growing focus on personalized medicine. Customers in the Nordics are becoming more aware of the importance of tailored treatments and are seeking pharmacies that can provide personalized advice and medication recommendations. This trend is driven by advancements in technology and the availability of genetic testing, which allows for more precise prescribing and better health outcomes.

Local special circumstances: The Nordic countries have a well-developed healthcare system that provides universal access to healthcare services, including prescription drugs. This ensures that a large portion of the population has access to affordable medications, leading to a higher demand for pharmacies. Furthermore, the Nordics have a strong emphasis on preventive healthcare, which includes the use of prescription drugs. This preventive approach to healthcare drives the demand for pharmacies, as customers seek to maintain their health and prevent the onset of chronic diseases.

Underlying macroeconomic factors: The strong economic growth in the Nordics has contributed to the development of the Prescription Drugs (Pharmacies) market. As the economies in the region continue to prosper, people have more disposable income to spend on healthcare, including prescription medications. This increased purchasing power fuels the demand for pharmacies and drives market growth. Additionally, the aging population in the Nordics is a significant factor in the market's development. As the population ages, the demand for prescription drugs increases, leading to a higher need for pharmacies to provide these medications. This demographic trend is expected to continue in the coming years, further driving the growth of the Prescription Drugs (Pharmacies) market in the Nordics. In conclusion, the Prescription Drugs (Pharmacies) market in the Nordics is developing rapidly due to customer preferences for high-quality healthcare services, including convenient access to a wide range of medications. The market is experiencing trends such as the rise of online pharmacy services and the focus on personalized medicine. The well-developed healthcare system, emphasis on preventive healthcare, strong economic growth, and aging population in the region are all underlying macroeconomic factors that contribute to the market's growth and development.

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.