Prescription Drugs - Sweden

Sweden

In Sweden, the revenue in the Prescription Drugs market is forecasted to reach US$5.48bn in 2024.
This is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 3.98%, resulting in a market volume of US$6.66bn by 2029.
When compared globally, United States is projected to generate the highest revenue, amounting to US$358.90bn in 2024.
In terms of per person revenues, in 2024, each individual in Sweden is expected to generate US$0.51k.
Sweden's prescription drug market has seen a rise in demand for personalized medicines, driven by a strong focus on precision medicine and advancements in genetic testing.

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

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Analyst Opinion

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

Customer preferences: Customers in Sweden have a strong preference for purchasing prescription drugs from pharmacies due to the convenience and accessibility they offer. Pharmacies in Sweden are well-regulated and provide a wide range of prescription drugs, making it easier for customers to find the medications they need. Additionally, pharmacies in Sweden often have knowledgeable staff who can provide advice and guidance on medication usage.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Sweden is the increasing demand for online pharmacies. This trend has been fueled by the convenience and ease of ordering medications online. Customers can now order their prescription drugs from the comfort of their own homes and have them delivered directly to their doorstep. This trend has been further accelerated by the COVID-19 pandemic, as people have been hesitant to visit physical pharmacies due to safety concerns. Another trend in the market is the growing focus on personalized medicine. Customers are increasingly seeking medications that are tailored to their specific needs and conditions. This trend has led to the development of new drugs and treatments that are designed to target specific genetic markers or biomarkers. Pharmacies in Sweden are adapting to this trend by offering a wider range of personalized medications and working closely with healthcare providers to ensure that patients receive the most appropriate treatments.

Local special circumstances: Sweden has a well-developed healthcare system that provides universal access to healthcare services, including prescription drugs. This has created a strong demand for prescription drugs in the country. Additionally, Sweden has a high level of healthcare literacy among its population, with people being well-informed about their health and the medications they need. This has contributed to the growth of the Prescription Drugs (Pharmacies) market in the country.

Underlying macroeconomic factors: The growth of the Prescription Drugs (Pharmacies) market in Sweden can be attributed to several underlying macroeconomic factors. Firstly, Sweden has a high level of disposable income, which allows people to afford the medications they need. Secondly, the country has a rapidly aging population, which has led to an increased demand for prescription drugs. Lastly, Sweden has a strong pharmaceutical industry, with several major companies operating in the country. This has contributed to the availability of a wide range of prescription drugs in the market. In conclusion, the Prescription Drugs (Pharmacies) market in Sweden is experiencing steady growth due to customer preferences for convenience and accessibility, the increasing demand for online pharmacies, the focus on personalized medicine, the well-developed healthcare system, and underlying macroeconomic factors such as high disposable income, an aging population, and a strong pharmaceutical industry.

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.