Pharmacies - Sweden

Sweden

The Pharmacies market in Sweden is expected to reach a projected revenue of US$6.20bn SEK in 2024.
It is anticipated to exhibit an annual growth rate of 3.74% (CAGR 2024-2029), resulting in a market volume of US$7.45bn SEK by 2029.
When compared globally, United States is projected to generate the highest revenue in the Pharmacies market, amounting to US$387.30bn SEK in 2024.
In terms of per capita revenue, in Sweden is expected to generate US$581.10 SEK per person in 2024.
The pharmacy market in Sweden is witnessing a growing demand for natural and organic products.

Key regions: United States, China, Germany, Japan, Europe

Market

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Currency

Analyst Opinion

The Pharmacies market in Sweden has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for this growth is the increasing demand for over-the-counter medications and healthcare products. Customers in Sweden are increasingly seeking convenience and accessibility when it comes to purchasing medications, and pharmacies provide a one-stop solution for their healthcare needs. Additionally, the aging population in Sweden has also contributed to the growth of the pharmacies market, as older individuals often require more medications and healthcare products.

Trends in the market: Another trend in the pharmacies market in Sweden is the rising popularity of online pharmacies. With the advancement of technology and the increasing use of smartphones, more and more customers are turning to online platforms to purchase their medications. Online pharmacies offer convenience, competitive pricing, and a wide range of products, making them an attractive option for many consumers. This trend is expected to continue in the coming years, further driving the growth of the pharmacies market in Sweden.

Local special circumstances: Sweden has a well-developed healthcare system, with a strong emphasis on preventive care and public health. This focus on healthcare has created a favorable environment for the pharmacies market to thrive. Pharmacies in Sweden not only provide medications and healthcare products, but they also offer a range of services such as health consultations, vaccinations, and health screenings. This integration of healthcare services within pharmacies has further increased their popularity among consumers.

Underlying macroeconomic factors: The strong economy in Sweden has also played a role in the growth of the pharmacies market. With a high standard of living and disposable income, consumers in Sweden have the financial means to purchase medications and healthcare products. Additionally, the government of Sweden has implemented policies to promote the use of generic medications, which has led to lower prices and increased affordability for consumers. In conclusion, the pharmacies market in Sweden is experiencing significant growth due to customer preferences for convenience and accessibility, the rising popularity of online pharmacies, the country's focus on healthcare, and the strong economy. These factors are expected to continue driving the growth of the pharmacies market in the coming years.

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.