Market Insights Health Pharmacies OTC Products

Other OTC Pharmaceuticals (Pharmacies) - Sweden

Sweden

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$36.16m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.03%, resulting in a market volume of US$36.22m by 2029.
In global comparison, most revenue will be generated in the United States (US$4,981.00m in 2024).
In relation to total population figures, per person revenues of US$3.39 are generated in 2024.

Key regions: France, Australia, India, South Korea, Germany

Market

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Currency

Analyst Opinion

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

Customer preferences: Swedish consumers have shown a strong preference for self-medication and over-the-counter (OTC) pharmaceuticals. This can be attributed to several factors, including a high level of health consciousness among the population, a well-developed healthcare system that encourages self-care, and a growing trend towards preventive healthcare. Additionally, the convenience and accessibility of OTC products in pharmacies have contributed to their popularity among consumers.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Sweden is the increasing demand for natural and herbal remedies. Consumers are becoming more aware of the potential side effects of synthetic drugs and are seeking alternative, more natural options. This trend is driven by a desire for holistic and sustainable healthcare solutions. Another trend in the market is the growing popularity of online pharmacies. Swedish consumers are increasingly turning to online platforms to purchase OTC pharmaceuticals due to the convenience and competitive pricing offered by these platforms. This trend has been further accelerated by the COVID-19 pandemic, which has led to an increased reliance on e-commerce channels.

Local special circumstances: Sweden has a well-regulated pharmaceutical market, which ensures the safety and quality of OTC products. The Swedish Medical Products Agency (MPA) plays a crucial role in regulating the sale and distribution of pharmaceuticals, including OTC products. This regulatory framework instills confidence in consumers and contributes to the growth of the market. Additionally, Sweden has a high level of digital literacy and internet penetration, which has facilitated the adoption of online pharmacies. The country's efficient logistics infrastructure also enables timely and reliable delivery of OTC products to consumers.

Underlying macroeconomic factors: Sweden has a strong economy with a high standard of living, which enables consumers to afford OTC pharmaceuticals. The country's robust healthcare system, which provides universal access to healthcare services, also contributes to the demand for OTC products. Furthermore, the aging population in Sweden is driving the demand for OTC pharmaceuticals. As the population ages, there is an increased need for products that cater to age-related health issues, such as joint pain, digestive problems, and sleep disorders. This demographic trend is expected to continue fueling the growth of the Other OTC Pharmaceuticals (Pharmacies) market in Sweden. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Sweden is experiencing growth due to customer preferences for self-medication, increasing demand for natural remedies, the popularity of online pharmacies, a well-regulated pharmaceutical market, and underlying macroeconomic factors such as a strong economy 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.