OTC Pharmaceuticals - Finland

Finland

Revenue in the OTC Pharmaceuticals market amounts to US$390.30m in 2024. The market is expected to grow annually by 2.81% (CAGR 2024-2029).
The market's largest segment is the segment Other OTC Pharmaceuticals with a market volume of US$142.00m in 2024.
In global comparison, most revenue is generated in the United States (US$41,240m in 2024).
In relation to total population figures, per person revenues of US$70.33 are generated in 2024.
In the OTC Pharmaceuticals market, 17.5% of total revenue will be generated through online sales by 2024.

Key regions: Worldwide, India, Philippines, United States, Europe

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Analyst Opinion

The OTC Pharmaceuticals market in Finland has been experiencing steady growth in recent years, driven by several key factors. Customer preferences for self-medication, convenience, and affordability have played a significant role in shaping the market landscape.

Additionally, local special circumstances and underlying macroeconomic factors have also contributed to the development of the OTC Pharmaceuticals market in Finland. Customer preferences in Finland have shifted towards self-medication, with consumers increasingly seeking over-the-counter remedies for common ailments. This trend can be attributed to the convenience and accessibility of OTC products, as well as the growing awareness and trust in their effectiveness.

Furthermore, the affordability of OTC medications compared to prescription drugs has also been a driving factor for consumers. In terms of market trends, there has been a growing demand for OTC Pharmaceuticals in Finland, particularly in categories such as pain relief, cough and cold remedies, and gastrointestinal medications. This can be attributed to the prevalence of common ailments and the desire for quick relief.

Additionally, the aging population in Finland has also contributed to the increased demand for OTC Pharmaceuticals, as older individuals often require medications for chronic conditions. Local special circumstances in Finland, such as the well-developed healthcare system and high healthcare standards, have also influenced the OTC Pharmaceuticals market. The Finnish healthcare system emphasizes self-care and encourages individuals to take responsibility for their own health.

This mindset, combined with the availability of a wide range of OTC products, has contributed to the growth of the market. Underlying macroeconomic factors have also played a role in the development of the OTC Pharmaceuticals market in Finland. The country has a stable economy and a high standard of living, which has allowed consumers to allocate a portion of their disposable income towards healthcare expenses, including OTC medications.

Additionally, the government has implemented policies to promote the use of OTC Pharmaceuticals, such as allowing pharmacies to sell certain prescription medications without a doctor's prescription. In conclusion, the OTC Pharmaceuticals market in Finland is developing due to customer preferences for self-medication, convenience, and affordability. The market is characterized by a growing demand for OTC products in various categories, driven by the prevalence of common ailments and the aging population.

Local special circumstances, such as the well-developed healthcare system and high healthcare standards, have also contributed to the market's growth. Furthermore, underlying macroeconomic factors, including a stable economy and government policies, have supported the development of the OTC Pharmaceuticals market in Finland.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.