Market Insights Health OTC Pharmaceuticals

Analgesics - Nordics

Nordics

In 2024, the revenue in the Analgesics market in the Nordics amounts to US$0.39bn.
It is projected to experience an annual growth rate of 4.67% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in this market, reaching US$7,243.00m in 2024.
Looking at the per capita figures, each person in the Nordics generates revenues of US$13.81 in 2024.
The demand for over-the-counter analgesics in the Nordics is driven by the region's high healthcare standards and strong emphasis on self-care.

Key regions: Canada, United States, United Kingdom, Australia, Germany

Market

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Analyst Opinion

The Analgesics market in Nordics has been experiencing steady growth in recent years, driven by customer preferences for over-the-counter pain relief medications and the increasing prevalence of chronic pain conditions. Customer preferences in the Nordics have been shifting towards self-medication and the use of over-the-counter analgesics. This trend is influenced by factors such as convenience, cost-effectiveness, and the desire for quick relief from minor aches and pains. Consumers in the region value accessibility and ease of purchase, which has led to a rise in the demand for analgesics that can be purchased without a prescription. Trends in the market indicate a growing demand for non-opioid analgesics, such as nonsteroidal anti-inflammatory drugs (NSAIDs) and acetaminophen. These types of analgesics are preferred by customers due to their effectiveness in relieving pain and their lower risk of addiction compared to opioid-based medications. The increasing awareness of the potential risks associated with opioid use has also contributed to the shift towards non-opioid analgesics in the Nordics.Local special circumstances in the Nordics, such as the high prevalence of musculoskeletal disorders and the aging population, have also played a role in the development of the Analgesics market. Musculoskeletal disorders, such as arthritis and back pain, are common in the region and often require long-term pain management. This has created a sustained demand for analgesics, both prescription and over-the-counter, to alleviate chronic pain symptoms. Additionally, the aging population in the Nordics has led to an increased need for pain relief medications, as older individuals are more likely to experience age-related conditions that cause pain.Underlying macroeconomic factors, such as the overall economic stability and healthcare infrastructure in the Nordics, have contributed to the growth of the Analgesics market. The region has a well-developed healthcare system, with easy access to healthcare services and a high level of healthcare expenditure. This enables individuals to seek medical advice and obtain prescriptions for analgesics when necessary. Furthermore, the strong economy in the Nordics has allowed consumers to afford the cost of analgesics, both prescription and over-the-counter, without significant financial burden.In conclusion, the Analgesics market in the Nordics is developing in response to customer preferences for over-the-counter pain relief medications, the increasing prevalence of chronic pain conditions, and local special circumstances such as the high prevalence of musculoskeletal disorders and the aging population. These trends are supported by underlying macroeconomic factors such as economic stability and a well-developed healthcare infrastructure.

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.