Pharmaceuticals - Finland

Finland

In 2024, the projected revenue in the Pharmaceuticals market in Finland is estimated to reach US$2,048.00m.
Among the various markets, Oncology Drugs is expected to be the largest, with a projected market volume of US$402.90m in the same year.
It is anticipated that the revenue will display a compound annual growth rate (CAGR 2024-2028) of 6.05%, leading to a market volume of US$2,590.00m by 2028.
When compared globally, United States is expected to generate the highest revenue, reaching US$636.90bn in 2024.
Finland's pharmaceutical market is characterized by a strong emphasis on research and development, leading to a high level of innovation and advanced medical solutions.

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

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

Market

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Currency

Analyst Opinion

The Pharmaceuticals market in Finland has been experiencing growth in recent years.

Customer preferences: Customers in Finland are increasingly looking for personalized and innovative healthcare solutions. They are also becoming more health-conscious and seeking preventative measures to maintain their well-being. This has led to a rise in demand for pharmaceutical products that are tailored to individual needs and offer improved outcomes.

Trends in the market: One of the major trends in the pharmaceuticals market in Finland is the growth of biologics. Biologics are complex drugs made from living organisms and are used to treat chronic diseases such as cancer, rheumatoid arthritis, and multiple sclerosis. The demand for biologics is increasing due to their efficacy and fewer side effects compared to traditional drugs.Another trend in the market is the increasing importance of digital health solutions. The use of digital health technologies such as telemedicine, wearables, and mobile health apps is becoming more prevalent in Finland. This trend is driven by the need for remote patient monitoring and the desire for more accessible and convenient healthcare services.

Local special circumstances: Finland has a highly developed healthcare system that is publicly funded. This means that the government plays a significant role in the pharmaceuticals market through the regulation of drug prices and reimbursement policies. The government's focus on cost containment has led to a challenging pricing environment for pharmaceutical companies operating in the country.

Underlying macroeconomic factors: The Finnish economy has been growing steadily in recent years, which has contributed to the growth of the pharmaceuticals market. However, the country's aging population and increasing healthcare costs pose challenges for the sustainability of the healthcare system. The government is implementing reforms to address these challenges, which will have implications for the pharmaceuticals market in the coming years.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

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. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.