Pharmacies - Estonia

Estonia

The Pharmacies market in Estonia is projected to reach a revenue of US$521.90m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2028) of 4.76%, resulting in a market volume of US$628.50m by 2028.
In global comparison, United States is anticipated to generate the highest revenue of US$387.30bn in 2024.
In relation to the total population figures, per person revenues of US$395.60 are estimated to be generated in Estonia in 2024.
Despite being a small country, Estonia has a highly developed pharmacy market with a strong focus on digital health solutions.

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

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Analyst Opinion

The Pharmacies market in Estonia has been experiencing steady growth in recent years, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Pharmacies market in Estonia have been shifting towards a greater emphasis on convenience and personalized service. Customers are increasingly looking for pharmacies that offer a wide range of products and services, including over-the-counter medications, prescription drugs, health and wellness products, and beauty and personal care items. In addition, customers are also seeking pharmacies that provide knowledgeable and friendly staff who can offer expert advice and recommendations. Trends in the market have also played a significant role in the development of the Pharmacies market in Estonia. One notable trend is the increasing demand for online pharmacies, which allow customers to conveniently order medications and healthcare products from the comfort of their own homes. This trend has been driven by the growing popularity of e-commerce and the convenience it offers to consumers. Another trend is the rising focus on holistic health and wellness, with pharmacies expanding their product offerings to include natural and alternative remedies, vitamins and supplements, and organic and natural beauty products. Local special circumstances have also influenced the development of the Pharmacies market in Estonia. The country has a well-established healthcare system that provides universal access to healthcare services, including prescription medications. This has created a strong demand for pharmacies to serve the needs of the population. Additionally, Estonia has a high level of digitalization and technological advancement, which has facilitated the growth of online pharmacies and the adoption of digital health solutions. Underlying macroeconomic factors have also played a role in the growth of the Pharmacies market in Estonia. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has allowed consumers to allocate a larger portion of their budget towards healthcare and wellness products, including those offered by pharmacies. Furthermore, the aging population in Estonia has contributed to the growth of the Pharmacies market, as older individuals tend to have higher healthcare needs and require regular access to medications. Overall, the Pharmacies market in Estonia is developing and evolving to meet the changing preferences and needs of customers. The emphasis on convenience, personalized service, and holistic health and wellness, along with the influence of local special circumstances and underlying macroeconomic factors, are driving the growth of the market. As the market continues to evolve, pharmacies in Estonia will need to adapt and innovate to stay competitive in an increasingly dynamic and customer-centric landscape.

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.