OTC Products - Denmark

Denmark

In Denmark, the revenue in the OTC Products market is projected to reach US$123.20m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2028) of 3.12%, resulting in a market volume of US$139.30m by 2028.
When compared globally, China is expected to generate the most revenue in the OTC Products market, with US$74.91bn in 2024.
In Denmark, the per person revenues generated in 2024 amount to US$20.75.
Denmark is experiencing a growing demand for organic OTC products due to its environmentally conscious consumer base.

Key regions: Europe, Germany, Canada, Japan, South Korea

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Analyst Opinion

The OTC Products (Pharmacies) market in Denmark has been experiencing steady growth in recent years.

Customer preferences: Danish consumers have shown a growing preference for self-care and self-medication, which has contributed to the increasing demand for OTC products. This trend can be attributed to several factors, including the convenience and accessibility of OTC products, as well as the rising healthcare costs and long waiting times for doctor appointments. Additionally, the increasing awareness and emphasis on preventive healthcare have also led to a greater demand for OTC products.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Denmark is the growing popularity of natural and herbal remedies. Danish consumers are increasingly seeking out products that are perceived as more natural and have fewer side effects. This trend is driven by a desire for alternative and holistic approaches to healthcare. As a result, pharmacies in Denmark are expanding their range of natural and herbal OTC products to cater to this growing demand. Another trend in the market is the increasing use of technology and e-commerce. Danish consumers are becoming more comfortable with online shopping, and this is also true for OTC products. Pharmacies in Denmark are adapting to this trend by developing online platforms and mobile applications to make it easier for customers to purchase OTC products. This shift towards e-commerce has also allowed pharmacies to reach a wider customer base and offer a more personalized shopping experience.

Local special circumstances: Denmark has a well-developed healthcare system with a strong emphasis on preventive care. The government provides universal healthcare coverage, which includes reimbursement for certain OTC products. This has contributed to the high level of trust and confidence that Danish consumers have in OTC products. Additionally, the Danish Medicines Agency regulates the sale and distribution of OTC products, ensuring that they meet strict quality and safety standards.

Underlying macroeconomic factors: Denmark has a stable economy with a high standard of living. The country has a strong welfare system and high disposable income levels, which allows consumers to spend more on healthcare and wellness products, including OTC products. Furthermore, Denmark has a rapidly aging population, which is driving the demand for OTC products related to chronic conditions and age-related health issues. In conclusion, the OTC Products (Pharmacies) market in Denmark is experiencing growth due to the increasing preference for self-care, the popularity of natural and herbal remedies, the adoption of technology and e-commerce, as well as the country's well-developed healthcare system and strong economy. These factors are likely to continue driving the growth of the OTC Products (Pharmacies) market in Denmark in the coming years.

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.