Market Insights Health Pharmacies OTC Products

Other OTC Pharmaceuticals (Pharmacies) - Denmark

Denmark

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$43.51m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.53%, resulting in a market volume of US$46.23m by 2028.
In global comparison, most revenue will be generated in the United States (US$4,981.00m in 2024).
In relation to total population figures, per person revenues of US$7.33 are generated in 2024.

Key regions: United Kingdom, Canada, France, Europe, Japan

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Analyst Opinion

The Other OTC Pharmaceuticals (Pharmacies) market in Denmark has been experiencing significant growth in recent years.

Customer preferences: Customers in Denmark have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors. Firstly, the increasing awareness and focus on self-care and preventive healthcare have led to a higher demand for OTC medications. Consumers are taking a more proactive approach to their health and are seeking accessible and affordable solutions for common ailments. Additionally, the convenience and ease of purchasing OTC products from pharmacies have contributed to their popularity among customers.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Denmark is the rising demand for natural and herbal remedies. Consumers are increasingly seeking alternative and holistic approaches to healthcare, which has led to a surge in the popularity of natural OTC products. This trend is driven by a growing awareness of the potential side effects of synthetic medications and a desire for more sustainable and environmentally-friendly options. Another trend in the market is the increasing availability and adoption of online pharmacies. The convenience and accessibility of online shopping have extended to the pharmaceutical industry, allowing customers to purchase OTC medications from the comfort of their homes. This trend has been further accelerated by the COVID-19 pandemic, which has led to a shift towards online shopping across various industries.

Local special circumstances: Denmark has a well-developed healthcare system with a strong emphasis on patient empowerment and self-care. The government has implemented various policies and initiatives to promote the use of OTC medications and reduce the burden on the healthcare system. For example, pharmacies in Denmark are authorized to provide professional advice and guidance to customers, ensuring the safe and appropriate use of OTC products. This has further contributed to the growth of the Other OTC Pharmaceuticals (Pharmacies) market in the country.

Underlying macroeconomic factors: The strong economy and high disposable income levels in Denmark have also played a significant role in the growth of the Other OTC Pharmaceuticals (Pharmacies) market. Consumers have the financial means to purchase OTC medications, and the willingness to invest in their health and well-being. Additionally, the aging population in Denmark has created a larger consumer base for OTC products, as older individuals often require medications for chronic conditions or age-related ailments. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Denmark is experiencing growth due to customer preferences for self-care and preventive healthcare, the rising demand for natural and herbal remedies, the increasing availability of online pharmacies, the emphasis on patient empowerment and self-care in the healthcare system, and the strong economy and high disposable income levels in the country.

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.