Estonia Pharmaceutical Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 528.14 Million |
| Market Size (2029) | USD 725.29 Million |
| CAGR (2024 - 2029) | 6.55 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Estonia Pharmaceutical Market Analysis
The Estonia Pharmaceutical Market size is estimated at USD 528.14 million in 2024, and is expected to reach USD 725.29 million by 2029, growing at a CAGR of 6.55% during the forecast period (2024-2029).
The rising cases of numerous diseases and the development of medicines to cure these diseases are leading to the growth of the pharmaceutical industry in Estonia.
The implementation of cross-border activities between Estonia and other countries signifies a substantial advancement in the pharmaceutical industry, which is projected to drive market growth during the forecast period. For instance, in March 2024, the cross-border e-prescriptions between Estonia and Latvia were signed, which signifies a substantial advancement in the pharmaceutical industry. This innovation facilitates seamless access to medications for residents of both countries, thereby broadening the customer base for pharmacies and pharmaceutical companies. Thus, by enabling patients to fill their prescriptions in either country, this development not only increases convenience for consumers but also stimulates market growth by expanding the operational reach of pharmacies and encouraging cross-border collaborations in the pharmaceutical industry.
The robust financial performance of key drug wholesalers in Estonia indicates the country's strong demand for pharmaceuticals, which is likely to spur market growth during the study period. For instance, in August 2023, Magnum Medical OÜ, catering to hospitals and pharmacies in Estonia, boosted its turnover by 14% to EUR 222 million (USD 240 million). Additionally, more than 50 companies are involved in the pharmaceutical wholesale business in Estonia, including two key players. Thus, Magnum Medical's growth reflects the overall health of the pharmaceutical market and underscores the importance of efficient supply chains in meeting consumer needs in Estonia.
Furthermore, the country's active government support for research and development (R&D) and innovation is also projected to accelerate market growth during the forecast period. For instance, in February 2022, the Estonian government supported around 30 applied R&D development projects with EUR 19.4 million (USD 20.9 million), including biotechnology and medicines. This financial backing is expected to spur advancements in drug development, medical technologies, and pharmaceutical services, leading to the introduction of new pharmaceutical products and technologies, thereby expanding the market offerings and improving the overall quality of healthcare available to the Estonian population.
Therefore, factors such as the implementation of cross-border activities between Estonia and other countries, the robust financial performance of key drug wholesalers, and active government support for R&D and innovation are projected to accelerate market growth during the forecast period. However, stringent regulatory reforms in the country may hinder market growth.
Estonia Pharmaceutical Market Trends
The Anti-diabetic Segment is Expected to Register Significant Growth During the Forecast Period
Estonia faces a growing diabetes burden, which is estimated to drive the demand for pharmaceutical drugs for the treatment and management of this health condition in the country. For instance, according to the data accessed from the IDF in May 2024, around 83.9 thousand people had diabetes in 2021, and the number is estimated to increase to 87.5 thousand by 2030.
Similarly, the Tervisekassa Health Fund based in Estonia in May 2024, stated that approximately 5,600 people are diagnosed with type 2 diabetes in Estonia every year, which accounts for one in sixteen people in the country and the highest prevalence of type 2 diabetes is among people aged 70–79 years. As per the same source, prescription medicines cost around EUR 350 (USD 378.4) per patient every year in Estonia. Thus, the significant number of people who have diabetes in the country, coupled with high prescription medicine costs, is projected to drive the demand for effective anti-diabetes drugs during the forecast period.
Furthermore, the high sales of anti-diabetic drugs in the country signifies the high demand for pharmaceuticals. For instance, according to the data released by the Republic of Estonia (Agency of Medicines) in April 2023, approximately 73,792 prescribed daily doses (DDD) per 1,000 people were sold in 2022, underscoring the growing demand for these medications. This substantial consumption indicates a prevalent and increasing incidence of diabetes, driving the need for continuous supply and availability of anti-diabetic drugs, thereby propelling pharmaceutical companies to invest more in developing, producing, and distributing these medications to meet the rising demand.
Therefore, factors such as the rising prevalence of diabetes in the country and the high demand for anti-diabetic drugs indicated by high DDD/1,000 people/day are projected to drive the growth of the anti-diabetic segment during the forecast period.
The Branded Drugs Segment is Expected to Register Fastest Growth During the Forecast Period
The branded drug segment in the market studied is expected to experience significant growth due to the demand for innovation, marketing efforts, the reference pricing system, and patient preferences.
The surging sales of branded drugs in the country are projected to drive segment growth during the forecast period. For instance, according to the Estonian State Agency of Medicines, in March 2024, the government recorded consistent growth in the consumption of pharmaceutical products. There was a significant increase in sales volumes across various drug categories, highlighting the rising demand for branded prescription medications. This increasing consumption clearly indicates a robust pharmaceutical market, with a strong preference for established branded drugs due to their perceived efficacy and trust among healthcare providers and patients.
In addition, the price differences of drugs in Estonia compared to other countries are also likely to drive the growth of the segment during the forecast period. For instance, as per an article published by a news agency in January 2024, there are notable price differences between drugs in Estonia and its neighboring countries, and this price disparity often makes Estonia an attractive market for branded pharmaceutical companies looking to capitalize on higher margins. Patients and healthcare providers in Estonia are willing to pay a premium for branded medications, often perceived to offer better quality and reliability. This willingness to invest in branded drugs fuels market growth and encourages pharmaceutical companies to maintain a strong presence in Estonia.
Therefore, the surging sales of branded drugs in the country are projected to drive the growth of the branded prescription drugs segment during the forecast period.
Estonia Pharmaceutical Industry Overview
The Estonian pharmaceutical market is competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some prominent players are actively making acquisitions and joint ventures with other companies to consolidate their market positions in the country. Key companies currently dominating the market include AbbVie Inc., AstraZeneca PLC, Bayer AG, C H Boehringer Sohn AG & Co. KG, and GlaxoSmithKline PLC.
Estonia Pharmaceutical Market Leaders
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AbbVie Inc.
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AstraZeneca plc
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Bayer AG
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C.H. Boehringer Sohn AG & Ko. KG
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GlaxoSmithKline plc
*Disclaimer: Major Players sorted in no particular order
Estonia Pharmaceutical Market News
- June 2024: Takeda Pharmaceutical Company Limited received the EC approval for its FRUZAQLA (fruquintinib) drug as a monotherapy indicated for treating adults with metastatic colorectal cancer (mCRC).
- January 2024: Pfizer Inc. received approval from the European Commission (EC) for its TALZENNA (talazoparib), an oral poly ADP-ribose polymerase inhibitor, in combination with XTANDI (enzalutamide), for treating adults with metastatic castration-resistant prostate cancer (mCRPC).
Estonia Pharmaceutical Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions & Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.1.1 Healthcare Expenditure (Govt. Vs Private)
4.1.2 Pharmaceutical Imports and Exports
4.1.3 Epidemiology Data for Key Diseases
4.1.4 Regulatory Landscape/Regulatory Bodies
4.1.5 Licensing and Market Authorization (For both Local Production and Imported Goods)
4.1.6 Pipeline Analysis
4.1.6.1 By Phase
4.1.6.2 By Sponsor
4.1.6.3 By Disease
4.1.7 Statically Overview
4.1.7.1 Number of Hospitals
4.1.7.2 Employment in the Pharmaceutical Sector
4.1.7.3 R&D Expenditure
4.1.8 Ease of Doing Business
4.2 Market Drivers
4.2.1 Rising Healthcare Expenditure
4.2.2 Rising Incidence of Chronic Disease
4.3 Market Restraints
4.3.1 Stringent Regulatory Scenario
4.4 Porters Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Therapeutic Category
5.1.1 Anti-infectives
5.1.2 Cardiovascular
5.1.3 Gastrointestinal
5.1.4 Anti-diabetic
5.1.5 Respiratory
5.1.6 Dermatologicals
5.1.7 Musculoskeletal System
5.1.8 Nervous System
5.1.9 Other Therapeutic Categories
5.2 By Drug Type
5.2.1 Prescription Drug
5.2.1.1 Branded Drugs
5.2.1.2 Generic Drugs
5.2.2 OTC Drugs
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 AbbVie Inc.
6.1.2 Merck & Co. Inc.
6.1.3 Novartis International AG
6.1.4 Pfizer Inc.
6.1.5 Sanofi SA
6.1.6 F. Hoffmann-La Roche AG
6.1.7 AstraZeneca PLC
6.1.8 Eli Lilly and Company
6.1.9 GlaxoSmithKline PLC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Estonia Pharmaceutical Industry Segmentation
As per the scope of this report, pharmaceuticals are referred to as prescribed and non-prescription drugs. These medicines can be bought by an individual with or without a doctor's prescription and are consumed to treat various diseases. The report also covers the in-depth analysis of qualitative and quantitative data.
The Estonian pharmaceutical market is segmented by therapeutic category and drug type. By therapeutic category, the market is segmented into anti-infectives, cardiovascular, gastrointestinal, anti-diabetic, respiratory, dermatological, musculoskeletal system, nervous system, and other therapeutic categories. By drug type, the market is segmented into prescription drugs and OTC drugs. By prescription drugs, the market is segmented into branded drugs and generic drugs. For each segment, the market size and forecast are provided in terms of value (USD).
| By Therapeutic Category | |
| Anti-infectives | |
| Cardiovascular | |
| Gastrointestinal | |
| Anti-diabetic | |
| Respiratory | |
| Dermatologicals | |
| Musculoskeletal System | |
| Nervous System | |
| Other Therapeutic Categories |
| By Drug Type | ||||
| ||||
| OTC Drugs |
Estonia Pharmaceutical Market Research FAQs
How big is the Estonia Pharmaceutical Market?
The Estonia Pharmaceutical Market size is expected to reach USD 528.14 million in 2024 and grow at a CAGR of 6.55% to reach USD 725.29 million by 2029.
What is the current Estonia Pharmaceutical Market size?
In 2024, the Estonia Pharmaceutical Market size is expected to reach USD 528.14 million.
Who are the key players in Estonia Pharmaceutical Market?
AbbVie Inc., AstraZeneca plc, Bayer AG, C.H. Boehringer Sohn AG & Ko. KG and GlaxoSmithKline plc are the major companies operating in the Estonia Pharmaceutical Market.
What years does this Estonia Pharmaceutical Market cover, and what was the market size in 2023?
In 2023, the Estonia Pharmaceutical Market size was estimated at USD 493.55 million. The report covers the Estonia Pharmaceutical Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Estonia Pharmaceutical Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Estonia Pharmaceutical Industry Report
Statistics for the 2024 Estonia Pharmaceutical market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Estonia Pharmaceutical analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Estonia Pharmaceutical Market Report Snapshots
