Estonia Pharmaceutical Market Size (2024 - 2029)

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 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).