Operating environment

Oriola has identified solid long-term drivers supporting market growth such as ageing population, wellbeing and healthcare, online pharmaceuticals and growth of speciality products.

In the first quarter, the value of the pharmaceutical distribution market grew in Sweden, while growth stagnated in Finland. The challenges in the availability of pharmaceuticals have continued in Europe. Cost inflation has slowed down, with more normalised energy and fuel prices.

Market environment – Pharmaceuticals 
The pharmaceutical distribution markets in Finland and Sweden are valued at around EUR 8.8 billion and have historically been relatively stable during uncertain economic times. In the past three years, the average annual growth rate has been about 6% in value terms.

In Sweden, the value of the pharmaceutical distribution market at wholesale prices, measured in Swedish krona, grew by 4.3% (7.3%) in the first quarter (source: IQVIA). In Finland, the market value declined by 0.1% (4.2%) in the first quarter (source: Pharmaca Health Intelligence). According to Oriola’s estimate, the company’s share of the pharmaceutical distribution market in Sweden was approximately 43% (42%) in the first quarter. Oriola estimates that, the company’s share of the pharmaceutical distribution market in Finland was approximately 46% (45%) in the first quarter.

In the dose dispensing business, Oriola offers pharmaceuticals and dose dispensing for private and public healthcare sector operators. The total market size in January-March for dose dispensing in Finland was approximately 119,000 (110,000) patients of which Oriola serves approximately 36,000 (30,000). 

Market environment – Health products
The consumer health markets in Finland and Sweden are valued at around EUR 1.5 billion. The historical market growth has been 3.4% (2019-2024 CAGR%) while growth is expected to be 2.7% for 2024-2029. In Sweden, OTC (over-the-counter) products in general are expected to witness positive value growth over the forecast period. Vitamins, dietary supplements and sports nutrition will benefit from the overarching health and wellness trend supporting positive volume and constant value growth over the forecast period. In Finland, consumer interest is rising notably in areas such as digestive health and stress relief/relaxation. The market is anticipated to become increasingly polarised, featuring a price-sensitive consumer segment focused on value products, alongside another segment seeking premium quality ingredients, ease of use, and innovation. Some products in the middle ground may migrate towards these two extremes. E-commerce is a well-established and growing sales channel for consumer health products in Sweden, while in Finland it is still in the early stages of expansion. (Source: Euromonitor)

The consumer confidence indicator in Finland remained weak and clearly below long-term average, and in Sweden the indicator fell sharply at the end of quarter, signalling subdued sentiment. (Sources: Statistics Finland, Konjunkturinstitutet)

As published in the Interim Report January-March 2025 on 29 April 2025.