Market Insights Health OTC Pharmaceuticals

Digestives & Intestinal Remedies - Iceland

Iceland

In 2024, the revenue in the Digestives & Intestinal Remedies market market in Iceland amounts to ISK US$7.85m.
It is projected that the market will experience an annual growth rate of 6.29% (CAGR 2024-2029).
When compared globally, in China generates the highest revenue in this market, amounting to approximately ISK US$4,408.00m in 2024.
Taking into account the total population figures, the per person revenue generated in Iceland is US$20.79 in 2024.
In Iceland, the Digestives & Intestinal Remedies market is seeing a rise in demand for natural and herbal remedies.

Key regions: Canada, United States, Australia, Brazil, Japan

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Analyst Opinion

The Digestives & Intestinal Remedies market in Iceland has been experiencing steady growth in recent years.

Customer preferences: Icelandic consumers have shown a growing interest in natural and organic products, including those related to digestive health. This preference is driven by a desire for healthier lifestyles and a focus on overall well-being. As a result, there is a strong demand for digestive remedies that are made from natural ingredients and are free from artificial additives.

Trends in the market: One of the key trends in the Digestives & Intestinal Remedies market in Iceland is the increasing popularity of probiotic products. Probiotics are known for their ability to improve gut health and promote digestion. Icelandic consumers are becoming more aware of the benefits of probiotics and are actively seeking out products that contain these beneficial bacteria. This trend is in line with the global rise in demand for probiotic products.Another trend in the market is the growing popularity of herbal remedies for digestive issues. Icelandic consumers are turning to traditional herbal remedies, such as peppermint oil and ginger, to alleviate symptoms of indigestion and bloating. This trend is driven by a desire for natural alternatives to conventional medicine.

Local special circumstances: Icelandic consumers have access to a wide range of locally sourced ingredients, such as Icelandic moss and angelica root, which have traditionally been used for digestive health. This abundance of natural resources has contributed to the development of a thriving market for herbal digestive remedies in Iceland.

Underlying macroeconomic factors: The strong economy in Iceland has played a significant role in the growth of the Digestives & Intestinal Remedies market. With increasing disposable incomes, consumers have more purchasing power and are willing to spend more on products that promote their health and well-being. Additionally, the high level of healthcare awareness in Iceland has led to a greater demand for digestive remedies, as consumers are actively seeking ways to improve their digestive health.In conclusion, the Digestives & Intestinal Remedies market in Iceland is experiencing growth due to customer preferences for natural and organic products, the increasing popularity of probiotics, the trend towards herbal remedies, local special circumstances, and the underlying macroeconomic factors such as a strong economy and healthcare awareness.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.