OTC Pharmaceuticals - Iceland

Iceland

In 2024, the OTC Pharmaceuticals market in Iceland generated a revenue of US$102.40m.
It is projected to experience an annual growth rate of 4.74% (CAGR 2024-2029).
Among the various markets, Other OTC Pharmaceuticals emerged as the largest, with a market volume of US$57.11m in 2024.
When compared globally, the in the United States stands as the highest revenue generator, with a total of US$41,240.00m in 2024.
Taking into account the population figures, per person revenues reached US$271.30 in the same year.
Furthermore, online sales are expected to contribute 0.75% of the total revenue in the OTC Pharmaceuticals market by 2024.
Iceland's OTC Pharmaceuticals market is experiencing a surge in demand for natural remedies and herbal supplements.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
For more information on the data displayed, use the info button next to the boxes.

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Analyst Opinion

The OTC Pharmaceuticals market in Iceland has been experiencing steady growth in recent years. Customer preferences for over-the-counter medications have shifted towards convenience and accessibility, driving the demand for these products. Additionally, there are several local special circumstances and underlying macroeconomic factors that have contributed to the development of the OTC Pharmaceuticals market in Iceland.

Customer preferences: In Iceland, customers have shown a strong preference for over-the-counter medications due to their convenience and ease of access. With busy lifestyles and limited time, consumers are increasingly opting for self-medication with OTC products for minor ailments. The availability of a wide range of OTC medications in local pharmacies and supermarkets further enhances the convenience factor. Moreover, the growing awareness among consumers about the effectiveness and safety of OTC medications has also led to an increase in their demand.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Iceland is the growing demand for natural and herbal remedies. Consumers are increasingly seeking alternative treatments for common ailments, such as cold and flu, allergies, and digestive issues. This trend is driven by a desire for more natural and holistic approaches to healthcare. As a result, there has been a rise in the availability of natural and herbal OTC products in the market to cater to this demand.Another trend in the market is the increasing focus on preventive healthcare. Consumers are becoming more proactive in managing their health and are willing to invest in OTC products that can help prevent illnesses or alleviate symptoms at an early stage. This trend is supported by the availability of a wide range of OTC products for preventive care, such as vitamins, supplements, and immune boosters.

Local special circumstances: Iceland's small population size and remote geographical location have influenced the development of the OTC Pharmaceuticals market. With a limited number of healthcare facilities, OTC medications play a crucial role in providing accessible and affordable healthcare options to the population. The availability of OTC medications in local pharmacies and supermarkets ensures that even individuals living in remote areas have access to essential healthcare products.

Underlying macroeconomic factors: The OTC Pharmaceuticals market in Iceland is also influenced by underlying macroeconomic factors. The country's stable economy and high disposable income levels have contributed to the increased affordability of OTC medications. Consumers are willing to spend more on healthcare products, including OTC medications, due to their relatively higher purchasing power. Additionally, the government's focus on promoting self-care and reducing the burden on the healthcare system has also supported the growth of the OTC Pharmaceuticals market.In conclusion, the OTC Pharmaceuticals market in Iceland is developing due to customer preferences for convenience and accessibility, as well as the availability of a wide range of OTC products. The market is characterized by trends such as the demand for natural and herbal remedies and a focus on preventive healthcare. Local special circumstances, such as Iceland's small population size and remote location, have also influenced the development of the market. Furthermore, underlying macroeconomic factors, such as the stable economy and high disposable income levels, have contributed to the growth of the OTC Pharmaceuticals market in Iceland.

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.