Anti-Diabetes Drugs - Iceland

Iceland

The Anti-Diabetes Drugs market in Iceland is anticipated to witness a substantial growth in revenue, with projections indicating that it will reach US$13.09m in 2024.
Furthermore, it is expected to demonstrate a promising compound annual growth rate (CAGR 2024-2029) of 8.40%, leading to a market volume of US$19.59m by 2029.
When compared to other countries worldwide, United States is expected to generate the highest revenue in this market, with a staggering US$37,840.00m in 2024.
Iceland's government has implemented strict regulations to ensure the safety and efficacy of anti-diabetes drugs available in the market.

Key regions: India, Australia, Italy, Europe, Brazil

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Analyst Opinion

The Anti-Diabetes Drugs market in Iceland has seen significant growth in recent years.

Customer preferences: Iceland has a high prevalence of diabetes, with around 7% of the population suffering from the disease. This has led to a high demand for anti-diabetes drugs in the country. Additionally, the Icelandic population is aging, which is also contributing to the growth of the market.

Trends in the market: One trend that is driving the growth of the Anti-Diabetes Drugs market in Iceland is the increasing use of newer, more expensive drugs. These drugs are more effective at controlling blood sugar levels and have fewer side effects than older drugs. Another trend is the growing adoption of insulin pumps, which provide a more convenient and precise way of delivering insulin than injections.

Local special circumstances: Iceland has a unique healthcare system that is publicly funded and provides universal coverage to all citizens. This means that the cost of anti-diabetes drugs is largely covered by the government, which has helped to drive demand for these drugs. Additionally, Iceland has a small population, which has made it easier for pharmaceutical companies to introduce new drugs to the market.

Underlying macroeconomic factors: The Icelandic economy has been growing steadily in recent years, which has helped to increase access to healthcare and drive demand for anti-diabetes drugs. However, the country is still recovering from the 2008 financial crisis, which has led to some uncertainty in the market. Additionally, Iceland's small size and isolation from other markets can make it difficult for pharmaceutical companies to operate in the country.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

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. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.