Anti-Diabetes Drugs - Iceland | Statista Market Forecast

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$37.84bn in 2024.
Iceland's government has implemented strict regulations to ensure the safety and efficacy of anti-diabetes drugs available in the market.

Definition:
The Anti-Diabetes Drugs market covers drugs to treat the metabolism disorder diabetes mellitus. It includes insulin and non-insulinotropic drugs such as glucagen-like peptide-1 (GLP-1) receptor agonists and dipeptidyl peptidase-4 (DPP-4) inhibitors. While patients with type 1 diabetes require lifelong insulin therapy, type 2 diabetes can also be treated with medication.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novo Nordisk, Eli Lilly, Sanofi, Merck & Co

Drugs to treat diabetes mellitus (oral intake and injections)
Insulin
Non-insulinotropic anti-diabetic drugs

Drugs to treat other metabolic disorders or other autoimmune diseases
Lipid-lowering agents
Drugs to treat hypertension
Diagnostics
Devices such as continuous glucose monitors

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.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

In 2021, diabetes mellitus caused an estimated 1.62 million deaths worldwide, making it the eighth leading cause of death. Furthermore, it is estimated that 537 million people are currently living with diabetes around the world, with this number projected to rise to some 783 million by the year 2045. Diabetes describes a group of metabolic diseases which cause high blood sugar levels. There are three types of diabetes: type 1 diabetes, type 2 diabetes, and gestational diabetes. However, the majority of diabetes cases are type 2, with an estimated 90 to 95 percent of diabetes cases in the United States type 2. Risk factors for type 2 diabetes include being overweight, being physically inactive, being 45 and older, and having prediabetes.