Anti-Hypertensive Drugs - Iceland

Iceland

Highlights

The Anti-Hypertensive Drugs market in Iceland is projected to reach a revenue of US$4.74m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 1.07%, resulting in a market volume of US$5.00m by 2029.
In global comparison, United States will generate the highest revenue, amounting to US$12.29bn in 2024.
Despite the small population size and limited market demand, the Icelandic pharmaceutical industry continues to develop innovative anti-hypertensive drugs to meet the specific healthcare needs of its population.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The demand for Anti-Hypertensive Drugs in Iceland has been on the rise in recent years.

Customer preferences: Iceland has an aging population, which is a major factor contributing to the increasing demand for Anti-Hypertensive Drugs. As people age, their blood pressure tends to increase, and this has led to a higher incidence of hypertension in the country. Additionally, there is a growing awareness among the population about the importance of managing hypertension, which has led to an increase in demand for these drugs.

Trends in the market: The Anti-Hypertensive Drugs market in Iceland has been growing steadily over the past few years. This growth can be attributed to the increasing prevalence of hypertension in the country, as well as the growing awareness among the population about the importance of managing hypertension. There has also been a trend towards the use of combination therapies, which has led to an increase in the demand for fixed-dose combinations of Anti-Hypertensive Drugs. Another trend in the market is the increasing use of generic versions of these drugs, which has led to a reduction in the cost of treatment.

Local special circumstances: One of the unique features of the Icelandic market is the country's universal healthcare system. This system provides access to healthcare services to all citizens, regardless of their income or social status. This has led to a high level of demand for Anti-Hypertensive Drugs, as they are covered by the national health insurance scheme. Additionally, the Icelandic government has implemented a number of initiatives aimed at improving the management of hypertension in the country, which has further contributed to the growth of the market.

Underlying macroeconomic factors: Iceland has a relatively small population, which means that the market for Anti-Hypertensive Drugs is also relatively small. However, the country has a high per capita income, which has led to a high level of demand for healthcare services. Additionally, the Icelandic government has invested heavily in the healthcare sector, which has helped to improve the quality of healthcare services in the country. These factors have contributed to the growth of the Anti-Hypertensive Drugs market in Iceland.

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.