Anti-Rheumatic Drugs - Iceland | Statista Market Forecast

Iceland is expected to witness significant growth in the Anti-Rheumatic Drugs market.
By 2024, the projected revenue is estimated to reach US$6.02m.
This indicates a positive trend for the market in the country.
Looking ahead, the market is expected to show an annual growth rate of 1.89% from 2024 to 2029.
By the end of 2029, the market volume is projected to reach US$6.61m, indicating further growth potential.
When compared globally, it is worth noting that United States leads in terms of revenue generation in the Anti-Rheumatic Drugs market.
In 2024, United States is projected to generate a substantial revenue of US$34.70bn.
This highlights the strong market presence and demand for Anti-Rheumatic Drugs market United States.
In Iceland, the market for Anti-Rheumatic Drugs is experiencing a surge in demand due to the country's high prevalence of rheumatoid arthritis.

Definition:
The market Anti-Rheumatic Drugs includes medication for the treatment of the inflammatory disease rheumatism. Due to the high prevalence of rheumatism and the large size of the market, this section of immune diseases is treated as a separate market. Both steroidal and non-steroidal anti-rheumatics are included. Disease-modifying rheumatic drugs (DMARDs), such as tumor necrosis factor inhibitors (a type of biologic DMARD), are particularly important in terms of commerciality.

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: AbbVie, Johnson & Johnson, Pfizer, Amgen, Roche

Drugs to treat rheumatism
Steroidal (corticosteroids) and non-steroidal anti-rheumatics
Disease-modifying antirheumatic drugs (DMARDs)
Tumor necrosis factor (TNF) inhibitors

Drugs to treat other autoimmune diseases (such as multiple sclerosis or psoriasis)
Analgetics for general use (such as paracetamol)
Treatment of osteoarthritis

The Anti-Rheumatic Drugs market in Iceland has been showing a steady growth in recent years.

Customer preferences: Patients in Iceland suffering from rheumatoid arthritis have been increasingly opting for biologic drugs, which are more effective in treating the condition. This trend is in line with the global market where biologics have been gaining popularity due to their higher efficacy rates. However, due to the high cost of these drugs, patients in Iceland have also been exploring the option of biosimilars, which are cheaper alternatives to biologics.

Trends in the market: The Anti-Rheumatic Drugs market in Iceland has been growing due to the increasing prevalence of rheumatoid arthritis in the country. The market has also been driven by the increasing availability of biologic drugs and biosimilars in the country. In addition, the market has been witnessing a trend towards personalized medicine, with the development of drugs that are tailored to individual patient needs.

Local special circumstances: The healthcare system in Iceland is publicly funded, which means that the government plays a significant role in regulating the market and determining the prices of drugs. The government has been taking steps to control the rising cost of drugs, which has led to a decrease in the prices of some drugs. However, the high cost of biologics remains a challenge for patients in Iceland.

Underlying macroeconomic factors: The Icelandic economy has been growing steadily in recent years, which has led to an increase in healthcare spending. The government has been investing in healthcare infrastructure and services, which has led to an improvement in the quality of care provided to patients. In addition, the aging population in Iceland has been driving the demand for healthcare services, including anti-rheumatic drugs.

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.

The global pharmaceutical industry has experienced significant growth during the past two decades, with revenues totaling around 1.6 trillion U.S. dollars in 2023. With growth like that, the industry's size is now comparable to the gross domestic products (GDPs) of countries like Spain, Mexico, or Australia.