Dermatological Drugs - Iceland

Iceland

The Dermatological Drugs market in Iceland is expected to see a significant increase in revenue, reaching US$4.47m in 2024.
This projection anticipates a steady annual growth rate (CAGR 2024-2029) of 6.80%, leading to a market volume of US$6.21m by 2029.
When compared to other countries worldwide, United States is projected to generate the highest revenue in this market, amounting to US$11,670.00m in 2024.
In recent years, Iceland has seen a surge in demand for dermatological drugs, driven by the country's high prevalence of skin conditions such as eczema and psoriasis.

Key regions: United Kingdom, Canada, Japan, Europe, China

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Analyst Opinion

Iceland, a country known for its hot springs, glaciers, and Northern Lights, has a growing market for dermatological drugs.

Customer preferences: Icelandic customers have shown a preference for natural and organic skincare products, which has led to an increase in demand for dermatological drugs with natural ingredients. Customers are also willing to pay a premium for products that are sustainably sourced and environmentally friendly.

Trends in the market: The dermatological drugs market in Iceland is expected to grow due to an increase in skin diseases, particularly eczema and psoriasis, which are common in the country's cold and dry climate. Additionally, the aging population has led to an increase in demand for anti-aging products. The COVID-19 pandemic has also led to an increase in demand for hand sanitizers and other dermatological products.

Local special circumstances: Iceland's harsh climate and long winters have led to an increase in skin diseases, making dermatological drugs a necessity for many Icelanders. The country's small population size and remote location have also led to a limited availability of certain drugs, which can drive up prices.

Underlying macroeconomic factors: Iceland's strong economy and high standard of living have led to an increase in disposable income, which has allowed consumers to spend more on skincare products. The country's healthcare system also provides universal coverage for prescription drugs, which has made dermatological drugs more accessible to the population. However, the country's small market size and limited availability of certain drugs can make it challenging for companies to enter the market.

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.