Pharmaceuticals - Iceland

  • Iceland
  • The Pharmaceuticals market in Iceland is expected to generate a revenue of US$234.20m in 2024.
  • Among the various markets, Oncology Drugs is anticipated to be the largest with a projected market volume of US$41.76m in the same year.
  • The revenue in the Pharmaceuticals market is projected to experience an annual growth rate of 5.88% from 2024 to 2029, resulting in a market volume of US$311.60m by 2029.
  • In comparison to other countries worldwide, United States is expected to generate the highest revenue of US$630.30bn in 2024.
  • Iceland's pharmaceutical market is characterized by a strong focus on research and development, with a particular emphasis on innovative and sustainable solutions.

Key regions: United States, China, Germany, Japan, Europe

 
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Analyst Opinion

The Pharmaceuticals market in Iceland has been steadily growing in recent years.

Customer preferences:
Iceland's population has been increasing, leading to a higher demand for healthcare services and pharmaceuticals. The country's aging population has also contributed to this trend, as older individuals tend to require more medication to manage chronic conditions.

Trends in the market:
One of the major trends in the Icelandic Pharmaceuticals market is the increasing emphasis on preventative medicine. Pharmaceutical companies are developing more drugs and treatments that can help prevent illnesses before they occur, rather than simply treating symptoms after the fact. This trend is in line with global developments in the healthcare industry, which are focused on reducing costs and improving patient outcomes.

Local special circumstances:
Iceland's small population and remote location present unique challenges for pharmaceutical companies operating in the country. The market is highly regulated, with strict rules governing the importation and distribution of drugs. Additionally, the country's harsh climate and limited infrastructure can make it difficult to transport and store medications.

Underlying macroeconomic factors:
Iceland's economy has been growing in recent years, driven by a strong tourism industry and a rebound in the country's fishing sector. This growth has led to increased disposable income and greater access to healthcare services, including pharmaceuticals. However, the country's reliance on imported goods and services means that it is vulnerable to global economic trends and fluctuations in exchange rates.

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.

Overview

  • Revenue
  • Analyst Opinion
  • Next generation therapy
  • Global Comparison
  • Methodology
  • Key Market Indicators
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