Multiple Sclerosis Drugs - Iceland

Iceland

Highlights

In 2024, the projected revenue in the Multiple Sclerosis Drugs market in Iceland is estimated to reach US$4.53m.
It is expected that the revenue will experience an annual growth rate (CAGR 2024-2029) of 2.27%, leading to a market volume of US$5.07m by 2029.
When compared globally, United States is anticipated to generate the highest revenue, amounting to US$11.77bn in 2024.
Iceland's market for Multiple Sclerosis drugs is witnessing a growing demand for innovative treatment options.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The prevalence of Multiple Sclerosis (MS) in Iceland is among the highest in the world, affecting a significant proportion of the population. This has led to a growing demand for effective treatment options, resulting in a developing market for MS drugs in the country.

Customer preferences: Patients in Iceland with MS are looking for drugs that can effectively manage their symptoms and improve their quality of life. They prefer drugs that have been proven to be safe and effective, with minimal side effects. Patients are also increasingly interested in personalized treatment options that take into account their unique medical history and lifestyle.

Trends in the market: The MS drugs market in Iceland has been growing steadily in recent years, driven by the increasing prevalence of the disease and the growing demand for effective treatment options. There is a trend towards the use of disease-modifying therapies that can slow the progression of the disease and reduce the frequency and severity of relapses. There is also a growing interest in the use of biologic drugs, which are derived from living organisms and have been shown to be effective in treating MS.

Local special circumstances: The high prevalence of MS in Iceland is believed to be due to a combination of genetic and environmental factors. The country's location in the northern hemisphere and its high latitude may contribute to a higher incidence of the disease. Additionally, Iceland has a relatively small population, which means that the market for MS drugs is relatively small compared to larger countries.

Underlying macroeconomic factors: The Icelandic economy has been growing steadily in recent years, driven by strong tourism and a growing technology sector. However, the country's small population and isolated location mean that it is heavily dependent on imports for many goods, including pharmaceuticals. This can make it more expensive to import drugs into the country, which can impact the availability and affordability of MS drugs for patients. Additionally, the Icelandic healthcare system is publicly funded, which means that decisions about which drugs are covered by the system are made by government agencies. This can impact the availability and accessibility of MS drugs for patients.

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.