Oncology Drugs - Iceland | Statista Market Forecast

The Oncology Drugs market in Iceland is projected to reach US$41.76m in revenue by 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 7.86%, resulting in a market volume of US$60.95m by 2029.
In global comparison, United States will generate the most revenue with US$103.90bn in 2024.
Iceland's oncology drug market is experiencing a surge in demand for innovative treatments due to the country's high cancer incidence rate.

Definition:
The Oncology Drugs market covers drugs to treat cancer, including chemotherapy and immunotherapy. These therapies are used for solid tumors and hematologic cancer. The medications in this market are mainly physician-administered drugs.

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: Bristol-Myers Squibb, Roche, Merck & Co, Novartis, Johnson & Johnson

Treatment for different types of cancer, including skin cancer, leukemia, lymphoma, and multiple myeloma
Chemotherapeutic agents
Immuno-oncology drugs
Oncology orphan drugs

Radiation therapy
Medical devices

The Oncology Drugs market in Iceland has shown significant growth in recent years.

Customer preferences: Iceland has a small population with a high incidence of cancer, which has led to a high demand for oncology drugs. The majority of the population lives in urban areas, which makes access to healthcare facilities easier. Patients in Iceland prefer to receive treatment in hospitals rather than at home, which has led to an increase in hospital admissions and an increased demand for oncology drugs.

Trends in the market: The Oncology Drugs market in Iceland has grown due to the increasing prevalence of cancer in the country. The market has seen a shift towards targeted therapies and immunotherapies, which have shown promising results in treating cancer. The market has also seen an increase in the number of biosimilars, which are cheaper alternatives to biologic drugs. This has led to increased competition in the market and has helped to lower the cost of treatment for patients.

Local special circumstances: Iceland has a unique healthcare system, which is largely publicly funded. The government provides universal healthcare coverage to all citizens, which has helped to increase access to healthcare services, including oncology drugs. The country also has a high level of education and a strong research culture, which has led to the development of new drugs and therapies.

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 has been working to improve access to healthcare services. The country has a strong pharmaceutical industry, which has helped to drive innovation in the oncology drugs market. However, the market is highly regulated, which can make it difficult for new drugs to enter the market.

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.

Cancer is one of the leading causes of death worldwide, with lung cancer alone ranked the sixth leading cause of death in 2021. Cancer, also known as malignant tumors and neoplasms, is the result of interactions between personal genetic factors and external agents causing abnormal transformations of cells into tumors over time. As the global population has increased in age, the incidence of new cancer cases has also risen, contributing to a higher number of deaths each year. In 2022, nearly 10 million deaths were caused by cancer worldwide- a number which is expected to reach over 15 million by 2040.