Other Pharmaceuticals - Iceland

Iceland

Highlights

In Iceland, the revenue in the Other Pharmaceuticals market is expected to reach US$100.20m in 2024.
Looking ahead, a steady annual growth rate (CAGR 2024-2029) of 5.02% is anticipated, which will lead to a market volume of US$128.00m by 2029.
It is worth noting that when compared globally, United States will generate the highest revenue, amounting to US$260.50bn in 2024.
The pharmaceutical market in Iceland is rapidly expanding, driven by a growing demand for alternative medicines and natural remedies.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Pharmaceuticals market in Iceland has been experiencing certain trends and developments that are worth analyzing.

Customer preferences: Customers in Iceland are increasingly demanding for more natural and organic products, including in the pharmaceutical industry. This has led to a shift towards alternative medicine and supplements, as well as an increase in demand for products that are free from synthetic chemicals. Additionally, the aging population in Iceland has led to an increased demand for pharmaceutical products that cater to age-related health issues.

Trends in the market: The Other Pharmaceuticals market in Iceland has been growing steadily, driven by the increasing demand for alternative medicine and natural supplements. Additionally, the rise in chronic diseases such as diabetes and cardiovascular diseases has led to an increase in demand for pharmaceutical products that cater to these health issues. Furthermore, the COVID-19 pandemic has led to an increased demand for pharmaceutical products such as vitamins and supplements that boost the immune system.

Local special circumstances: Iceland has a small population, which makes it challenging for pharmaceutical companies to achieve economies of scale. This has led to a limited number of players in the market, which has resulted in higher prices for pharmaceutical products. Additionally, the country's remote location and harsh weather conditions make it challenging to transport pharmaceutical products, which can lead to supply chain disruptions.

Underlying macroeconomic factors: Iceland has a strong economy, which has led to an increase in disposable income among consumers. This has led to an increase in demand for pharmaceutical products, including alternative medicine and natural supplements. Additionally, the government in Iceland provides universal healthcare coverage, which has led to an increase in demand for pharmaceutical products that cater to age-related health issues. Finally, Iceland's tourism industry has been growing steadily, which has led to an increase in demand for pharmaceutical products such as sunscreens and insect repellents.

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.