Sensory Organ Drugs - Iceland | Statista Market Forecast

In Iceland, the revenue in the Sensory Organ Drugs market is estimated to reach US$5.38m in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of -2.41%, leading to a market volume of US$4.76m by 2029.
When compared globally, United States is projected to generate the highest revenue in this market, with US$13.98bn in 2024.
The demand for sensory organ drugs in Iceland has seen a significant rise due to the country's high prevalence of eye-related conditions.

Definition:
This market covers ophthalmologicals and otologicals, i.e., drugs for the sensory organs eye and ear, respectively. Ophthalmologicals are used to treat diseases of the eye such as wet age-related macular degeneration, geographic atrophy, and glaucoma. Typical dosage forms are eye drops or injections into the eye (intravitreal) and, in the case of otologicals, through the eardrum into the middle ear.

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: Regeneron Pharmaceuticals, Novartis, Bayer, Alcon, AbbVie

Ophthalmologicals
Otologicals

Respiratory system
Ophthalmic devices, such as diagnostic and surgical devices or glasses and contact lenses
Dermatology, skin treatment
Painkillers, analgesics

The Sensory Organ Drugs market in Iceland has been showing interesting trends in recent years.

Customer preferences: Iceland has a small population, and as a result, the demand for Sensory Organ Drugs is limited. However, the aging population in Iceland has led to an increase in demand for drugs that cater to age-related Sensory Organ Diseases. The trend towards natural and organic products has also impacted the market, with consumers preferring drugs that are made from natural ingredients.

Trends in the market: The Sensory Organ Drugs market in Iceland is expected to grow in the coming years due to the increasing prevalence of age-related Sensory Organ Diseases. The market is also expected to benefit from advancements in technology and research, which have led to the development of new and more effective drugs. Additionally, the rising awareness about Sensory Organ Diseases and the importance of early diagnosis and treatment is expected to drive market growth.

Local special circumstances: Iceland has a well-developed healthcare system that provides universal healthcare coverage to its citizens. The government plays a significant role in regulating the healthcare sector, including the pricing and reimbursement of drugs. The small population of Iceland means that the market for Sensory Organ Drugs is limited, and as a result, the prices of drugs are relatively high.

Underlying macroeconomic factors: Iceland has a stable economy with a high standard of living. The country has a high GDP per capita and a low unemployment rate. The healthcare sector in Iceland is well-funded, with the government investing a significant amount of resources in healthcare. The aging population in Iceland is expected to drive demand for Sensory Organ Drugs in the coming years, which is expected to benefit the market. However, the small population of Iceland means that the market for Sensory Organ Drugs is limited, and as a result, the growth potential of the market is relatively low.

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.

The global pharmaceutical industry has experienced significant growth during the past two decades, with revenues totaling around 1.6 trillion U.S. dollars in 2023. With growth like that, the industry's size is now comparable to the gross domestic products (GDPs) of countries like Spain, Mexico, or Australia.