COVID-19 Vaccines - Iceland

Iceland

Highlights

The COVID-19 Vaccines market in Iceland is expected to witness a significant increase in revenue, projected to reach US$6.69m in 2024.
Furthermore, a steady annual growth rate of -16.59% (CAGR 2024-2029) is anticipated, leading to a market volume of US$2.70m by 2029.
It is worth noting that United States is expected to generate the highest revenue in the global market, amounting to US$4.39bn in 2024.
Iceland has effectively managed the distribution of COVID-19 vaccines, resulting in a high vaccination rate among its population.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Iceland, a Nordic island country, has a population of around 360,000 people. The country has been successful in controlling the spread of COVID-19, with a low number of cases and deaths. As the country continues to vaccinate its population, the COVID-19 vaccine market is developing in a certain way.

Customer preferences: The Icelandic government has made all COVID-19 vaccines available for free to its citizens. The majority of the population is willing to get vaccinated, with a high level of trust in the vaccines. The population's willingness to get vaccinated has led to a high demand for vaccines.

Trends in the market: The COVID-19 vaccine market in Iceland is dominated by Pfizer-BioNTech and Moderna vaccines. These vaccines have been approved for emergency use by the Icelandic Medicines Agency. As of August 2021, around 80% of the population has received at least one dose of the vaccine, and around 75% of the population is fully vaccinated. The demand for vaccines has decreased in recent months due to the high vaccination rate.

Local special circumstances: Iceland's small population and its isolation from the rest of the world have contributed to its success in controlling the spread of COVID-19. The government has implemented strict measures to prevent the spread of the virus, including border restrictions and mandatory quarantine for travelers. The country's success in controlling the spread of the virus has led to a low demand for vaccines compared to other countries.

Underlying macroeconomic factors: Iceland has a high-income economy and a well-developed healthcare system, which has facilitated the distribution of vaccines. The government has allocated significant resources to the vaccination program, which has contributed to its success. The country's small population has also made it easier to distribute and administer vaccines. Overall, the COVID-19 vaccine market in Iceland has been successful in vaccinating the majority of its population, contributing to the country's success in controlling the spread of the virus.

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.