Vaccines - Iceland | Statista Market Forecast

In Iceland, the Vaccines market is anticipated to witness a substantial growth in the coming years.
It is projected that by 2024, the revenue in this market will reach an impressive amount of US$17.71m.
This is expected to be followed by a steady annual growth rate (CAGR 2024-2029) of 4.14%, resulting in a market volume of US$21.70m by 2029.
When compared globally, it is noteworthy that United States will continue to dominate the Vaccines market, generating the highest revenue of an astounding US$29.12bn in 2024.
Iceland's robust healthcare system and high vaccination rates make it a leading player in the global vaccine market.

Definition:
This market covers vaccines against infectious diseases. They help to prevent diseases, usually through active immunization. Vaccines against infectious diseases transmitted by viruses (e.g., hepatitis A and B or COVID-19) and bacteria (e.g., typhoid fever or meningococcus) are included.

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: Pfizer, GlaxoSmithKline, Merck & Co, Sanofi, Moderna, AstraZeneca

Vaccines against infectious diseases
Prophylactic and therapeutic vaccines
Flu vaccines
COVID-19 vaccines

Sera and gammaglobulins
Antivirals
Antibiotics

The Vaccines market in Iceland has been growing steadily over the past few years, driven by a number of factors unique to the country. Iceland has a relatively small population, but a high standard of living and a well-developed healthcare system, which has helped to create a strong demand for vaccines.

Customer preferences: Icelandic customers are generally well-informed about the benefits of vaccination, and are keen to protect themselves and their families from preventable diseases. This has created a strong demand for vaccines, particularly among families with young children and elderly people. In addition, Iceland has a high number of tourists, many of whom require vaccinations before entering the country, which has further boosted demand.

Trends in the market: One of the key trends in the Icelandic vaccines market is the increasing popularity of flu vaccines. Iceland has a high incidence of flu during the winter months, and many people are now choosing to get vaccinated to reduce their risk of contracting the virus. Another trend is the growing demand for travel vaccines, as more and more Icelanders are travelling abroad for work and leisure.

Local special circumstances: One of the unique aspects of the Icelandic vaccines market is the country's isolation and small population. This has made it easier for the government to implement mass vaccination programs, which have been highly effective in reducing the incidence of infectious diseases. In addition, Iceland has a well-developed healthcare system, with a high level of investment in research and development, which has helped to create a strong market for vaccines.

Underlying macroeconomic factors: The Icelandic economy has been growing steadily in recent years, driven by a strong tourism industry and a growing technology sector. This has created a relatively affluent population with a high level of disposable income, which has helped to drive demand for vaccines. In addition, Iceland has a high level of public spending on healthcare, which has helped to create a supportive environment for the development and distribution of vaccines.

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.

As of March 2023, more than 13 billion COVID-19 vaccine doses had been administered worldwide. Wide-spread vaccine availability, increasing herd immunity, and lower case numbers led to renewed hope and a feeling of normality in 2023. However, especially during the winter seasons and with the potential emergence of new variants of the virus (like Omicron in 2021-2022), tracking of coronavirus cases repeatedly becomes a focus for the public. Thus, there is a level of uncertainty about what developments the winter season 2023/2024 might bring.