Other Vaccines - Iceland

Iceland

Highlights

In Iceland, the revenue in the Other Vaccines market is estimated to reach US$11.03m in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 11.50%, leading to a market volume of US$19.00m by 2029.
When compared globally, United States is projected to generate the highest revenue of US$24.73bn in 2024.
Iceland has seen a surge in demand for other vaccines, driven by a strong emphasis on public health and a proactive approach to preventing infectious diseases.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Iceland, known for its breathtaking landscapes and natural wonders, is also a country with a unique healthcare system. In recent years, the Other Vaccines market in Iceland has seen a steady growth.

Customer preferences: Iceland has a small population, and its healthcare system is publicly funded. The government provides free vaccination against various diseases, including measles, mumps, rubella, and chickenpox. Despite free vaccination, there has been an increasing demand for Other Vaccines, such as the flu vaccine, among the population. This trend can be attributed to the growing awareness of the benefits of vaccination and the desire for additional protection against infectious diseases.

Trends in the market: The Other Vaccines market in Iceland has been growing steadily in recent years. The market has been driven by the increasing demand for vaccines, such as the flu vaccine, among the population. The government has also been actively promoting vaccination and has been expanding its vaccination program to include more vaccines. Furthermore, the COVID-19 pandemic has brought more attention to the importance of vaccination, which has further boosted the demand for vaccines.

Local special circumstances: Iceland's unique geography and population size have presented some challenges for the distribution of vaccines. The country's remote location and harsh weather conditions can make it difficult to transport vaccines to some parts of the country. Moreover, Iceland's small population size means that the market for vaccines is relatively small, making it less attractive for pharmaceutical companies to invest in the country. However, the government's commitment to providing free vaccination has helped to mitigate these challenges and ensure that the population has access to vaccines.

Underlying macroeconomic factors: Iceland has a high standard of living and a well-developed healthcare system, which has contributed to the growing demand for vaccines. The country's economy has also been growing steadily in recent years, which has increased the population's disposable income and willingness to pay for healthcare services. Additionally, Iceland's aging population has also contributed to the growing demand for vaccines, as older adults are more susceptible to infectious diseases and are more likely to seek vaccination.

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.