Analgesics (Pharmacies) - Iceland

Revenue in the Analgesics market is projected to reach US$4.57m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.09%, resulting in a market volume of US$7.40m by 2029.
In global comparison, most revenue will be generated China (US$5.03bn in 2024).
In relation to total population figures, per person revenues of US$12.11 are generated in 2024.

Definition:
The Analgesics market encompasses non-prescription natural and synthetic non-opioid analgesics sold through pharmacies. These include well-known products such as Paracetamol, Ibuprofen, Aspirin, Diclofenac, and various pain-relieving preparations. The market's scope varies with national legislation concerning opioid analgesics, with legal opioids being incorporated based on respective state regulations. In countries like Germany, Austria, and Switzerland, opioid analgesics are included if they comply with narcotics law limitations and do not necessitate a prescription. The analgesics are presented in forms like pills, capsules, gels, and ointments. However, the market excludes prescription medications (e.g., morphine), anesthetics, and homeopathic remedies. Notable top-selling painkillers encompass Voltaren, Aspirin, Thomapyrin, Ibuprofen, Dolormin, Paracetamol, and ASS. This market exclusively covers product sales through pharmacies.

Additional information:
The Analgesics market comprises revenues, average revenue per capita and average revenue per pharmacy. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Over-the-counter analgesics (e.g. Aspirin and Paracetamol)
Natural and synthetic agents
In the form of pills, capsules, gels and ointments

Prescription medicines
Homeopathic remedies
Anesthetics

The Analgesics (Pharmacies) market in Iceland has been experiencing steady growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the development of this market. Customer preferences play a significant role in the growth of the Analgesics (Pharmacies) market in Iceland. Customers in Iceland have shown a preference for over-the-counter analgesics, which can be easily purchased at local pharmacies without a prescription. This preference for convenience and accessibility has led to an increase in the demand for analgesics in pharmacies. Trends in the market also contribute to the growth of the Analgesics (Pharmacies) market in Iceland. One notable trend is the increasing awareness and importance of self-care and self-medication. Customers are becoming more proactive in managing their health and are seeking out over-the-counter analgesics to relieve common ailments such as headaches and muscle pain. This trend is driving the growth of the market as customers are opting for self-treatment options. Another trend in the market is the rising popularity of natural and herbal analgesics. Customers are becoming more conscious of the ingredients in the products they consume and are seeking out natural alternatives to traditional analgesics. This trend is driving the demand for natural and herbal analgesics in pharmacies, leading to the growth of this segment in the market. Local special circumstances also contribute to the development of the Analgesics (Pharmacies) market in Iceland. Iceland has a relatively small population, which creates a unique market dynamic. The limited number of pharmacies in the country means that customers have limited options for purchasing analgesics, leading to a higher concentration of sales in these establishments. This concentration of sales in pharmacies contributes to the overall growth of the market. Underlying macroeconomic factors also play a role in the development of the Analgesics (Pharmacies) market in Iceland. The stability and growth of the Icelandic economy have resulted in increased disposable income for consumers. This increased disposable income allows customers to spend more on healthcare products, including analgesics. Additionally, the aging population in Iceland has contributed to the growth of the market, as older individuals are more likely to require analgesics for pain management. In conclusion, the Analgesics (Pharmacies) market in Iceland is developing due to customer preferences for convenience and accessibility, trends in the market such as the importance of self-care and natural alternatives, local special circumstances such as the concentration of sales in pharmacies, and underlying macroeconomic factors such as increased disposable income and an aging population. These factors combined contribute to the steady growth of the market in Iceland.

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global online pharmacy sector was estimated at 32 billion U.S. dollars by the end of 2023. In the United States, forecasts indicate that this figure would reach approximately 5.7 billion, solidifying its position as one of the largest online pharmacy markets. However, China dominates the pharma e-commerce industry worldwide, generating nearly 8.5 billion dollars in revenue. With China at the forefront, it is no wonder digital pharmacies make up the fastest-growing segment in the Asian digital health market.