Cold & Cough Remedies (Pharmacies) - Iceland

Revenue in the Cold & Cough Remedies market is projected to reach US$2.53m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.39%, resulting in a market volume of US$3.96m by 2029.
In global comparison, most revenue will be generated China (US$7.83bn in 2024).
In relation to total population figures, per person revenues of US$6.69 are generated in 2024.

Definition:
The Cold and Cough market encompasses a range of over-the-counter (OTC) products sold through pharmacies. These products include both natural and synthetic agents designed to alleviate symptoms related to cough, cold, sore throat, expectorants, and flu-like infections. The market includes various forms of medication such as pills, syrups, lozenges, sprays, ointments, and granulates for both external and internal usage. However, the market excludes prescription medicines, products contrary to state regulations, or those not explicitly designed for cold or cough relief, such as painkillers. Some of the leading products in this market include nose sprays, Mucosolvan syrup, Grippostad C, Sinupret forte, Gelomyrtol, Dolo-Dobendan, Aspirin Complex, Bepanthen nose and eye cream, ACC Akut, Neo-Angin, Vick Vaporup, and Isla Moos. This market exclusively covers product sales through pharmacies.

Additional Information:
The Cold and Cough 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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Natural and synthetic agents
In the form of pills, syrups, creams, lozenges, sprays and granulate
Expectorants and remedies to relieve cough

Prescription medicines
Homeopathic remedies
Painkillers
Candy

The Cold & Cough Remedies (Pharmacies) market in Iceland has seen significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Cold & Cough Remedies (Pharmacies) market in Iceland have shifted towards natural and holistic remedies. Consumers are increasingly seeking out products that are made from natural ingredients and have fewer side effects. This trend is in line with global market preferences, as consumers become more health-conscious and seek out products that align with their wellness goals. Additionally, customers in Iceland are also looking for convenience and ease of use when it comes to cold and cough remedies. They prefer products that are easy to administer and can be purchased without a prescription. Trends in the market include the growing popularity of herbal remedies and traditional medicine. Iceland has a rich history of traditional medicine, and consumers are increasingly turning to these remedies for cold and cough relief. This trend is also influenced by the global rise in interest in alternative medicine and natural remedies. In addition, there is a growing demand for combination products that offer multiple benefits, such as relieving both cold and cough symptoms. This trend reflects the desire for convenience and efficiency in managing cold and cough symptoms. Local special circumstances in Iceland also contribute to the development of the Cold & Cough Remedies (Pharmacies) market. The country's cold climate and harsh winters make cold and cough symptoms more prevalent, leading to a higher demand for remedies. Additionally, Iceland's small population and relatively high disposable income levels create a favorable market environment for pharmaceutical companies. With a smaller market size, it is easier for companies to penetrate and establish a strong presence in the market. Underlying macroeconomic factors, such as the increasing healthcare expenditure and the aging population, also contribute to the growth of the Cold & Cough Remedies (Pharmacies) market in Iceland. As the population ages, the prevalence of cold and cough symptoms is expected to increase, driving the demand for remedies. Furthermore, the government's focus on healthcare and wellness initiatives further supports the growth of the market. In conclusion, the Cold & Cough Remedies (Pharmacies) market in Iceland is developing in response to changing customer preferences, emerging trends, and local special circumstances. The shift towards natural and holistic remedies, the growing popularity of herbal and traditional medicine, and the demand for convenience and combination products are driving the market's growth. Additionally, Iceland's cold climate, small population, and favorable macroeconomic factors contribute to the market's development.

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.