Market Insights Health Pharmacies OTC Products

Digestive & Intestinal Remedies (Pharmacies) - Iceland

Iceland

Revenue in the Digestives & Intestinal Remedies market is projected to reach US$5.14m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.04%, resulting in a market volume of US$6.89m by 2029.
In global comparison, most revenue will be generated in China (US$3,367.00m in 2024).
In relation to total population figures, per person revenues of US$13.60 are generated in 2024.

Key regions: Australia, United States, India, Europe, China

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Analyst Opinion

The Digestive & Intestinal Remedies (Pharmacies) market in Iceland has been experiencing steady growth in recent years.

Customer preferences: In line with global trends, customers in Iceland are increasingly seeking natural and herbal remedies for digestive and intestinal issues. There is a growing awareness of the potential side effects of conventional medications, leading to a shift towards more holistic and alternative treatments. Additionally, consumers are becoming more proactive in managing their digestive health and are willing to invest in products that promote overall well-being.

Trends in the market: One of the key trends in the Digestive & Intestinal Remedies market in Iceland is the rising demand for probiotics. Probiotic supplements are gaining popularity as they are believed to promote a healthy gut microbiome and improve digestion. This trend is driven by the growing understanding of the important role that gut health plays in overall health and well-being. As a result, there is an increasing number of probiotic products available in pharmacies across Iceland. Another trend in the market is the growing popularity of herbal remedies. Customers are seeking natural alternatives to conventional medications, and herbal remedies are seen as a safe and effective option. Traditional Icelandic herbs, such as Icelandic moss and angelica, are particularly sought after for their digestive health benefits. This trend is also influenced by the cultural heritage of Iceland, where natural remedies have long been used for various ailments.

Local special circumstances: Iceland's unique geographical location and climate contribute to the local special circumstances in the Digestive & Intestinal Remedies market. The country has a relatively small population, which means that the market size is limited compared to larger countries. However, Iceland's strong healthcare system and high standards of pharmaceutical regulation ensure that consumers have access to safe and effective products. Furthermore, Iceland's pristine environment and clean water sources are highly valued by consumers. This has led to the development of a niche market for premium natural products, including digestive remedies. Customers are willing to pay a premium for products that are sourced from clean and sustainable environments, further driving the demand for natural and herbal remedies.

Underlying macroeconomic factors: The growing Digestive & Intestinal Remedies market in Iceland is also influenced by underlying macroeconomic factors. The country has a high standard of living and a relatively affluent population, which enables consumers to prioritize their health and well-being. Additionally, Iceland has a strong tourism industry, attracting visitors from around the world. This has created a demand for health products, including digestive remedies, to cater to the needs of both locals and tourists. In conclusion, the Digestive & Intestinal Remedies market in Iceland is experiencing growth due to customer preferences for natural and herbal remedies, the rising demand for probiotics, and the country's unique local circumstances. The market is further supported by underlying macroeconomic factors, such as the high standard of living and the strong tourism industry. As consumers continue to prioritize their digestive health and seek alternative treatments, the market is expected to continue its upward trajectory.

Methodology

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.