Other OTC Pharmaceuticals (Pharmacies) - Iceland

Iceland

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$33.84m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.90%, resulting in a market volume of US$37.18m by 2029.
In global comparison, most revenue will be generated United States (US$4.98bn in 2024).
In relation to total population figures, per person revenues of US$89.59 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in Iceland has been experiencing significant growth in recent years, driven by various factors such as changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In line with global trends, customers in Iceland are increasingly seeking convenience and self-care options when it comes to their healthcare needs. This has led to a growing demand for over-the-counter (OTC) pharmaceutical products that can be easily accessed and purchased without a prescription. Customers are looking for products that can help them manage common health conditions and minor ailments, such as cold and flu, allergies, pain relief, and digestive issues. They are also showing a preference for natural and organic products, as well as those that are free from harmful chemicals and additives.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Iceland is the rise of online pharmacies and e-commerce platforms. This trend has been fueled by the increasing internet penetration rate and the convenience it offers to customers. Online pharmacies allow customers to browse and purchase a wide range of OTC pharmaceutical products from the comfort of their own homes, with the added benefit of home delivery. This has significantly expanded the reach of pharmacies and increased accessibility to OTC products, especially for customers in remote areas. Another trend in the market is the growing popularity of natural and herbal remedies. Customers are becoming more conscious of the potential side effects of traditional pharmaceutical products and are seeking alternative options. This has led to an increased demand for natural remedies, such as herbal supplements, essential oils, and homeopathic remedies. Pharmacies are responding to this trend by expanding their product offerings to include a wider range of natural and alternative healthcare products.

Local special circumstances: Iceland's unique geography and climate present certain special circumstances that impact the Other OTC Pharmaceuticals (Pharmacies) market. The country's remote location and scattered population make it challenging for customers to access healthcare services, especially in rural areas. Pharmacies play a crucial role in bridging this gap by providing easily accessible healthcare products and advice to customers. Additionally, Iceland's harsh climate and long winters contribute to a higher prevalence of certain health conditions, such as seasonal affective disorder (SAD) and vitamin D deficiency. This creates a specific demand for OTC pharmaceutical products that address these conditions.

Underlying macroeconomic factors: The strong and stable economy of Iceland has also contributed to the growth of the Other OTC Pharmaceuticals (Pharmacies) market. With a high standard of living and disposable income, customers are more willing to spend on healthcare products and are increasingly taking a proactive approach to their health and well-being. Additionally, the government's focus on promoting healthcare and wellness has led to increased awareness and demand for OTC pharmaceutical products. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Iceland is developing in response to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The growing demand for convenience, self-care options, natural remedies, and online accessibility has fueled the growth of the market. Pharmacies in Iceland play a vital role in providing easily accessible healthcare products and services to customers, particularly in remote areas. The strong economy and government initiatives further support the growth of the market.

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.