Skin Treatment (Pharmacies) - Iceland

Revenue in the Skin Treatment market is projected to reach US$10.80m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.64%, resulting in a market volume of US$17.11m by 2029.
In global comparison, most revenue will be generated United States (US$3.32bn in 2024).
In relation to total population figures, per person revenues of US$28.59 are generated in 2024.

Definition: Skin Treatment Market
The Skin Treatment market encompasses a range of over-the-counter (OTC) natural and synthetic medical products designed for skin treatment. This category includes antibacterial preparations, agents for acne treatment, and antifungal solutions. These treatment preparations are available in various forms, such as ointments, creams, gels, pills, capsules, washing lotions, peelings, pastes, solutions, fluids, suppositories, and sprays. Both external and internal applications are covered in this market segment. It's important to note that prescription medications, products contravening state regulations, items that do not explicitly serve as skin treatment drugs (e.g., painkillers), or those primarily intended for cosmetic purposes are excluded from this definition. This market exclusively covers product sales through pharmacies.

Additional Information:
The Skin Treatment 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
Agents for internal and external application
Preparations to treat skin diseases (e.g. acne treatment)

Prescription medicines
Homeopathic remedies
Painkillers
Cosmetic products
Adhesive patches

The Skin Treatment (Pharmacies) market in Iceland is experiencing steady growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Iceland have shown a growing interest in skin treatment products available in pharmacies. This can be attributed to the increasing awareness about skincare and the importance of maintaining healthy skin. Customers are seeking products that can address specific skin concerns such as acne, dryness, and aging. They are also looking for natural and organic ingredients in their skincare products, as well as products that are dermatologist-tested and suitable for sensitive skin.

Trends in the market: One of the key trends in the Skin Treatment (Pharmacies) market in Iceland is the rise of clean and sustainable beauty. Customers are becoming more conscious about the environmental impact of their skincare products and are actively seeking out brands that prioritize sustainability. This trend is driving the demand for natural and organic skincare products that are free from harmful chemicals and have minimal packaging. Another trend in the market is the increasing popularity of multi-functional skincare products. Customers are looking for products that can provide multiple benefits, such as moisturizing, anti-aging, and sun protection, in a single product. This trend is driven by the desire for simplicity and efficiency in skincare routines.

Local special circumstances: Iceland's unique geographical location and climate have a significant impact on the Skin Treatment (Pharmacies) market. The country experiences long, dark winters with low humidity, which can lead to dry and sensitive skin. This creates a demand for skincare products that can provide intense hydration and protection against harsh weather conditions. Additionally, the country's proximity to natural resources such as geothermal springs and volcanic ash has led to the development of skincare products that harness the healing properties of these ingredients.

Underlying macroeconomic factors: Iceland has a strong economy with a high standard of living, which allows consumers to prioritize skincare and invest in high-quality products. The country also has a well-developed healthcare system, which includes pharmacies that offer a wide range of skincare products. This accessibility to skincare products in pharmacies contributes to the growth of the Skin Treatment market. In conclusion, the Skin Treatment (Pharmacies) market in Iceland is growing due to customer preferences for natural and organic products, the trends of clean and sustainable beauty, and the demand for multi-functional skincare products. The local special circumstances, such as the country's unique climate and proximity to natural resources, further drive the market. The underlying macroeconomic factors, including the strong economy and well-developed healthcare system, also contribute to 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.

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.