Market Insights Health Pharmacies OTC Products

Wound Care (Pharmacies) - Iceland

Iceland

Revenue in the Wound Care market is projected to reach US$0.44m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.76%, resulting in a market volume of US$0.48m by 2029.
In global comparison, most revenue will be generated in the United States (US$1,042.00m in 2024).
In relation to total population figures, per person revenues of US$1.16 are generated in 2024.

Key regions: China, South Korea, Japan, Canada, India

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Analyst Opinion

The Wound Care (Pharmacies) market in Iceland has been experiencing steady growth in recent years.

Customer preferences: Customers in Iceland have shown a growing preference for wound care products available at pharmacies. This can be attributed to the convenience and accessibility of pharmacies, as well as the trust that customers place in these establishments. Pharmacies are seen as reliable sources of healthcare products, and customers often seek advice from pharmacists when it comes to choosing the right wound care products. Additionally, customers in Iceland are becoming more health-conscious and are willing to invest in products that promote healing and prevent infections.

Trends in the market: One of the key trends in the Wound Care (Pharmacies) market in Iceland is the increasing demand for advanced wound care products. As the population ages and chronic diseases become more prevalent, the need for effective wound care solutions has grown. Advanced wound care products, such as dressings with antimicrobial properties and negative pressure wound therapy, are gaining popularity due to their ability to accelerate healing and reduce the risk of complications. This trend is expected to continue as healthcare providers and patients become more aware of the benefits of advanced wound care. Another trend in the market is the growing adoption of telemedicine in wound care. Telemedicine allows patients to consult with healthcare professionals remotely, reducing the need for in-person visits. This is particularly beneficial for individuals living in remote areas of Iceland, where access to healthcare facilities may be limited. Telemedicine platforms can provide guidance on wound care management, monitor progress, and recommend appropriate products. This trend is likely to continue as technology advances and telemedicine becomes more widely available.

Local special circumstances: Iceland has a unique healthcare system that plays a role in the development of the Wound Care (Pharmacies) market. The country has a universal healthcare system, which ensures that all residents have access to healthcare services. This means that wound care products are often covered by health insurance, making them more affordable for patients. Additionally, the government has implemented policies to promote the use of generic drugs, which has led to lower prices for wound care products. These factors contribute to the growing demand for wound care products in pharmacies.

Underlying macroeconomic factors: The growth of the Wound Care (Pharmacies) market in Iceland is also influenced by underlying macroeconomic factors. The country has a stable economy with a high standard of living, which allows individuals to prioritize their health and well-being. Additionally, Iceland has a growing elderly population, which is more prone to chronic conditions and requires specialized wound care. These factors contribute to the increasing demand for wound care products in pharmacies. In conclusion, the Wound Care (Pharmacies) market in Iceland is experiencing growth due to customer preferences for accessible and reliable healthcare products, the increasing demand for advanced wound care solutions, the adoption of telemedicine, the unique healthcare system in Iceland, and underlying macroeconomic factors. This market is expected to continue growing as the population ages and healthcare technologies advance.

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.