Prescription Drugs - Iceland

Iceland

In Iceland, the revenue in the Prescription Drugs market is forecasted to reach US$229.20m by 2024.
It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 4.79%, leading to a market volume of US$289.60m by 2029.
When compared globally, United States is expected to generate the highest revenue in this market, with an estimated amount of US$358.90bn in 2024.
In terms of per person revenues, in Iceland is projected to generate US$0.61k in 2024.
Iceland's prescription drug market is characterized by a high demand for medications to treat respiratory conditions due to the country's cold and windy climate.

Key regions: Japan, China, Europe, Australia, Canada

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Iceland has been experiencing significant growth in recent years.

Customer preferences: Icelandic consumers have shown a growing preference for prescription drugs, leading to an increase in demand for pharmacies. This can be attributed to several factors. Firstly, the aging population in Iceland has resulted in a higher prevalence of chronic diseases and conditions that require ongoing medication. As a result, there is a greater need for prescription drugs and a subsequent rise in demand for pharmacies. Additionally, the increasing awareness and importance of healthcare and wellness among consumers have also contributed to the growth of the prescription drugs market.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Iceland is the shift towards online pharmacies. With the advancement of technology and the convenience it offers, more and more consumers are opting to purchase their prescription drugs online. This trend is driven by factors such as ease of access, competitive pricing, and the ability to compare different products and prices. Online pharmacies also provide a discreet option for consumers who may feel uncomfortable discussing their medical conditions in person. As a result, traditional brick-and-mortar pharmacies are facing increased competition from their online counterparts.

Local special circumstances: Iceland's healthcare system plays a significant role in shaping the Prescription Drugs (Pharmacies) market. The country has a universal healthcare system, which means that prescription drugs are subsidized by the government, making them more affordable for consumers. This has led to higher utilization of prescription drugs and subsequently increased demand for pharmacies. Additionally, the government's focus on preventive healthcare and wellness initiatives has also contributed to the growth of the market, as consumers are encouraged to take proactive measures to maintain their health.

Underlying macroeconomic factors: The strong economy in Iceland has also played a role in the development of the Prescription Drugs (Pharmacies) market. The country has experienced steady economic growth in recent years, leading to higher disposable incomes among consumers. This has allowed individuals to allocate more of their budget towards healthcare and prescription drugs, further driving market growth. Additionally, Iceland's robust healthcare infrastructure and quality healthcare services have also contributed to the growth of the market, as consumers have confidence in the availability and accessibility of prescription drugs. In conclusion, the Prescription Drugs (Pharmacies) market in Iceland is experiencing growth due to customer preferences for prescription drugs, the shift towards online pharmacies, the country's healthcare system, and the underlying macroeconomic factors. These trends and special circumstances are driving the development of the market and are likely to continue shaping its future growth.

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.