OTC Pharmaceuticals - Iceland

Iceland

Revenue in the OTC Pharmaceuticals market amounts to US$102.40m in 2024. The market is expected to grow annually by 5.13% (CAGR 2024-2029).
The market's largest segment is the segment Other OTC Pharmaceuticals with a market volume of US$57.11m in 2024.
In global comparison, most revenue is generated in the United States (US$41,240m in 2024).
In relation to total population figures, per person revenues of US$271.30 are generated in 2024.
In the OTC Pharmaceuticals market, 0.8% of total revenue will be generated through online sales by 2024.

Key regions: Worldwide, India, Philippines, United States, Europe

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Analyst Opinion

The OTC Pharmaceuticals market in Iceland has been experiencing steady growth in recent years, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Iceland have played a significant role in the development of the OTC Pharmaceuticals market.

Icelandic consumers have shown a growing preference for self-care and self-medication, leading to increased demand for over-the-counter medications. This trend can be attributed to factors such as convenience, accessibility, and cost-effectiveness. Consumers in Iceland are increasingly seeking quick and easy solutions for minor ailments and are willing to rely on OTC medications for relief.

Trends in the market have also contributed to the growth of the OTC Pharmaceuticals market in Iceland. The market has witnessed a shift towards natural and herbal remedies, as consumers become more conscious of the ingredients and potential side effects of traditional pharmaceutical products. This trend is in line with the global movement towards natural and holistic healthcare solutions.

As a result, there has been an increase in the availability and demand for OTC natural and herbal products in Iceland. Local special circumstances have further fueled the growth of the OTC Pharmaceuticals market in Iceland. The country's small population and limited healthcare infrastructure make OTC medications a practical and accessible option for many consumers.

The remote geography of Iceland also plays a role, as it can be challenging for individuals to access healthcare facilities in certain areas. This has led to a greater reliance on OTC medications for immediate relief and treatment. Underlying macroeconomic factors have also contributed to the development of the OTC Pharmaceuticals market in Iceland.

The country's stable economy and high disposable income levels have allowed consumers to afford OTC medications. Additionally, the government's focus on promoting self-care and reducing the burden on the healthcare system has created a favorable environment for the OTC Pharmaceuticals market to thrive. In conclusion, the OTC Pharmaceuticals market in Iceland is growing steadily due to customer preferences for self-care, trends in the market towards natural and herbal remedies, local special circumstances such as limited healthcare infrastructure, and underlying macroeconomic factors such as a stable economy and high disposable income levels.

These factors collectively contribute to the increasing demand for OTC medications in Iceland.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.