The Anti-Rheumatic Drugs market in Iceland has been showing a steady growth in recent years.
Customer preferences: Patients in Iceland suffering from rheumatoid arthritis have been increasingly opting for biologic drugs, which are more effective in treating the condition. This trend is in line with the global market where biologics have been gaining popularity due to their higher efficacy rates. However, due to the high cost of these drugs, patients in Iceland have also been exploring the option of biosimilars, which are cheaper alternatives to biologics.
Trends in the market: The Anti-Rheumatic Drugs market in Iceland has been growing due to the increasing prevalence of rheumatoid arthritis in the country. The market has also been driven by the increasing availability of biologic drugs and biosimilars in the country. In addition, the market has been witnessing a trend towards personalized medicine, with the development of drugs that are tailored to individual patient needs.
Local special circumstances: The healthcare system in Iceland is publicly funded, which means that the government plays a significant role in regulating the market and determining the prices of drugs. The government has been taking steps to control the rising cost of drugs, which has led to a decrease in the prices of some drugs. However, the high cost of biologics remains a challenge for patients in Iceland.
Underlying macroeconomic factors: The Icelandic economy has been growing steadily in recent years, which has led to an increase in healthcare spending. The government has been investing in healthcare infrastructure and services, which has led to an improvement in the quality of care provided to patients. In addition, the aging population in Iceland has been driving the demand for healthcare services, including anti-rheumatic drugs.
Data coverage:
Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.Modeling approach / Market size:
Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.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. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.
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