Pharmacies - Iceland

Iceland

In Iceland, the revenue in the Pharmacies market is estimated to reach US$294.20m in 2024.
It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2028) of 4.90%, leading to a market volume of US$356.20m by 2028.
When compared globally, United States is projected to generate the highest revenue of US$387.30bn in 2024.
In terms of per capita figures, the revenue generated per person in Iceland is approximately US$0.78k in 2024.
Iceland's pharmacies are experiencing a growing demand for natural and holistic remedies as consumers prioritize wellness and self-care.

Key regions: United States, China, Germany, Japan, Europe

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Analyst Opinion

The Pharmacies market in Iceland has been experiencing significant growth in recent years, driven by several key factors.

Customer preferences: Customers in Iceland have shown a strong preference for convenient and accessible healthcare services, which has contributed to the growth of the Pharmacies market. Pharmacies in Iceland offer a wide range of over-the-counter medications, as well as prescription drugs, making them a convenient one-stop shop for healthcare needs. Additionally, many pharmacies in Iceland offer extended opening hours and some even provide online ordering and delivery services, further enhancing convenience for customers.

Trends in the market: One of the notable trends in the Pharmacies market in Iceland is the increasing demand for natural and organic healthcare products. Customers are becoming more conscious about their health and are seeking out products that are free from artificial ingredients and chemicals. This trend is reflected in the growing availability of natural and organic products in pharmacies across the country. Pharmacies are also expanding their product offerings to include a wider range of wellness and beauty products, catering to the evolving needs and preferences of customers. Another trend in the market is the growing focus on preventive healthcare. Customers are increasingly interested in taking proactive measures to maintain their health and prevent illnesses. This has led to an increased demand for vitamins, supplements, and other preventive healthcare products. Pharmacies in Iceland have responded to this trend by expanding their offerings in this category and providing customers with access to a wide range of preventive healthcare products.

Local special circumstances: Iceland has a relatively small population, which has created a unique market dynamic for pharmacies. With a smaller customer base, pharmacies in Iceland have had to focus on providing personalized and high-quality service to retain customers. This has led to a strong emphasis on customer service and building relationships with customers. Pharmacies in Iceland often provide personalized advice and recommendations to customers, helping them make informed decisions about their healthcare needs.

Underlying macroeconomic factors: The growth of the Pharmacies market in Iceland can be attributed to several underlying macroeconomic factors. Iceland has experienced steady economic growth in recent years, which has led to increased disposable income among consumers. This has allowed customers to spend more on healthcare products and services, including those offered by pharmacies. Additionally, the government in Iceland has implemented policies to improve access to healthcare services, including pharmaceuticals. This has further contributed to the growth of the Pharmacies market in the country. In conclusion, the Pharmacies market in Iceland has been growing due to customer preferences for convenient and accessible healthcare services, as well as trends such as the demand for natural and organic products and the focus on preventive healthcare. The local special circumstances of a small population have also influenced the market dynamics, with a strong emphasis on personalized service. Underlying macroeconomic factors, such as economic growth and government policies, have further supported the growth of the market.

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.