OTC Products - Iceland

Iceland

In Iceland, the revenue in the OTC Products market is expected to reach US$65.02m in 2024.
It is projected to demonstrate an annual growth rate (CAGR 2024-2028) of 4.89%, leading to a market volume of US$78.71m by 2028.
When compared globally, the highest revenue is anticipated to be generated China, amounting to US$74.91bn in 2024.
In terms of per person revenues, in Iceland is predicted to generate US$172.20 in 2024.
Iceland's OTC market is witnessing a surge in demand for natural remedies and herbal supplements as consumers prioritize holistic health.

Key regions: Europe, Germany, Canada, Japan, South Korea

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Analyst Opinion

The OTC Products (Pharmacies) market in Iceland has been experiencing significant growth in recent years.

Customer preferences: One of the key factors driving the growth of the OTC Products (Pharmacies) market in Iceland is the increasing demand for self-medication. Consumers are becoming more proactive in managing their own health and are seeking convenient and accessible solutions for common ailments. This trend is fueled by the growing awareness of OTC products and their effectiveness in treating minor health issues. Additionally, the aging population in Iceland is also contributing to the demand for OTC products, as older individuals often require medications for chronic conditions that can be managed with non-prescription drugs.

Trends in the market: The OTC Products (Pharmacies) market in Iceland is witnessing a shift towards natural and herbal remedies. Consumers are increasingly seeking products that are perceived as more natural and have fewer side effects. This trend is in line with the global movement towards holistic health and wellness. As a result, pharmacies in Iceland are expanding their range of natural and herbal OTC products to cater to this growing demand. Another trend in the market is the increasing availability of OTC products online. E-commerce has gained significant popularity in Iceland, and consumers are now able to purchase OTC products from the comfort of their own homes. This convenience factor, coupled with competitive pricing and a wide product selection, has led to the growth of online OTC sales in Iceland.

Local special circumstances: Iceland's healthcare system plays a significant role in driving the growth of the OTC Products (Pharmacies) market. The country has a universal healthcare system that provides free or subsidized healthcare to its residents. However, due to the limited resources and long waiting times for non-urgent medical care, many individuals prefer to self-medicate using OTC products. This reliance on OTC products for minor health issues is a unique characteristic of the Icelandic market.

Underlying macroeconomic factors: Iceland has a stable and prosperous economy, which has contributed to the growth of the OTC Products (Pharmacies) market. The country has a high GDP per capita and a strong healthcare infrastructure, which ensures easy access to pharmacies and OTC products. Additionally, the government's focus on promoting health and wellness has also played a role in driving the demand for OTC products. In conclusion, the OTC Products (Pharmacies) market in Iceland is experiencing growth due to increasing customer preferences for self-medication, the shift towards natural and herbal remedies, the availability of OTC products online, the unique characteristics of Iceland's healthcare system, and the underlying macroeconomic factors.

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.