Market Insights Health Pharmacies OTC Products

Pharmacy Usual Items - Iceland

Iceland

Revenue in the Pharmacy Usual Items market is projected to reach US$4.59m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 3.61%, resulting in a market volume of US$5.29m by 2028.
In global comparison, most revenue will be generated in China (US$48,050.00m in 2024).
In relation to total population figures, per person revenues of US$12.16 are generated in 2024.

Key regions: Canada, United States, France, South Korea, India

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Analyst Opinion

The Pharmacy Usual Items market in Iceland is experiencing steady growth and development due to a combination of customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Iceland play a significant role in driving the growth of the Pharmacy Usual Items market. Customers in Iceland prioritize convenience and accessibility when it comes to purchasing everyday pharmacy items. They value the ability to easily find and purchase products such as over-the-counter medications, personal care products, and health supplements. As a result, there is a high demand for these items in the market. Trends in the market also contribute to the development of the Pharmacy Usual Items market in Iceland. There is a growing trend towards self-care and preventive healthcare among consumers. This has led to an increased demand for products that promote wellness and support overall health. Additionally, there is a rising awareness of the importance of natural and organic products, driving the demand for these items in the market. Local special circumstances further shape the development of the Pharmacy Usual Items market in Iceland. The country's small population and geographical isolation create a unique market environment. With a smaller customer base, there is a need for pharmacies to cater to a wide range of customer needs in order to remain competitive. This has led to the expansion of product offerings and the introduction of new and innovative items in the market. Underlying macroeconomic factors also play a role in the growth of the Pharmacy Usual Items market in Iceland. The country's stable economy and high standard of living contribute to the affordability and accessibility of pharmacy products for consumers. Additionally, the government's focus on healthcare and wellness initiatives provides support for the market, creating a favorable environment for growth. In conclusion, the Pharmacy Usual Items market in Iceland is developing and growing due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The demand for convenient and accessible pharmacy products, along with the trends towards self-care and natural products, drives the market's growth. The unique market environment in Iceland, characterized by a small population and geographical isolation, further shapes the development of the market. Finally, the country's stable economy and government support contribute to the market's growth and success.

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.