Drug Delivery Devices - Ireland

Ireland

Highlights

In Ireland, revenue in the Drug Delivery Devices market market is projected to reach US$109.40m in 2024.
Revenue in this market is expected to exhibit an annual growth rate (CAGR 2024-2029) of 4.40%, leading to a market volume of US$135.70m by 2029.
In a global context, the majority of revenue will be generated the United States, amounting to US$15.01bn in 2024.
In Ireland, the drug delivery devices market is increasingly prioritizing innovative technologies to enhance patient adherence and improve therapeutic outcomes.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Drug Delivery Devices Market within the Medical Devices sector in Ireland is experiencing mild growth, influenced by factors such as technological advancements, increasing chronic disease prevalence, and heightened regulatory requirements impacting market dynamics.

Customer preferences: Consumers in Ireland are showing a growing preference for personalized drug delivery devices that cater to their specific health needs, reflecting a shift towards individualized healthcare solutions. This trend is driven by an aging population and rising awareness of chronic diseases, prompting demand for devices that enhance adherence and ease of use. Additionally, the increasing interest in mobile health applications is influencing the integration of smart technology in drug delivery systems, enabling patients to track their medication schedules and monitor their health more effectively.

Trends in the market: In Ireland, the Drug Delivery Devices Market within the Medical Devices segment is experiencing a notable rise in the adoption of smart drug delivery systems, driven by the demand for enhanced patient engagement and adherence. The integration of technology, such as wearables and mobile health applications, is reshaping how patients manage their medication regimens, allowing real-time tracking and reminders. Moreover, the increasing prevalence of chronic diseases among the aging population is prompting manufacturers to innovate and develop more user-friendly devices. This shift towards personalized solutions is significant for industry stakeholders, as it necessitates collaboration between device developers, healthcare providers, and technology firms to optimize patient outcomes and streamline healthcare delivery.

Local special circumstances: In Ireland, the Drug Delivery Devices Market is influenced by a strong emphasis on regulatory compliance and patient safety, reflecting the country's stringent healthcare standards. The unique geographical landscape, with a significant rural population, necessitates innovative solutions for medication delivery to remote areas. Culturally, there is a growing focus on holistic health, encouraging the adoption of smart devices that promote self-management. Additionally, government initiatives aimed at improving healthcare access and supporting medical technology innovation are further driving market growth, fostering collaboration between stakeholders.

Underlying macroeconomic factors: The Drug Delivery Devices Market in Ireland is shaped by several macroeconomic factors, including national economic health, regulatory frameworks, and technological advancements. Ireland's robust economy, bolstered by foreign direct investment, supports innovation in medical technology, enhancing the development of advanced drug delivery solutions. Furthermore, government fiscal policies that prioritize healthcare funding and research initiatives stimulate market growth. The rising prevalence of chronic diseases and an aging population necessitate efficient drug delivery systems, driving demand. Global economic trends, such as increased healthcare spending and a shift towards personalized medicine, also significantly impact the market landscape in Ireland.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. 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.

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.

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Medical technology industry - statistics & facts

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.