OTC Pharmaceuticals - Ireland | Statista Market Forecast

The OTC Pharmaceuticals market in Ireland is projected to generate a revenue of US$360.20m in 2024.
This market is expected to experience an annual growth rate of 3.59% (CAGR 2024-2029).
Among the various markets within this market, the Other OTC Pharmaceuticals market holds the largest market share, with a volume of US$86.63m in 2024.
When compared globally, the United States leads in terms of revenue generation, reaching US$41.24bn in 2024.
In terms of per capita revenue, in Ireland generates US$70.77 per person in 2024.
Furthermore, the OTC Pharmaceuticals market in Ireland is also witnessing a shift towards online sales, with 19.13% of the total revenue expected to be generated through online channels by 2024.
Ireland's OTC Pharmaceuticals market is experiencing a growing demand for natural and herbal remedies.

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
For more information on the data displayed, use the info button next to the boxes.

Natural and synthetic agents
Analgesics (e.g. Asprin, Paracetamol)
Cough & Cold remedies (e.g. Vicks VapoRub)
Vitamins and Minerals
Skin treatment products

Prescription medicines
Homeopathic remedies

The OTC Pharmaceuticals market in Ireland is experiencing significant growth and development in recent years.

Customer preferences: Customers in Ireland have shown a growing preference for over-the-counter (OTC) medications due to their convenience and accessibility. OTC medicines allow consumers to self-diagnose and self-treat common ailments without the need for a prescription. This appeals to the busy lifestyles of modern consumers who seek quick and easy solutions for minor health issues. Additionally, the rising healthcare costs and long waiting times for doctor appointments have further incentivized consumers to turn to OTC medications as a cost-effective alternative.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Ireland is the increasing demand for natural and herbal remedies. Consumers are becoming more conscious of their health and are seeking products that are perceived as more natural and less synthetic. This trend is driven by a growing interest in holistic health and wellness, as well as a desire to minimize the potential side effects of traditional pharmaceutical drugs. As a result, manufacturers are introducing a wide range of natural and herbal OTC products to cater to this demand.Another trend in the market is the growing availability and popularity of online pharmacies. The rise of e-commerce has transformed the way consumers shop for healthcare products, including OTC medications. Online pharmacies offer a wide selection of products, competitive pricing, and the convenience of doorstep delivery. This trend has been further accelerated by the COVID-19 pandemic, as consumers turned to online platforms to avoid in-person visits to physical stores. As a result, online pharmacies have experienced significant growth and are expected to continue expanding in the coming years.

Local special circumstances: Ireland has a well-developed healthcare system with a strong emphasis on primary care. The country has a large number of pharmacies, making OTC medications easily accessible to consumers. Pharmacies in Ireland are often seen as trusted sources of healthcare advice, and pharmacists play a vital role in guiding consumers towards appropriate OTC products. This local context has contributed to the growth of the OTC Pharmaceuticals market in Ireland.

Underlying macroeconomic factors: The OTC Pharmaceuticals market in Ireland is influenced by several macroeconomic factors. The country has a stable economy with a high standard of living, which allows consumers to allocate a portion of their budget towards healthcare and wellness products. Additionally, Ireland has an aging population, which is driving the demand for OTC medications that cater to age-related health issues. The government's focus on preventive healthcare and public health campaigns also plays a role in promoting the use of OTC medications for self-care and minor ailments.In conclusion, the OTC Pharmaceuticals market in Ireland is experiencing growth and development due to customer preferences for convenience and accessibility, the increasing demand for natural and herbal remedies, the popularity of online pharmacies, the local special circumstances of a well-developed healthcare system, and underlying macroeconomic factors such as a stable economy and an aging population.

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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.

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. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global pharmaceutical industry has experienced significant growth during the past two decades, with revenues totaling around 1.6 trillion U.S. dollars in 2023. With growth like that, the industry's size is now comparable to the gross domestic products (GDPs) of countries like Spain, Mexico, or Australia.