Pharmaceuticals - Ireland

  • Ireland
  • In 2024, it is projected that the revenue in the Pharmaceuticals market in Ireland will reach US$2,290.00m.
  • The largest market within the Pharmaceuticals market is Oncology Drugs, which is expected to have a market volume of US$411.70m in 2024.
  • The revenue in the Pharmaceuticals market is anticipated to exhibit an annual growth rate of 4.48% from 2024 to 2029, resulting in a market volume of US$2,851.00m by 2029.
  • When compared globally, United States is expected to generate the highest revenue, amounting to US$630.30bn in 2024.
  • Ireland's pharmaceutical market is thriving due to its favorable tax environment and strong research and development capabilities.

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

 
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Analyst Opinion

The Pharmaceuticals market in Ireland has been experiencing significant growth in recent years.

Customer preferences:
The Irish population has been increasingly focused on preventative health and wellness, leading to a rise in demand for pharmaceutical products. Additionally, there has been a growing trend towards natural and organic remedies, leading to an increase in demand for alternative medicines.

Trends in the market:
The Irish Pharmaceuticals market has been experiencing growth due to the country's favorable business environment, which has attracted a number of multinational pharmaceutical companies to establish operations in the country. This has led to an increase in research and development, as well as the production and export of pharmaceutical products.

Local special circumstances:
Ireland has a highly educated workforce, which has made it an attractive location for pharmaceutical companies looking to establish research and development operations. Additionally, the country has a favorable tax environment, which has encouraged investment in the pharmaceutical sector.

Underlying macroeconomic factors:
Ireland's economy has been growing steadily in recent years, which has led to an increase in consumer spending and demand for pharmaceutical products. Additionally, the country's membership in the European Union has made it an attractive location for multinational pharmaceutical companies looking to access the European market.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

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. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.

Overview

  • Revenue
  • Analyst Opinion
  • Next generation therapy
  • Global Comparison
  • Methodology
  • Key Market Indicators
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