Oncology Drugs - Ireland | Statista Market Forecast

In Ireland, the Oncology Drugs market is forecasted to achieve a revenue of US$411.70m by the year 2024.
It is anticipated that the revenue will demonstrate a compound annual growth rate (CAGR 2024-2029) of 6.42%, leading to a market volume of US$562.00m by 2029.
When comparing globally, United States is expected to generate the highest revenue of US$103.90bn in 2024.
Ireland is emerging as a hub for innovative oncology drug research and development, attracting global pharmaceutical companies.

Definition:
The Oncology Drugs market covers drugs to treat cancer, including chemotherapy and immunotherapy. These therapies are used for solid tumors and hematologic cancer. The medications in this market are mainly physician-administered drugs.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Bristol-Myers Squibb, Roche, Merck & Co, Novartis, Johnson & Johnson

Treatment for different types of cancer, including skin cancer, leukemia, lymphoma, and multiple myeloma
Chemotherapeutic agents
Immuno-oncology drugs
Oncology orphan drugs

Radiation therapy
Medical devices

The demand for oncology drugs in Ireland has been steadily increasing over the years, with a significant rise in recent times due to various factors.

Customer preferences: Cancer is one of the leading causes of death in Ireland, and the rising incidence of the disease has led to an increase in demand for oncology drugs. Patients and healthcare professionals in Ireland are increasingly seeking newer and more effective treatments that can improve outcomes and quality of life for cancer patients.

Trends in the market: The oncology drugs market in Ireland is witnessing a shift towards targeted therapies and immunotherapies, which are more precise and have fewer side effects than traditional chemotherapy. The market is also seeing an increase in the number of biosimilars, which are cheaper versions of biologic drugs that have lost their patent protection.Another trend in the market is the increasing use of combination therapies, where two or more drugs are used together to improve treatment outcomes. This approach is particularly effective in treating cancers that have become resistant to single-agent therapies.

Local special circumstances: The Irish government has implemented a number of initiatives to improve access to oncology drugs, including the establishment of a Cancer Drugs Access Programme (CDAP) in 2017. The CDAP aims to provide patients with access to new and innovative cancer treatments, including oncology drugs that are not yet approved for reimbursement by the Health Service Executive (HSE).

Underlying macroeconomic factors: The Irish economy has been growing steadily in recent years, which has led to an increase in healthcare spending. The government has also made a commitment to increase funding for cancer services, which is expected to drive growth in the oncology drugs market.In conclusion, the oncology drugs market in Ireland is evolving rapidly, with a shift towards targeted therapies, immunotherapies, and combination therapies. The Irish government's initiatives to improve access to cancer treatments are also expected to drive growth in the market.

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.

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

Cancer is one of the leading causes of death worldwide, with lung cancer alone ranked the sixth leading cause of death in 2021. Cancer, also known as malignant tumors and neoplasms, is the result of interactions between personal genetic factors and external agents causing abnormal transformations of cells into tumors over time. As the global population has increased in age, the incidence of new cancer cases has also risen, contributing to a higher number of deaths each year. In 2022, nearly 10 million deaths were caused by cancer worldwide- a number which is expected to reach over 15 million by 2040.