Other Pharmaceuticals - Ireland

Ireland

Highlights

In Ireland, the revenue in the market of Other Pharmaceuticals market is estimated to reach US$986.30m by 2024.
It is projected to experience a compound annual growth rate (CAGR) of 3.47% between 2024 and 2029, leading to a market volume of US$1.17bn by 2029.
When compared globally, United States is expected to generate the highest revenue in this market, with an estimated amount of US$260.50bn in 2024.
Ireland's Other Pharmaceuticals market is experiencing a surge in research and development activities, positioning the country as a key player in innovation and drug discovery.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Pharmaceuticals market in Ireland has been experiencing a notable growth in recent years.

Customer preferences: Customers in Ireland are increasingly seeking alternative medicines and treatments that are not offered by traditional pharmaceuticals. This has led to a rise in demand for Other Pharmaceuticals, which includes herbal and homeopathic remedies, vitamins and minerals, and other natural health products. Consumers are becoming more health-conscious and are looking for products that are perceived as being natural and safe.

Trends in the market: The Other Pharmaceuticals market in Ireland is growing due to several factors. Firstly, there is an increasing awareness of the benefits of natural health products. Consumers are looking for products that are perceived as being safer and more effective than traditional pharmaceuticals. Secondly, there is a growing trend towards self-medication and self-care. Consumers are taking more responsibility for their own health and are seeking out products that can help them to manage their health conditions. Finally, there is a growing trend towards preventative healthcare. Consumers are looking for products that can help to prevent illness and promote overall health and wellbeing.

Local special circumstances: Ireland has a strong tradition of herbal medicine and natural remedies. This has led to a high level of acceptance of Other Pharmaceuticals among consumers. The country also has a well-developed healthcare system, which includes a large number of pharmacies and health food stores. This makes it easy for consumers to access natural health products.

Underlying macroeconomic factors: The growth of the Other Pharmaceuticals market in Ireland is also being driven by several macroeconomic factors. Firstly, the country's economy has been performing well in recent years, which has led to an increase in disposable income. This has allowed consumers to spend more on healthcare products, including natural health products. Secondly, there is a growing trend towards healthy living and wellness, which is driving demand for natural health products. Finally, the aging population in Ireland is also driving demand for natural health products, as older consumers are looking for products that can help them to manage age-related health conditions.

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.