Sensory Organ Drugs - Ireland | Statista Market Forecast

The Sensory Organ Drugs market in Ireland is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is projected to reach US$52.92m by 2024.
Furthermore, it is anticipated that the market will experience a compound annual growth rate (CAGR) of -3.78% between 2024 and 2029, resulting in a market volume of US$43.65m by the end of 2029.
When comparing the global market, it is noteworthy that United States is expected to generate the highest revenue in this market.
In 2024 alone, United States is projected to generate a revenue of US$13.98bn.
This highlights the dominance of the United States in the global Sensory Organ Drugs market.
Ireland's pharmaceutical industry is witnessing a surge in research and development for sensory organ drugs, indicating a growing focus on improving treatments for patients with sensory impairments.

Definition:
This market covers ophthalmologicals and otologicals, i.e., drugs for the sensory organs eye and ear, respectively. Ophthalmologicals are used to treat diseases of the eye such as wet age-related macular degeneration, geographic atrophy, and glaucoma. Typical dosage forms are eye drops or injections into the eye (intravitreal) and, in the case of otologicals, through the eardrum into the middle ear.

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: Regeneron Pharmaceuticals, Novartis, Bayer, Alcon, AbbVie

Ophthalmologicals
Otologicals

Respiratory system
Ophthalmic devices, such as diagnostic and surgical devices or glasses and contact lenses
Dermatology, skin treatment
Painkillers, analgesics

The Sensory Organ Drugs market in Ireland has seen significant growth in recent years.

Customer preferences: Customers in Ireland have shown a growing interest in sensory organ drugs, particularly those that treat eye-related conditions such as glaucoma and age-related macular degeneration. This is likely due to an aging population and increased awareness of the importance of eye health.

Trends in the market: One trend in the Irish market is the increasing availability of generic versions of sensory organ drugs. This has led to greater price competition and lower costs for consumers. Additionally, there has been a rise in the use of combination therapies, where multiple drugs are used to treat a single condition. This approach has shown promise in improving treatment outcomes.

Local special circumstances: Ireland's healthcare system is largely publicly funded, which has led to a greater emphasis on cost-effectiveness in drug pricing. This has led to negotiations between drug manufacturers and the government to determine fair pricing for drugs. Additionally, Ireland has a strong pharmaceutical industry, which has contributed to the development of new drugs and therapies.

Underlying macroeconomic factors: The Irish economy has been growing steadily in recent years, which has led to increased healthcare spending. Additionally, the aging population has resulted in greater demand for healthcare services, including sensory organ drugs. However, uncertainty surrounding Brexit and its potential impact on the Irish economy could lead to changes in healthcare spending in the future.

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.

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.