Vaccines - Ireland | Statista Market Forecast

The Vaccines market in Ireland is expected to see a significant increase in revenue, reaching US$154.30m by 2024.
Furthermore, it is projected to maintain a steady annual growth rate (CAGR 2024-2029) of 4.41%, leading to a market volume of US$191.40m by 2029.
In terms of global comparison, United States is anticipated to generate the highest revenue in the Vaccines market, with an estimated value of US$29.12bn in 2024.
Ireland's strong pharmaceutical industry and investment in research and development position it as a key player in the development and production of vaccines.

Definition:
This market covers vaccines against infectious diseases. They help to prevent diseases, usually through active immunization. Vaccines against infectious diseases transmitted by viruses (e.g., hepatitis A and B or COVID-19) and bacteria (e.g., typhoid fever or meningococcus) are included.

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: Pfizer, GlaxoSmithKline, Merck & Co, Sanofi, Moderna, AstraZeneca

Vaccines against infectious diseases
Prophylactic and therapeutic vaccines
Flu vaccines
COVID-19 vaccines

Sera and gammaglobulins
Antivirals
Antibiotics

The demand for vaccines in Ireland has been on the rise in recent years due to various factors.

Customer preferences: Irish customers tend to prioritize the safety and efficacy of vaccines when making their purchase decisions. They also prefer vaccines that are easily accessible and affordable. In addition, there has been a growing trend towards preventative healthcare, which has increased the demand for vaccines.

Trends in the market: One of the major trends in the Irish vaccines market is the increasing demand for flu vaccines. This is due to the growing awareness of the importance of flu vaccination, especially among high-risk groups such as the elderly and pregnant women. The COVID-19 pandemic has also contributed to this trend, as people are more conscious of the importance of vaccines in preventing the spread of infectious diseases.Another trend in the market is the increasing demand for travel vaccines. As international travel has become more accessible and affordable, more Irish people are traveling abroad, and are therefore more likely to require vaccines for diseases that are not prevalent in Ireland.

Local special circumstances: Ireland has a publicly-funded vaccination program, which provides free vaccines to certain groups, such as children and pregnant women. This has helped to increase the overall vaccination rates in the country. In addition, there is a high level of trust in the healthcare system and medical professionals in Ireland, which has contributed to the high uptake of vaccines.

Underlying macroeconomic factors: The Irish economy has been growing steadily in recent years, which has led to an increase in disposable income and healthcare spending. This has made vaccines more accessible to the general population. In addition, the Irish government has implemented policies to encourage vaccination, such as the introduction of a vaccine bonus for healthcare workers who receive the flu vaccine. Overall, the vaccines market in Ireland is expected to continue growing, driven by increasing awareness of the importance of vaccination, growing demand for flu and travel vaccines, and favorable macroeconomic 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.

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

As of March 2023, more than 13 billion COVID-19 vaccine doses had been administered worldwide. Wide-spread vaccine availability, increasing herd immunity, and lower case numbers led to renewed hope and a feeling of normality in 2023. However, especially during the winter seasons and with the potential emergence of new variants of the virus (like Omicron in 2021-2022), tracking of coronavirus cases repeatedly becomes a focus for the public. Thus, there is a level of uncertainty about what developments the winter season 2023/2024 might bring.