Pharmacies - Ireland

Ireland

In Ireland, the revenue in the Pharmacies market is estimated to reach US$4.06bn in 2024.
It is anticipated that the revenue will exhibit a compound annual growth rate (CAGR 2024-2029) of 4.25%, resulting in a market volume of US$5.00bn by 2029.
When compared globally, United States is expected to generate the highest revenue of US$387.30bn in 2024.
In terms of per capita revenue, it amounts to US$798.50 in 2024.
The pharmacy market in Ireland is experiencing a growing demand for online prescription services, driven by increased convenience and accessibility for consumers.

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

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Analyst Opinion

The Pharmacies market in Ireland has been experiencing significant growth in recent years, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Pharmacies market in Ireland have been shifting towards convenience and accessibility. Customers are increasingly looking for pharmacies that offer a wide range of products and services, including prescription medications, over-the-counter drugs, health and wellness products, and personalized advice from pharmacists. This trend is driven by the growing awareness of the importance of healthcare and self-care, as well as the aging population in Ireland. Trends in the market also contribute to the development of the Pharmacies market in Ireland. One notable trend is the increasing demand for online pharmacies. Customers are now able to order their medications and healthcare products online, which provides them with convenience and saves them time. This trend is further accelerated by the COVID-19 pandemic, as people are more cautious about visiting physical stores and prefer to have their medications delivered to their doorstep. Another trend in the market is the integration of technology in pharmacies. Pharmacies in Ireland are adopting digital solutions such as electronic prescriptions, online appointment booking systems, and automated medication dispensing systems. These technological advancements not only enhance the efficiency and accuracy of pharmacy operations but also improve the overall customer experience. Local special circumstances also play a role in the development of the Pharmacies market in Ireland. The Irish healthcare system provides universal access to healthcare services, including prescription medications. This ensures a steady demand for pharmacies in the country. Additionally, the government has implemented policies to promote the use of generic drugs, which has led to increased competition and lower prices in the market. Underlying macroeconomic factors contribute to the growth of the Pharmacies market in Ireland as well. The country has a stable economy with a high GDP per capita, which enables consumers to afford healthcare products and services. Furthermore, the Irish population is aging, leading to an increased demand for medications and healthcare products. The government's focus on healthcare and wellness also drives the growth of the Pharmacies market. In conclusion, the Pharmacies market in Ireland is developing due to customer preferences for convenience and accessibility, trends such as the rise of online pharmacies and the integration of technology, local special circumstances including universal access to healthcare and government policies, and underlying macroeconomic factors such as a stable economy and an aging population.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.