Pharmacies - Ireland | Statista Market Forecast

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 4.24%, 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.

Definition:
Pharmacies are physical or digital places where mainly pharmaceuticals and medical products are sold. Additionally, they also sell other items that are generally found in a pharmacy, such as food supplements, cosmetic products, and other health-related goods. A large proportion of pharmaceuticals are only available on prescription; the rest of the product range of pharmacies is sold over the counter (OTC). Besides selling products, pharmacies also advise customers, inform them about undesirable effects of the products, and detect possible interactions with other medicines.

Structure:
The Pharmacies market consists of two markets: Prescriptions Drugs and OTC Products. The Prescription Drugs market covers all products – mainly pharmaceuticals – that are only available on prescription. The OTC Products market comprises all products that are sold over the counter (OTC), including pharmaceuticals, medical devices, and other items that are generally found in a pharmacy.

Additional information:
The KPIs shown include revenue, revenue growth, average revenue per pharmacy, average revenue per capita, number of pharmacies, pharmacy density, users, and the online sales share for the OTC Products market. Revenues are generated through offline and online spending by (B2C) consumers and include VAT. B2B and B2G sales as well as other pharmaceutical sales through hospitals or retail stores, such as supermarkets, are not included.
For more information on the data displayed, use the info button next to the boxes.

Prescription pharmaceuticals
Prescription medical products
OTC pharmaceuticals
OTC medical products
Pharmacy-usual items

Services such as vaccinations
Sales through hospitals or retail stores

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.

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.

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

The global online pharmacy sector was estimated at 32 billion U.S. dollars by the end of 2023. In the United States, forecasts indicate that this figure would reach approximately 5.7 billion, solidifying its position as one of the largest online pharmacy markets. However, China dominates the pharma e-commerce industry worldwide, generating nearly 8.5 billion dollars in revenue. With China at the forefront, it is no wonder digital pharmacies make up the fastest-growing segment in the Asian digital health market.