OTC Products - Ireland

Ireland

The projected revenue in the OTC Products market in Ireland is expected to reach US$384.60m in 2024.
This indicates a positive growth trend, with an annual growth rate (CAGR 2024-2029) of 3.98%.
By 2029, the market volume is projected to reach US$467.50m.
When compared to global figures, it is worth noting that China is expected to generate the highest revenue in the OTC Products market, amounting to US$74.91bn in 2024.
In terms of per capita revenue, in Ireland, each person is estimated to generate US$75.56 in 2024.
This metric provides insights into the average revenue generated per individual in relation to the total population.
The market for OTC products in Ireland is experiencing a surge in demand for natural and organic remedies.

Key regions: Europe, Australia, United Kingdom, Germany, South Korea

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Analyst Opinion

The OTC Products (Pharmacies) market in Ireland has been experiencing significant growth in recent years.

Customer preferences: Consumers in Ireland have demonstrated a growing preference for self-medication and easy access to healthcare products. This has led to an increased demand for over-the-counter (OTC) products, which are readily available in pharmacies across the country. The convenience and affordability of OTC products have made them a popular choice for consumers seeking relief from minor ailments and common health issues.

Trends in the market: One notable trend in the Irish OTC market is the increasing popularity of natural and herbal remedies. Consumers are becoming more conscious of their health and are seeking alternative treatments and preventative measures. This has led to a surge in demand for products such as herbal supplements, vitamins, and natural skincare products. Pharmacies in Ireland have responded to this trend by expanding their range of natural and organic OTC products. Another trend in the market is the growing emphasis on preventive healthcare. Consumers are taking a proactive approach to their health and are seeking products that can help them maintain overall well-being. This has led to an increased demand for products such as multivitamins, probiotics, and dietary supplements. Pharmacies in Ireland are catering to this demand by offering a wide range of preventive healthcare products.

Local special circumstances: The Irish healthcare system plays a significant role in the development of the OTC market. The country has a strong tradition of community pharmacies, which are easily accessible to the population. The presence of these pharmacies ensures that OTC products are readily available to consumers, further driving the growth of the market. Additionally, the Irish government has implemented policies to promote self-medication and reduce the burden on the healthcare system. This includes the availability of certain prescription-only medications as OTC products, allowing consumers to access them without a doctor's prescription. These policies have contributed to the growth of the OTC market in Ireland.

Underlying macroeconomic factors: The strong economy in Ireland has also played a role in the development of the OTC market. With increasing disposable incomes and a higher standard of living, consumers are more willing to spend on healthcare products. This has created a favorable environment for the growth of the OTC market. Furthermore, the aging population in Ireland has contributed to the growth of the OTC market. As the population ages, there is a greater demand for products that address age-related health issues, such as joint pain, heart health, and cognitive function. Pharmacies in Ireland have responded to this demand by expanding their range of OTC products targeted towards the elderly population. In conclusion, the OTC Products (Pharmacies) market in Ireland is experiencing growth due to customer preferences for self-medication and easy access to healthcare products. The market is characterized by trends such as the popularity of natural and herbal remedies, as well as the emphasis on preventive healthcare. Local special circumstances, such as the presence of community pharmacies and government policies promoting self-medication, have further contributed to the growth of the market. The strong economy and aging population in Ireland are also underlying macroeconomic factors driving the growth of the OTC market.

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.