Other OTC Pharmaceuticals (Pharmacies) - Ireland

Ireland

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$53.42m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.78%, resulting in a market volume of US$55.54m by 2029.
In global comparison, most revenue will be generated United States (US$4.98bn in 2024).
In relation to total population figures, per person revenues of US$10.50 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in Ireland has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in Ireland have shifted towards self-care and self-medication, leading to an increased demand for over-the-counter (OTC) pharmaceutical products. Consumers are increasingly seeking convenience and accessibility, and are more willing to take responsibility for their own health. This trend is in line with global market developments, as customers worldwide are becoming more proactive in managing their health and well-being. One of the key trends in the Irish market is the growing popularity of natural and herbal remedies. Consumers are showing a preference for products that are perceived to be more natural and have fewer side effects. This trend is driven by a greater awareness of the potential risks and adverse effects associated with prescription drugs. As a result, there has been a surge in demand for OTC products that are based on natural ingredients and are perceived to be safer and gentler on the body. Another trend in the Irish market is the increasing availability and use of online pharmacies. With the rise of e-commerce, consumers are now able to purchase OTC pharmaceutical products from the comfort of their own homes. This trend has been further accelerated by the COVID-19 pandemic, as consumers have turned to online shopping to avoid crowded places and reduce the risk of exposure to the virus. Online pharmacies offer a wide range of products, competitive prices, and convenient delivery options, making them an attractive option for consumers. In addition to changing customer preferences and emerging trends, there are also local special circumstances that have contributed to the growth of the Other OTC Pharmaceuticals (Pharmacies) market in Ireland. The country has a well-developed healthcare system with a strong emphasis on primary care and community pharmacy services. Pharmacies in Ireland play a vital role in the healthcare system, providing a wide range of services beyond dispensing medications, such as health advice, vaccinations, and health screenings. This close integration of pharmacies into the healthcare system has created a favorable environment for the growth of the OTC pharmaceutical market. Underlying macroeconomic factors have also played a role in the development of the Other OTC Pharmaceuticals (Pharmacies) market in Ireland. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has contributed to the overall growth of the retail sector, including the OTC pharmaceutical market. Furthermore, Ireland has a young and growing population, which has also driven the demand for healthcare products and services. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Ireland is experiencing growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards self-care, the popularity of natural remedies, the rise of online pharmacies, and the integration of pharmacies into the healthcare system have all contributed to the growth of the market. With a strong healthcare system and favorable economic conditions, the OTC pharmaceutical market in Ireland is expected to continue its upward trajectory.

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.