Prescription Drugs - Ireland

Ireland

Highlights

In Ireland, the Prescription Drugs market is expected to see a significant growth in revenue.
It is projected to reach a staggering US$3.68bn by the year 2024.
This reflects an impressive annual growth rate of 4.27% from 2024 to 2029, resulting in a market volume of US$4.54bn by the end of 2029.
When compared globally, it is worth noting that United States will generate the highest revenue in this market, with an estimated US$358.90bn in 2024.
This highlights the dominance of the United States in the Prescription Drugs market on a global scale.
To put things into perspective, in Ireland, the per person revenue generated from Prescription Drugs market in 2024 is approximately US$723.00.
This indicates the significant impact of the Prescription Drugs market on the economy and the healthcare sector in Ireland.
The pharmaceutical industry in Ireland is thriving, with a strong focus on research and development and a growing demand for innovative prescription drugs.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Prescription Drugs (Pharmacies) market in Ireland is witnessing significant developments and trends.

Customer preferences: In recent years, there has been a growing preference among consumers in Ireland for purchasing prescription drugs from pharmacies. This shift can be attributed to several factors. Firstly, pharmacies offer convenience and accessibility, with many located in easily accessible areas such as shopping centers and high streets. Additionally, pharmacies often have longer opening hours compared to doctors' offices, making it more convenient for individuals to obtain their prescription medications. Furthermore, pharmacies in Ireland are known for providing personalized and expert advice to customers, which is highly valued by consumers.

Trends in the market: One notable trend in the Prescription Drugs (Pharmacies) market in Ireland is the increasing demand for over-the-counter (OTC) medications. OTC medications do not require a prescription and can be purchased directly from pharmacies. This trend can be attributed to the growing awareness among consumers about self-care and the availability of OTC medications for common ailments such as cold and flu. Additionally, the rising healthcare costs and long waiting times to see a doctor have also contributed to the increased demand for OTC medications. Another trend in the market is the growing popularity of online pharmacies. With the advancement of technology and the increasing use of smartphones, consumers in Ireland are now able to order their prescription medications online and have them delivered to their doorstep. This trend offers convenience and saves time for individuals who may have difficulty visiting a physical pharmacy. Online pharmacies also provide a wider range of products and competitive pricing, making it an attractive option for consumers.

Local special circumstances: Ireland has a unique healthcare system that influences the Prescription Drugs (Pharmacies) market. The country operates a mixed public-private healthcare system, with a significant portion of the population covered by the public health insurance scheme. This has implications for the pharmacy market, as the reimbursement rates for prescription medications under the public health insurance scheme can vary. This creates a competitive environment among pharmacies to attract customers who are covered by the public health insurance scheme.

Underlying macroeconomic factors: The overall economic growth and stability in Ireland have contributed to the development of the Prescription Drugs (Pharmacies) market. With a growing economy and increasing disposable incomes, consumers in Ireland are more willing to spend on healthcare and prescription medications. Additionally, the aging population in Ireland is also driving the demand for prescription drugs, as older individuals tend to have higher healthcare needs. In conclusion, the Prescription Drugs (Pharmacies) market in Ireland is experiencing significant developments and trends. Customer preferences for convenience, accessibility, and expert advice are driving the demand for prescription drugs from pharmacies. The market is also witnessing an increasing demand for OTC medications and the rise of online pharmacies. The unique healthcare system in Ireland and the underlying macroeconomic factors of economic growth and an aging population further contribute to the market's development.

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.