Ireland Generic Drugs Market to be Dominated by Generic Drugs Type through 2028
Rising prevalence of chronic diseases is expected
to drive the Ireland generic drugs market during the forecast period.
According to TechSci Research report, “Ireland
Generic Drugs Market – By Region, Competition, Forecast, and
Opportunities, 2018-2028”, the Ireland generic drugs market is expected to
grow at an impressive rate during the forecast period. The rising prevalence of
chronic diseases, government initiatives, and technological advancements are
the primary factors driving the growth of the Ireland generic drugs market.
Additionally, the Government of Ireland is providing enormous amount of funds
for the development of drugs and therapies for the treatment of chronic
diseases such as cardiovascular disease, cancer, and diabetes.
However, the availability of skilled workforce and
advancement in drug manufacturing and its utilization are also driving the
growth of the Ireland generic drugs market.
One of the major restraints limiting the growth of
the Ireland generic drugs market is stringent regulations, as the FDA examines
the accuracy, side effects, and other ingredients used in generic drugs. The
Irish government had also launched campaigns to raise awareness of the benefits
of generic drugs among healthcare professionals and patients.
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The Ireland generic drugs market is segmented by
type, mode of drug delivery, form, source, application, distribution channel,
and region.
ominate the market during the forecast period. This is ascribed
due to their low cost over biosimilars. These drugs also yield the same
therapeutic effect and are prescribed in the same dosing, with the same
quality.
Based on mode of drug delivery, the market is
segmented into oral, topical, parenteral, and others. The oral segment will
dominate the market during the forecast period. This is due to ease and
painlessness preferred by patients. For this purpose, many medicines are
designed to be administered orally. For instance, accolate, ciloxan, and
cardura are oral non patented medications used to treat asthma, eye infection,
and hypertension.
Based on application, the market is segmented into
cardiovascular, oncology, metabolic disorder, musculoskeletal, anti-infective,
and others. The oncology segment is expected to dominate the market during the
forecast period due to the increasing demand for the treatment of oncology
disorders. Therefore, the cardiovascular segment is expected to grow at a
reasonable CAGR during the forecast period.
Major companies operating in the Ireland generic
drugs market include:
- Teva Pharmaceutical Industries Ltd. Ireland
- Novartis Ireland
- Fresenius Kabi Ireland
- Aurobindo Pharma (Ireland) Limited
- Novo Nordisk Ireland
- Abbott Ireland Limited
- Sanofi Aventis Ireland Ltd.
- Aspen Pharma Ireland Limited
- Johnson & Johnson Ireland Limited
- Takeda Pharmaceuticals Ireland Limited
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“The Ireland generic drugs market is expected to
witness significant growth during the forecast period on account of increasing
geriatric population. An increase in the number of chronic, lifestyle diseases
and accelerating demand for medical tourism is expected to drive the growth to
the market. Additionally, the patent expiration and high prices of drugs are
expected to hamper the growth of the market in the next few years,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Ireland Generic Drugs Market By Type (Small
Molecule Generics, Biosimilars), By Mode of Drug Delivery (Oral, Topical,
Parenteral, and Others), By Form (Tablet, Capsule, Injection, and Others), By
Source (In House, Contract Manufacturing Organizations),Application
(Cardiovascular Diseases, Diabetes, Neurology, Oncology, Anti-Inflammatory Diseases,
and Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies,
Online Pharmacies, and Others), and By Region, Competition, Forecast, and
Opportunities, 2028”, has evaluated the future growth potential of
the Ireland generic drugs market and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the Ireland
generic drugs market.
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