Ireland Pharmaceuticals Market to be Dominated by Generic Drugs Type Through 2028

According to TechSci Research report, “Ireland Pharmaceuticals Market - By Region, Competition, Forecast and Opportunities, 2028”, the Ireland pharmaceuticals market is expected to grow at an impressive rate during the forecast period, 2023-2028. The rise in incidence of chronic diseases, government initiatives, and recent developments regarding drug discovery and development  are the primary factors driving the demand of the Ireland pharmaceuticals market. In Ireland, the government is providing enormous amount of funds for the development of drugs and therapies for the treatment of chronic diseases such as cardiovascular disease, cancer, diabetes, etc.
However, the skilled workforce, and advancement in drug manufacturing and its utilization enhanced the growth of Ireland pharmaceuticals market in the forecast period.
One of the biggest challenge is  the Ireland government that provides strict regulations on the import and distribution of pharmaceutical products and Intellectual property challenges. Ireland's patent laws and regulations can make it challenging for pharmaceutical companies to protect their intellectual property. This can make it difficult for these companies to recoup their investment in research and development, leading to less innovation and fewer new drugs in the Ireland pharmaceuticals market. Moreover, the process of obtaining approvals can be lengthy and complicated, which can lead to delays in the launch of new products.

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The Ireland Pharmaceuticals Market can be segmented by drug type, product type, application, distribution channel, region, and competitive landscape.
Based on drug type, the market is bifurcated into generic drugs and branded drugs. The generic drugs segment will dominate the market in the forecast period. This can be ascribed as these drugs do not need to repeat the animal and clinical (human) tests that were necessary for the brand-name medications to demonstrate safety and effectiveness, and are less expensive than their branded counterparts.
Based on product type, the market is segmented into over-the-counter drugs and prescription drugs. The over-the-counter drugs segment will dominate the market in the forecast period. This is due to the ease in availability, cost-effectiveness, and affordability for larger population size, such as those without health insurance or in areas with limited access to healthcare services.
Based on application, the market is segmented into cardiovascular, oncology, metabolic disorder, musculoskeletal, anti-infective, and others. The cardiovascular segment is expected to dominate the market in forecast period due to rise in cardiovascular diseases, cardiac attack, statins to lower cholesterol, anticoagulants to prevent blood clots, and drugs to treat high blood pressure. As a result, there is a significant need for medications that can help to prevent, treat, or manage cardiovascular diseases.  

Major companies operating in Ireland pharmaceuticals market include:

• Roche Ireland
• Novartis Ireland
• Ireland GlaxoSmithKline
• Pfizer Ireland
• AstraZeneca Ireland
• Johnson & Johnson Ireland Limited
• Sanofi Aventis Ireland Ltd.
• Eli Lilly & Co (Ireland) Ltd
• AbbVie Ireland
• Takeda Pharmaceuticals Ireland Limited
  

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“Ireland pharmaceuticals market is expected to witness significant growth during the forecast period on account of increasing geriatric population. An increase in number of chronic and lifestyle diseases, and accelerating demand for medical tourism is expected to grow the market. Additionally, the patent expiration and high prices of drugs are expected to hamper the market growth in the next few years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Ireland Pharmaceuticals Market By Drug Type (Generic Drugs, Branded Drugs), By Product Type (Over-The-Counter Drugs, Prescription Drugs), By Application (Cardiovascular, Oncology, Metabolic Disorder, Musculoskeletal, Anti-infective, and Others), By Distribution Channel (Retail Pharmacy, Hospital Pharmacy, and E-Pharmacy), By Region, Competition, Forecast and Opportunities, 2028F”, has evaluated the future growth potential of Ireland Pharmaceuticals 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 Ireland Pharmaceuticals Market.

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