Ireland Generic Drugs Market is expected to grow at
an impressive rate during the forecast period on account of rising prevalence
of chronic diseases such as cancer, diabetes, cardiovascular disorders,
respiratory problems, and renal disorders in the country requiring effective
treatment. For instance, according to the global cancer observatory, in
2020, about 31,855 number of new cases in Ireland were of cancer. Out of which,
4503 were of prostate cancer, 3433 were of breast cancer, 3261 were of lung,
3178 were of colorectum, 1316 were of melanoma skin cancer, and 16154 were of
other kind of cancers. Furthermore, the increasing disease burden has
led to a surge in the demand for different drugs used for medication, which is
expected to bolster the growth of the Ireland generic drugs market during the
forecast period.
One of the key drivers of the Ireland generic drugs
market is rise in geriatric population. According to National Institute
of Health, the prevalence of the four main categories of chronic diseases among
adults in Ireland has been estimated to be 9.4% for asthma, 9.8% for Chronic
obstructive pulmonary disease (COPD), 5.2% for diabetes, and 4.3% for
Cardiovascular (CVD). In Ireland, 80% of all patients who visit a
general practitioner (GP) have a chronic disease. Secondly, as people getting
older, they are more likely to require medication to treat chronic conditions
such as diabetes, cardiac arrest, and arthritis. This has led to an increase in
the demand for medications and has created a large and growing market for
manufacturing of generic drugs companies. Another factor driving the growth of
the Ireland generics drugs market is the increase in healthcare
expenditure. According to the World Bank, in 2020, Ireland spent USD
29.34bn on their healthcare infrastructure, equivalent to 7.1% of GDP. This was
an 11.3% increase over the level of spending in 2019, which is explained by the
additional costs due to the COVID-19 pandemic. The government has made
healthcare a priority and has allocated significant resources to improve
healthcare infrastructure and services. This has created a favorable
environment for pharmaceutical companies, with a growing demand for generic
drugs and therapies.
The growth of the Ireland generic drugs market can
be attributed to the expanding healthcare infrastructure in the country and
high investments by market players in developing generic drugs and medications,
infectious disorders brought on by increased medical tourism, and environmental
factors.
Furthermore, the ongoing research and development
of technology in the production of medications is expected to aid the growth of
the Ireland generic drugs market during the forecast period. The government supports
the idea by increasing investment in the pharmaceutical sector. Moreover,
pharmaceutical companies are compelled to manufacture pharmaceuticals products
to meet the growing requirements in the country. Such factors are expected to
bolster the growth of the Ireland generic drugs market during the forecast
period.
Rising Prevalence of Chronic Diseases
Chronic conditions are responsible for significant
mortality and morbidity among the population in Ireland. According to
the National Institute of Health, it isestimated that almost one million people
are affected by one of the four main categories of chronic disease such as
cardiovascular disease, chronic obstructive pulmonary disease, asthma, and
diabetes. This is ascribed due to change in lifestyle, rise of fat in
diet, overeating, and downfall in regular exercises. Chronic diseases such as
cardiovascular diseases, cancer, and neurological disorders are driving the
growth of the Ireland generic drugs market.
Cardiovascular diseases are the leading cause of
death in Ireland, accounting for approximately 30% of all deaths. According
to the research articles, health experts say at least 50 percent of heart
attack patients in the Ireland are under the age of 50, This may be due to
obesity and sedentary lifestyles. These are creating a generation prone to
cardiovascular disease. The incidence of cardiovascular diseases is expected to
rise further in Ireland due to an aging population, unhealthy lifestyles, and
high blood pressure. As a result, there is a growing need for effective
treatments for cardiovascular diseases in Ireland, including drugs that can
help regulate blood pressure, reduce cholesterol levels, prevent blood clots,
and improves heart function as well. Moreover, the rising awareness among
public health will drive the growth of the Ireland generic drugs market during
the forecast period.
Additionally, cancer is the leading cause of death.
For instance, the 2020 report of International Agency for Research on Cancer
(IARC) estimated the incidence and mortality of cancers. Around 17453 new
cancer cases were obtained in males and around 14402 new cancer cases were
obtained in females. According to Irish Cancer Society, an estimated 44,000
people in Ireland get cancer each year. This figure is comprised of
both invasive (cancers that can spread beyond the place they originated) and
non-invasive tumors (cancers that do not spread). It includes non-melanoma skin
cancers (the most common type of cancer in Ireland). Moreover, the most
recent research available shows that there are now more than 24,000 invasive
cases (13,027 men and 11,299 women) diagnosed each year. This does not include
non-invasive cancers such as non-melanoma skin cancers.
Rise in Geriatric Population
The geriatric population is more susceptible to
chronic diseases, which increases the demand for effective treatment options
for prevention and treatment, thereby boosting the growth of the Ireland
generic drugs market. The article published in ‘The Irish Times’
estimated the number of those population aged 80 and over were increased by 45
percent over the next ten years from 130,598 (2.8 percent of the population) in
2011 to 189,051 (3.5 percent of the population) in 2021. As a result, the
rise in aging population is directly proportional to the highest susceptibility
to diseases. The population is aging considerably more quickly than in the
past, and this demographic is also more likely to suffer from chronic diseases.
Such factors will increase the demand for generic drugs, which, in turn, will
drive the growth of the Ireland generic drugs market during the forecast
period.
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Government Initiatives
Ireland has implemented various initiatives to
promote the use of generic drugs in the country's healthcare system. These
initiatives aim to increase access to affordable and high-quality medicines,
improve patient outcomes, and reduce healthcare costs. The first significant
initiatives were the introduction of the Health (Pricing and Supply of Medical
Goods) Act 2013, which established a system of reference pricing and generic
substitution in Ireland. Under this system, the price of a medicine is set by reference
to the price of the lowest-priced medicine in a group of interchangeable
products. This encourages pharmacies to dispense the lowest-priced generic
medicine available, rather than a more expensive branded product.
In December 2021, Medicines for Ireland (MFI)
signed a new framework agreement on the supply and pricing of non-originator,
generic, biosimilar, and hybrid medicines to be implemented between 2021‒2025.
The agreement between MFI and the Department of Health, the Department of
Public Expenditure and Reform, and with the Health Service Executive (HSE)
attributed to deliver improved access to new and innovative medicines that
causes reductions in the cost of existing medicines, increased security of
supply, and an overall easing of financial pressure on the health services
across Ireland into the future.
The Irish government has also launched campaigns to
raise awareness of the benefits of generic drugs among healthcare professionals
and patients. For example, the "Switch to Save" campaign was launched
in 2014 to encourage the use of generic drugs in the treatment of high blood
pressure, high cholesterol, and gastroesophageal reflux disease (GERD). The
campaign highlighted the cost savings that can be achieved by switching to
generic drugs and the equivalent efficacy and safety of these drugs compared to
their branded counterparts. Furthermore, the Irish Medicines Board (IMB)
provides information and guidance to healthcare professionals and patients on
the safety, efficacy, and quality of generic drugs. The IMB also regulates the
approval, manufacture, and distribution of generic drugs in Ireland to ensure
that they meet the same high standards as branded medicines. The Irish
government had also established a system of tendering for the supply of medicines
to the public healthcare system. This system encourages competition between
pharmaceutical companies and promotes the growth of Ireland generic drugs
market. Therefore, the Irish government's initiatives to promote the use of
generic drugs in the country have been successful in increasing access to
affordable medicines, improving patient outcomes, and reducing healthcare
costs. These initiatives have also contributed to the growth of the Ireland
generic drugs market, which is expected to continue in the coming years.
Market Segmentation
The Ireland generic drugs market is segmented by
type, mode of drug delivery, form, source, application, distribution channel,
and region. Based on type, the market is further bifurcated into small molecule
generics and biosimilars. Based on mode of drug delivery, the market is
segmented into oral, topical, parenteral, and others. Based on form, the market
is further bifurcated into tablet, capsule, injection, and others. Based on
source, the market is further bifurcated into in house and contract
manufacturing organizations. Based on application, the market is segmented into
cardiovascular diseases, diabetes, neurology, oncology, anti-inflammatory
diseases, and others. Based on distribution channel, the market is bifurcated
into retail pharmacies, hospital pharmacies, online pharmacies, and others.
Market Players
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, and Takeda
Pharmaceuticals Ireland Limited are some of the leading companies operating in
the Ireland generic drugs market.
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Attribute
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Details
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Base Year
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2022
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Historical Years
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2018 – 2021
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Estimated Year
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2023
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Forecast Period
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2024 – 2028
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Quantitative Units
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Revenue in USD Million, Volume
in Units and CAGR for 2017-2021 and 2022E-2028F
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Report Coverage
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Revenue forecast, volume
forecast, company share, competitive landscape, growth factors, and trends
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Segments Covered
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Type
Mode of Drug Delivery
Form
Source
Application
Distribution Channel
Region
Company
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Region Scope
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Northern Ireland,
North-West, West, Midland East, Dublin, Shannon, South-East, Cork-Kerry
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Key Companies Profiled
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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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Customization Scope
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10% free report
customization with purchase. Addition or alteration to regional & segment
scope.
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Pricing and Purchase
Options
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Avail customized
purchase options to meet your exact research needs. Explore
purchase options
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Delivery Format
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PDF and Excel through
Email (We can also provide the editable version of the report in PPT/Word
format on special request)
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Report Scope:
In this report, Ireland Generic Drugs
Market has been segmented into following categories, in addition to the
industry trends which have also been detailed below:
- Ireland Generic Drugs Market, By Type:
o Small Molecule
Generics
o Biosimilars
- Ireland Generic Drugs Market, By Mode of Drug
Delivery:
- Oral
- Topical
- Parenteral
- Others
- Ireland Generic Drugs Market, By Form:
- Tablet
- Capsule
- Injection
- Others
- Ireland Generic Drugs Market, By Source:
- In House
- Contract Manufacturing Organizations
- Ireland Generic Drugs Market, By Application:
- Cardiovascular
- Diabetes
- Neurology
- Oncology
- Anti-Inflammatory Diseases
- Others
- Ireland Generic Drugs Market, By Distribution
Channel:
- Retail Pharmacy
- Hospital Pharmacy
- Online Pharmacy
- Ireland Generic Drugs Market, By Region:
o Northern
Ireland
o North-West
o West
o Midland East
o Dublin
o Shannon
o South-East
o Cork-Kerry
Competitive Landscape
Company Profiles: Detailed analysis of
the major companies present in the Ireland generic drugs market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
Ireland Generic Drugs Market is an upcoming
report to be released soon. If you wish an early delivery of this report or
want to confirm the date of release, please contact us at [email protected]