|
Forecast Period
|
2024-2028
|
|
Market Size (2022)
|
USD 2600.01 Million
|
|
CAGR (2023-2028)
|
7.63%
|
|
Fastest Growing
Segment
|
Oncology
|
|
Largest Market
|
Dublin
|
Ireland pharmaceuticals
market is expected to grow at steady rate during the
forecast period
on account of rising prevalence of chronic diseases such as cancer, diabetes,
cardiovascular disorders, respiratory problems, renal disorders, and others in
the country requiring effective treatment. For instance, according to the research
article, in 2020, the value of pharmaceutical sales in Ireland increased by
52.4 million euros (+2.18%) since 2019. Furthermore, the increasing disease
burden has led to surge in the demand of pharmaceuticals products, which is
expected to bolster the growth of the Ireland pharmaceuticals market in the
upcoming five years, 2024-2028.
One of the key drivers of
growth in the Ireland pharmaceutical market is aging population. As people get
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
demand for medications and has created a large and growing market for
pharmaceutical companies. Another factor driving growth in the Ireland
pharmaceutical market is increasing healthcare spending. According to the World
Bank, in 2020 Ireland spent €26.5bn 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 COVID-19. The
government has made healthcare a priority and has allocated significant
resources to improving healthcare infrastructure and services. This has created
a favorable environment for pharmaceutical companies, with a growing demand for
drugs and therapies.
Additionally, the market
growth can be attributed to the expanding healthcare infrastructure in the
country and high investments by market players in developing effective drugs
and medications, infectious disorders brought on by increased tourism, and environmental
factors etc. is expected to drive the growth of the Ireland pharmaceuticals market.
Furthermore, the consistent
research and technological advancement in the manufacturing of drugs and is
expected to aid the growth of the Ireland pharmaceuticals market in the
forecast period, 2024-2028. Moreover, the government supports the idea by
increasing investment in the pharmaceutical sector and the pharmaceutical
companies are forced to manufacture pharmaceuticals products in the country to
bolster the growth of Ireland pharmaceuticals market.
Rising Prevalence of Chronic Diseases
The increase in number of chronic diseases, infectious
diseases, and lifestyle diseases are the major factor influencing the growth of
the Ireland pharmaceutical market in the country. Chronic diseases like
cardiovascular diseases, cancer, neurological disorders, etc. are driving the
market growth. 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, as doctors warn obesity and sedentary lifestyles are creating a
generation prone to cardiovascular disease. Cardiovascular disease, which includes heart disease and stroke, is
one of the most common causes of death in Ireland. Approximately 9,000 people die each year from cardiovascular disease, including
coronary heart disease, stroke and other circulatory diseases etc. Moreover,
the advancement in public health and medicine, communicable diseases remain a
major threat to human health. For instance, the falling incidence of
vaccine-preventable diseases has shown the effectiveness of vaccination. This
creates a significant market opportunity for pharmaceutical companies in the
growth of Ireland pharmaceuticals market.
The
pharmaceutical industry is an important sector in Ireland, with a long history
of success in the development and production of high-quality drugs. The sector
has played a significant role in the Irish economy for many years, providing
jobs and contributing to the country's GDP.
Government Initiatives
Ireland
has become a hub for pharmaceutical manufacturing due to its highly skilled
workforce, favorable tax environment, and investment in research and
development. Many of the world's leading pharmaceutical companies have
operations in Ireland, including Pfizer, Merck, Novartis, Roche, etc. The
pharmaceutical industry in Ireland is heavily regulated by the Irish Medicines
Board, which ensures that all drugs produced in Ireland meet strict safety and
quality standards. The Irish government offers tax incentives for companies
conducting research and development in the country, which has further
encouraged investment in the sector. The Irish pharmaceutical market is
primarily driven by the sale of prescription drugs, which account for the
majority of pharmaceutical sales in the country. The market is highly
competitive, with many international and local companies vying for largest market
share.
Ireland’s government
is actively focused on developing the technology and the advancement in the
pharmaceutical industry. Several initiatives were taken within the country therefore,
they are focused towards developing the pharmaceutical industry due to its
future growth prospects, export potential, and mid-term to long-term economic
impact. In the recent years, majorly the pharmaceutical demands were fulfilled
by imported drugs and products. Therefore, the market players tried to increase
their manufacturing of pharmaceutical products, thereby initiating to
strengthen bonds with multinational market players. Government is preparing favorable
schemes and plans for the distribution channels and funding strategic location
and sophisticated logistics infrastructure is anticipated to further strengthen
the growth of the Ireland pharmaceutical market in the future five years.
Additionally, the
growing research and development activities in the pharmaceutical industry is
projected to augment the growth of the Ireland pharmaceutical market in the
forthcoming years. In
addition to major players, there are many smaller companies and startups that
focus on developing drugs for the growth of Ireland pharmaceuticals market.
Favorable Regulatory
Environment
Ireland has a
well-developed regulatory framework that supports the development, production,
and export of pharmaceutical products. The country's regulatory body, the Irish
Medicines Board, ensures that all pharmaceutical products produced in the
country meet the highest safety and quality standards. One of the primary
reasons for the success of the pharmaceutical industry in Ireland is the
supportive regulatory environment. The Irish government has implemented a range
of policies and incentives designed to attract pharmaceutical companies to
establish themselves in the country. For example, Ireland offers a low
corporate tax rate, which has been a significant factor in attracting
investment from multinational pharmaceutical companies to get into this market
and bolster the growth of Ireland Pharmaceuticals market.
Additionally, Ireland
offers a streamlined regulatory process for the approval of new drugs. The
Irish Medicines Board (IMB) is responsible for the regulation of medicinal
products in Ireland, and it has a reputation for being efficient and responsive
to the needs of the Ireland pharmaceuticals market. The IMB has a
well-established system for evaluating new drugs and works closely with the
European Medicines Agency (EMA) to ensure that the regulatory process is
harmonized with the rest of the European Union. The regulatory framework
provides a stable and predictable environment for pharmaceutical companies,
which has helped to attract investment and promote growth in the Ireland
pharmaceuticals market.
Market Segmentation
The Ireland Pharmaceuticals
Market is segmented by drug type, product type, application, distribution
channel, region, and competitional landscape. Based on drug type, the market is
further bifurcated into generic drugs and branded drugs. Based on product type,
the market is segmented into over-the-counter drugs and prescription drugs.
Based on application, the market is segmented into cardiovascular, oncology, metabolic
disorder, musculoskeletal, anti-infective, and others. Based on distribution
channel, the market is bifurcated into retail pharmacy, hospital pharmacy, and e-pharmacy.
Based on region, the Ireland market is segmented into Northern Ireland, North-West,
West, Midland East, Dublin, Shannon, South-East, and Cork-Kerry
Download Free Sample Report
Market Players
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 etc. are
some of the leading companies operating in the Ireland pharmaceuticals market.
|
Attribute
|
Details
|
|
Base Year
|
2022
|
|
Historical Years
|
2018 –
2022
|
|
Estimated Year
|
2023E
|
|
Forecast Period
|
2024F – 2028F
|
|
Quantitative Units
|
Revenue in
USD Million, Volume in Units and CAGR for 2018-2023 and 2024E-2028F
|
|
Report Coverage
|
Revenue
forecast, volume forecast, company share, competitive landscape, growth
factors, and trends
|
|
Segments Covered
|
Drug Type
Product Type
Application
Distribution
Channel
Region
Company
|
|
Region Scope
|
Abu Dhabi,
Dubai, Sharjah, and Rest of UAE
|
|
Key Companies Profiled
|
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
|
|
Customization Scope
|
10% free report customization with purchase. Addition or
alteration to regional & segment scope.
|
|
Pricing and Purchase Options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase
options
|
|
Delivery Format
|
PDF and Excel through Email
(We can also provide the editable version of the report in PPT/Word format on
special request)
|
Report Scope:
In this report, Ireland
pharmaceuticals market has been segmented into following categories, in
addition to the industry trends which have also been detailed below:·
Ireland Pharmaceuticals Market, By Drug Type:
o Generic Drugs
o Branded Drugs
·
Ireland Pharmaceuticals Market, By Product Type:
o Over-The-Counter Drugs
o Prescription Drugs
·
Ireland Pharmaceuticals Market, By Application:
o Cardiovascular
o Oncology
o Metabolic Disorder
o Musculoskeletal
o Anti-infective
o Others
·
Ireland Pharmaceuticals Market, By Distribution Channel:
o Retail Pharmacy
o Hospital Pharmacy
o E-Pharmacy
·
Ireland Pharmaceuticals 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 Ireland pharmaceuticals 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 pharmaceuticals 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]