November 27, 2020

Europe Pharmaceutical Drugs Market Analysis (2020-2027)

Pharmaceutical drugs are used for treatment of chronic and acute diseases. There are two types of pharmaceutical drugs, generic and branded, which are sold through prescription and over the counter (OTC). Generic drugs are similar to branded drugs and are less expensive as compared to branded drugs.

Increasing prevalence of diseases such as cardiovascular disorders, cancer, and metabolic disorders, as well as product launches, patent expiry of branded drugs and other diseases and presence of favorable reimbursement policies are expected to increase demand for pharmaceutical drugs market in Europe during the forecast period.

The Europe pharmaceutical drugs market size was estimated to be valued at US$ 152.1 billion in 2019, and is expected to exhibit a CAGR of 4.5% over the forecast period (2019–2027).

Figure 1. Europe Pharmaceutical Drugs Market Share (%), by Europe, 2019

Source: Coherent Market Insights Analysis (2020)

Increasing incidence and prevalence of diseases to fuel the demand in Europe Pharmaceutical Drugs Market

Increasing prevalence of cancer, diabetes and other diseases in European region is expected to increase demand for efficient diabetes drugs during the forecast period. For instance, according to the International Diabetes Foundation’s 2019 report, an estimated 59,322 individuals were diagnosed with diabetes and around 9,500 were diagnosed in Germany in the same year.

Moreover, increasing prevalence of cancer is also expected to propel the growth of the market during the forecast period. For instance, in 2019, according to the European Commission reports the estimated number of new cancer cases in 28 European countries was 1.6 million in males and 1.4 million in females

Figure 2. Europe Pharmaceutical Drugs Market Share (%), by Product Type,(2019-2027)

Source: Coherent Market Insights Analysis (2020)

Increasing product launch and increasing research has been the major driving factors propelling growth of the Europe Pharmaceutical Drugs Market

Increasing patient population has resulted in increased demand for new and efficient drug products for treatment of various diseases. Therefore, in order to cope up with rising demand, manufacturers of pharmaceutical drugs are investing in product developments to launch novel drug product. For instance, in July 2019, Sandoz, a subsidiary of Novartis AG, launched generic oncology medicine Gefitinib for adult patients with locally advanced or metastatic non-small cell lung cancer across 13 European countries.

Key Players

Major players operating in the Europe Pharmaceutical Drugs market include, Allergan plc. , Novo Nordisk, Boehringer Ingelheim, Merck KGaA, GlaxoSmithKline Plc., AstraZeneca Plc., Baxter AG, Novartis AG, F. Hoffmann-La Roche Ltd, Shire, and Sanofi.

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