The Europe pharmaceutical drugs market refers to prescription and over-the-counter drugs that are developed to cure diseases or improve symptoms in people. Pharmaceutical drugs are manufactured using various chemical compounds and biological molecules that interact with the human body system. Some key types of pharmaceutical drugs include analgesics, antipyretics, antibiotics, anti-obesity drugs, antidepressants, anti-epileptics, anxiolytics, anti-diabetics, and others. The pharmaceutical drugs industry plays a crucial role in improving healthcare outcomes and extending life expectancy across Europe.
The Europe pharmaceutical drugs market is estimated to be valued at US$ 180.2 Bn in 2023 and is expected to exhibit a CAGR of 4.5% during the forecast period (2023-2030).
Key Takeaways
Key players operating in the Europe pharmaceutical drugs market are Allergan plc. (A subsidiary of AbbVie Inc.),Novo Nordisk A/S, Boehringer Ingelheim International GmbH, Merck KGaA, GSK plc., AstraZeneca., Baxter, Novartis AG, F. Hoffmann-La Roche Limited, Shire (A subsidiary of Takeda Pharmaceutical Company Limited) and Sanofi. Key players are investing heavily in R&D activities to develop new and improved drugs for treating chronic and life-threatening diseases.
Europe Pharmaceutical Drugs Market Demand is the growing prevalence of chronic diseases like diabetes, cancer, cardiovascular diseases, obesity, and respiratory issues is driving the demand for pharmaceutical drugs in Europe. In 2020, cancer accounted for 1.9 million new cases and 693,000 deaths, while approximately 60 million people in the region suffered from diabetes (WHO).
Major pharmaceutical companies are also expanding their operations globally to penetrate developing markets. For instance, in 2023, Novo Nordisk plans to invest around DKK 15 billion to increase production capacity in global facilities and establish new manufacturing plants to meet the growing demand worldwide.
Market Key Trends
One of the key trends in the Europe pharmaceutical drugs market is innovation. Pharmaceutical companies are increasingly investing in R&D to develop novel and advanced treatment options. They are focusing on advanced drug delivery technologies such as transdermal patches, controlled release mechanisms, and targeted drug delivery to enhance efficacy and safety of drugs. Furthermore, companies are also working on developing personalized medicines based on an individual's genetics to better predict treatment response. Such innovations are expected to transform healthcare outcomes and drive the growth of the Europe pharmaceutical drugs market during the forecast period.
Porter's Analysis
Threat of new entrants: Low capital requirements and established brand loyalty of major companies act as entry barriers for new companies.
Bargaining power of buyers: Large buyer groups like governments and hospital chains have high bargaining power due to the presence of many substitutes.
Bargaining power of suppliers: The presence of many raw material suppliers like chemical and packaging companies limits their bargaining power.
Threat of new substitutes: The threat is moderate as biological drugs can substitute certain chemical drugs with lesser side effects.
Competitive rivalry: Intense as major companies compete on innovation, quality, and marketing.
Geographical Regions
Western Europe accounts for the major share in terms of value due to high per capita healthcare spending and adoption of advanced drugs. Countries like Germany, U.K, France and Italy dominate the market.
Central and Eastern Europe is poised to grow at the fastest pace during the forecast period owing to rising income levels, growing public and private healthcare investments in countries like Poland, Hungary and Czech Republic. The acceptance of generic drugs will also stimulate market growth in the region.
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