Europe Pharmaceutical Drugs Market Expected to Witness High Growth Owing to Rising Prevalence of Chronic Diseases
The Europe pharmaceutical drugs market comprises medicines used to treat diseases such as diabetes, cancer, cardiovascular diseases among others. Advancements in pharma R&D has led to development of novel biologics and targeted therapies with minimal side effects. The demand for specialty drugs and biologics has increased significantly due to their ability to treat complex diseases.
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.
Europe Pharmaceutical Drugs Market Demand is driven by pipeline expansion, global footprint growth through mergers and acquisitions, and rising opportunities for biosimilars amid the patent cliff. The growing geriatric population, increased health awareness, and supportive government policies further boost market growth, with key players leveraging strategic collaborations to strengthen their presence in high-growth regions.
Market Drivers
The rising prevalence of chronic diseases like diabetes, cancer, respiratory diseases is the major factor driving the Europe pharmaceutical drugs market. Increased government spending on healthcare and rising per capita income have enhanced accessibility of innovative drugs in the region. Additionally, favorable reimbursement policies for chronic ailments and orphan drugs have boosted adoption of modern therapies. Initiatives to promote pharma R&D and availability of advanced research infrastructure further support market growth in Europe.
PEST Analysis
Political: The pharmaceutical drug market is regulated by government agencies that approve new drugs and set pricing guidelines. Changes in healthcare policies can impact the industry.
Economic: Economic growth and spending on healthcare affects demand for pharmaceutical drugs. A recession may reduce discretionary spending on medications.
Social: An aging population and lifestyle diseases create long-term demand. Social media and digital campaigns influence health awareness and treatment decisions.
Technological: Investments in R&D lead to development of innovative drugs and therapies. Advancements in drug delivery methods and digital solutions help improve access and patient compliance.
Geographical Regions Concentration
The pharmaceutical drug market in Europe is concentrated in Western European countries in terms of value. Countries like Germany, France, Italy, Spain and the UK account for over 70% of the total market value due to their large economies, healthcare budgets and populations. Affordability and access are better in these countries attracting investments from global pharmaceutical companies.
Fastest Growing Region
Central and Eastern European countries are projected to be the fastest growing region for the pharmaceutical drug market from 2024 to 2031. Countries like Poland, Czech Republic, Hungary and Russia are expected to see higher growth compared to Western Europe driven by increasing incomes, investments in healthcare infrastructure and rising medical needs with economic development. Local manufacturing is also being promoted to improve domestic supply and meet rising local demand in these emerging markets of Europe.
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