Europe Pharmaceutical Drugs Market to Find Better Growth with US$ 219.9 Billion By 2027 | CAGR: 4.5%: Coherent Market Insights
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Europe Pharmaceutical Drugs Market, by Drug Type (Generic Drugs and Branded Drugs), by Product Type (Prescription Drugs and Over the Counter Drugs), By Application (Cardiovascular, Musculoskeletal, Oncology, Anti-infective, Metabolic Disorder, Central Nervous System, Genito-urinary, Gastrointestinal, Respiratory, Hematology, Dermatology, Ophthalmology, and Others), by Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy) and by Country/Region (Germany, France, U.K., Italy, Spain, Russia, The Netherlands, Poland, Switzerland, Sweden, and Rest of Europe) is estimated to be valued at US$ 219.9 billion in 2019, and is estimated to exhibit a CAGR of 4.5% over the forecast period (2019-2027), as highlighted in a new report published by Coherent Market Insights.
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Patent Expiry of Leading Branded Products is Paving the Entry for Generics, which, in turn, is expected to propel growth of the Europe Pharmaceutical Drugs devices market
The Europe pharmaceutical drugs market is expected to witness significant growth over the forecast period, which is attributed to patent expiry of major pharmaceutical products. Moreover, generic products are economically priced and offers better affordability. Several companies are introducing these products in the global market, resulting in high sales. This has further created lucrative opportunities for market players in supplying low cost of the generic formulation of the drug. For instance, Cetuximab (Erbitux) is an epidermal growth factor receptor inhibitor indicated for treatment of metastatic colorectal cancer, and head and neck cancer. It is manufactured under the patent by Bristol-Myers Squibb and Eli Lily Company in Europe. The drug’s patent expired in 2018, and thus, is expected to provide an opportunity for a large number of market players to manufacture the generic version.
Furthermore, increasing number of mergers and acquisitions by key players are expected to drive growth of the Europe Pharmaceutical Drugs devices market over the forecast period. For instance, in August 2018, Novo Nordisk acquired Ziylo, a U.K.-based diabetes drug manufacturers. The acquisition is expected to expand Novo Nordisk’s product portfolio for diabetes therapeutics.
Browse 30 Market Data Tables and 38 Figures spread through 199 Pages and in-depth TOC on ‘Europe Pharmaceutical Drugs Market’- Europe Forecast to 2027, by Drug Type (Generic Drugs and Branded Drugs), by Product Type (Prescription Drugs and Over the Counter Drugs), by Application (Cardiovascular, Musculoskeletal, Oncology, Anti-infective, Metabolic Disorder, Central Nervous System, Genito-urinary, Gastrointestinal, Respiratory, Hematology, Dermatology, Ophthalmology, and Others), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), and by Country/Region (Germany, France, U.K., Italy, Spain, Russia, Netherlands, Poland, Switzerland, Sweden, and Rest of Europe)
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Moreover, the increasing incidence of chronic diseases is expected to drive the market growth. For instance, over the past few years there has been an increase in the number of individuals diagnosed with diabetes in Europe, which is expected to drive demand for branded and generic drugs. For instance, in 2019, according to the International Diabetes Federation reports, prevalence of diabetes in European is estimated to increase from 6.3% in 2019 to around 7.8% by 2045.
Furthermore, major market players are focusing on adopting expansion strategies such as partnerships and acquisitions to expand their product portfolio and strengthen their poaition in the Europe pharmaceutical drugs market. For instance, in January 2020, Boehringer Ingelheim entered into a strategic partnership with PhoreMost Limited, a U.K-based bio-pharmaceutical company, for development of new therapies.
Key Takeaways of the Negative Pressure Wound Therapy Market:
- The Europe pharmaceutical drugs market is expected to exhibit a CAGR of 4.5% over the forecast period, attributed to growing incidence of diseases, mergers & acquisitions, and product launches. For instance, on January 2019, Takeda Pharmaceutical Company Limited acquired Shire plc. The acquisition is expected to enhance Takeda’s market presence in Europe.
- On the basis of drug type, the branded segment held a dominant position in the Europe pharmaceutical drugs market in 2018, attributed to increasing prevalence of chronic diseases and rising number of strategic collaborations by key players. For instance, according to reports published by the World Health Organization in 2017, around 10% of men and nearly 9% of women in the age group of 25 years were living with diabetes.
- On the basis of product type, prescription drugs segment is expected to exhibit highest CAGR over the forecast period, attributed to increasing number of strategic partnerships between market players, in order to strengthen their position in the market. For instance, in December 2019, Pfizer Inc. and GlaxoSmithKline entered into a strategic agreement to combine their consumer health care units to create a joint venture to increase focus towards prescription medications.
- On the basis of application type, oncology segment is expected to account for major market share in the Europe pharmaceutical drugs market in 2019, attributed to increasing patient population. For instance, in 2018, according to the World Health Organization Cervical cancer is among the most common types of cancers affecting women in Europe, with around 69,000 new cases every year.
- 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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