Europe Pharmaceutical Drugs Market to Surpass US$ 219.9 Billion by 2027, At a GAGR of 4.5% | Coherent Market Insights
SEATTLE, May 04, 2021, (PHARMIWEB) —
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.
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Expiring patents of major branded products has paved a way for generics, which is expected to stimulate growth of the Europe pharmaceutical drugs market during the forecast period. In the near future, the pharmaceutical drugs market is expected to experience a robust growth due to expiring patents of key pharmaceutical products. Generic products offer better affordability and have priced economically. Numerous organizations are launching these products globally, hence accounting for rise in sales which has created potential opportunities for companies in distribution of low cost drugs. Erbitux (Cetuximab) is an epidermal growth factor receptor inhibitor developed for treating neck cancer, head cancer, and metastatic colorectal cancer. It is developed under the patent by Eli Lily Company and Bristol-Myers Squibb in the European region. The patent of this drug had expired in 2018, and is expected to offer lucrative opportunity for several companies operating in the market.
Moreover, rising M&A among key players is expected to boost growth of the Europe pharmaceutical drugs market over the forecast period. In August 2018, Novo Nordisk had acquired Ziylo, a British diabetic drug provider. This deal is poised to enhance the product portfolio of the later for diabetes therapeutics.
Rising prevalence of chronic diseases is expected to fuel growth of the Europe pharmaceutical drugs market. Recently, there has been a rise in diabetic patients in the Europe, which is poised to stimulate demand for generic and branded drugs. In 2019, as per the report from the International Diabetes Federation, cases of diabetes are projected to rise from 6.3% in 2019 to about 7.8% by 2045.
The focus of major companies in the market on adopting strategy of M&A to broaden their geographical reach and portfolio of products in the Europe pharmaceutical drugs market. In January 2020, Boehringer Ingelheim had partnered with a British pharmacy organization, PhoreMost Limited to develop new therapies.
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Key companies contributing in the Europe pharmaceutical drugs market are Merck KGaA, Baxter AG, Boehringer Ingelheim, Allergan plc., Sanofi, Novo Nordisk, AstraZeneca Plc., F. Hoffmann-La Roche Ltd, Shire, Novartis AG, and GlaxoSmithKline Plc.
By Drug Type:
- Generic Drugs
- Branded Drugs
By Product Type:
- Prescription Drugs
- Over-the-counter (OTC) Drugs
- Metabolic Disorder
- Central Nervous System
By Distribution Channel:
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
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