The Europe Pharmaceutical Market size is expected to reach USD 432.12 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.4% from 2021 to 2028. The market is driven by an increasing prevalence of diseases, a growing elderly population, and the approval and launch of novel products in the European region.
Overall, the pharmaceutical market in Europe is
dominated by branded drugs; however, the generic drugs segment is anticipated
to grow at the fastest rate over the forecast period. Loss of patent protection
of key pharmaceutical products and increasing government initiatives to adopt
generic drugs for the treatment are some of the key factors likely to boost
generics demand in the coming years.
The capitalization opportunity is high for generic
manufacturers in the European market as governments from each region are
forming plans to meet the population’s demand and lower healthcare-associated
expenditure of the country. The expiration of patent exclusivities and the
building need for cost-effective treatments are fueling the penetration
of biosimilars and generics.
Novel molecule entry in this market typically takes
12-13 years and an investment of over USD 2.5 billion. In 2019, the total
R&D expenditure on pharmaceutical R&D was USD 44,881.92 million.
Increased competition from growing economies, such as China and Brazil, has
accelerated the European economic investment in research to maintain its
dominance in the market.
Improvements in healthcare infrastructure are
promoting the adoption of novel pharmaceuticals. Furthermore, an increase in
drug launches in Europe is projected to propel the market growth. For instance,
in 2020, 62 drugs were approved in Europe and 97 medicines received marketing
approval in European countries. The highest number of drug approvals were
observed in the oncology segment.
Key pharmaceutical companies offer strong branded
drugs in multiple therapeutic segments. Increasing R&D efforts, the growing
adoption of novel therapies, and strategic collaborations are likely to boost
the penetration of branded drugs. Strong pipeline products in different
therapeutic areas are likely to fuel the growth of branded drugs in Europe.
Related Press Release@ Europe Pharmaceutical Market Report
Europe Pharmaceutical Market
Report Highlights
- By therapeutic category, the oncology segment is expected to grow
at the fastest rate owing to the increasing prevalence of cancer along
with the entry of novel molecules into the market
- Based on product, generic drugs are expected to emerge as the
fastest-growing segment over the forecast period owing to the increased
preference of the consumers for generic drugs due to their
cost-effectiveness
- In terms of type, the prescription segment held the largest share
in 2020 owing to the presence of the majority of pharmaceuticals in the
prescription category
- Western Europe held the largest share in 2020 owing to the presence
of countries with developed healthcare systems
- The preference of companies for contract manufacturing is rising in
Europe due to the specialized nature of pharmaceutical products and
reasonable production costs
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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