Europe Pharmaceutical Drugs Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Chronic Diseases

 

Europe Pharmaceutical Drugs Market 

Market Overview:

The Europe pharmaceutical drugs market deals with manufacturing and distribution of prescription and OTC drugs used for treating chronic and acute diseases prevalent across Europe. Key products in this market include drugs for treating cardiovascular diseases, cancer, diabetes, respiratory diseases, immunological diseases and CNS disorders. Pharmaceutical drugs enable improved quality of life by controlling symptoms, slowing disease progression and managing health conditions.

Market Dynamics:
The Europe pharmaceutical drugs market is being driven by rising prevalence of various chronic diseases such as cancer, cardiovascular diseases and diabetes. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of mortality in Europe, responsible for over 4 million deaths annually. Moreover, increasing geriatric population in European countries is also contributing to high incidence of chronic ailments, thereby propelling market growth.

Another factor promoting the Europe pharmaceutical drugs market growth is heavy investments in R&D by major players for development of novel drugs and therapies. For instance, Pfizer Inc. invested US$ 8 billion in R&D during 2019, while Roche invested US$ 11.7 billion. Ongoing clinical trials and new drug approvals are also boosting market revenues. However, risks of drug failures and stringent regulations for drug approval are some of the challenges faced by market players.

SWOT Analysis
Strength: Europe Pharmaceutical Drugs Market Share has strong presence of leading pharmaceutical companies and manufactures. The region has highly skilled workforce and advanced infrastructure for drug development. Stringent regulations ensure safety and efficacy of drugs.
Weakness: High development and manufacturing costs of drugs make the drugs expensive. Supply chain disruption due to COVID-19 pandemic affected the production and distribution of drugs in the region.
Opportunity: Growing geriatric population increases the demand for chronic ailments treatment drugs. Emergence of biosimilars provides cost-effective treatment options for patients.
Threats: Patent expiration of blockbuster drugs and introduction of generics erode the sales and market share of incumbent companies. Stringent regulations for approval delay market entry of new drugs.

Key Takeaways
The global Europe pharmaceutical drugs market is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing prevalence of chronic diseases. Chronic diseases such as cancer, diabetes, cardiovascular diseases are major health burden requiring long term medicinal treatment.

Regional analysis
Germany dominates the Europe pharmaceutical drugs market owing to presence of leading drug manufacturers. Germany accounted for over 20% of market share in 2023. UK pharmaceutical drugs market is expected to grow at fastest pace during forecast period supported by increasing healthcare spending and demand for specialty medicines.

Key players
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. The key players focus on new drug development and product launches to strengthen their product portfolio and market share.

For more insights, Read- https://www.pressreleasebulletin.com/europe-pharmaceutical-drugs-market-size-and-share/

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